Leases

6 Months Ended

Jun. 30, 2024

The Company has non-cancelable 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 uses the non-cancelable lease term when recognizing the right-of-use (“ROU”) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised.

The Company continues to actively assess its global lease portfolio. However, any additional de-recognition of ROU 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 six months ended June 30, 2024 and 2023 is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands)				(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	579	$	863	$	1,421	$	1,837
Operating cash flows for finance leases	3		13		21		37
Financing cash flows for finance leases	26		968		353		1,926

The components of lease costs for the three and six months ended June 30, 2024 and 2023 are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands)				(In thousands)
Finance lease cost
Amortization of right-of-use assets	$	21	$	919	$	355	$	1,830
Interest	3		13		21		37
Operating lease cost	2,565		2,887		5,467		5,627
Total lease cost	$	2,589	$	3,819	$	5,843	$	7,494


	June 30, 2024		June 30, 2023
Weighted Average Remaining Lease Term:
Operating leases	0.6 years		2.1 years
Finance leases	1.3 years		1.1 years

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

Supplemental balance sheet information related to leases is as follows:


	Financial Statement Classification	June 30, 2024		December 31, 2023

		(In thousands)
Assets
Operating right-of-use assets	Operating lease right-of-use assets	$	260	$	4,135
Finance right-of-use assets	Property and equipment, net	128		3,060

Liabilities
Current liabilities:
Operating lease liabilities	Operating lease liabilities	$	268	$	2,719
Finance lease liabilities	Accrued expenses and other current liabilities	108		3,037
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	—		2,173
Finance lease liabilities	Other liabilities	28		85

Future minimum lease payments under non-cancellable operating and finance leases are immaterial.