Leases

9 Months Ended

Sep. 30, 2023

The Company has operating and finance leases for its corporate offices and other service agreements. Its leases have remaining lease terms of less than one to five years, some of which include options to extend.

The Company continues to actively assess its global lease portfolio. However, any additional de-recognition of right of use assets and incurrence of various one-time expenses in connection with early termination of additional leases are not expected to be material to its financial condition or results of operations.

Supplemental cash flow information related to leases for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	818	$	1,201	$	2,655	$	3,584
Operating cash flows for finance leases	6		44		43		162
Financing cash flows for finance leases	542		936		2,468		2,785

The components of lease costs for the periods listed are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(In thousands)
Finance lease cost:
Amortization of right of use assets	$	929	$	929	$	2,759	$	2,762
Interest	6		44		43		162
Operating lease cost	2,937		1,211		8,564		5,621
Total lease cost	$	3,872	$	2,184	$	11,366	$	8,545


	September 30, 2023		September 30, 2022
Weighted Average Remaining Lease Term:
Operating leases	2.3 years		1.5 years
Finance leases	1.7 years		1.3 years

Weighted Average Discount Rate:
Operating leases	7	%	7	%
Finance leases	4	%	4	%

Supplemental balance sheet information related to leases was as follows:


	Financial Statement Classification	September 30, 2023		December 31, 2022

		(In thousands)
Assets
Operating right of use assets	Operating lease right of use assets	$	4,386	$	1,604
Finance right of use assets	Property and equipment, net	311		3,083
Liabilities
Current:
Operating lease liabilities	Operating lease liabilities	$	2,194	$	2,160
Finance lease liabilities	Accrued expenses and other current liabilities	172		2,569
Non-current:
Operating lease liabilities	Operating lease liability, net of current portion	$	2,932	$	682
Finance lease liabilities	Other liabilities	106		191

Future minimum lease payments under non-cancellable operating and finance leases (with an initial or remaining lease term in excess of one year) are as follows:


	September 30, 2023
	Operating Leases		Finance Leases

	(In thousands)
2023 (remaining three months for September 30, 2023)	$	714	$	100
2024	2,719		109
2025	1,667		82
2026	313		—
2027	262		—
Total minimum lease payments	5,675		291
Less: present value adjustment	(549)		(13)
Present value of lease liabilities	$	5,126	$	278