Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases

Schedule of operating and finance lease right-of-use assets and related lease obligations

		March 31,		December 31,
Leases	Classification	2024		2023
Assets		(in thousands)
Operating leases	Operating lease assets	$	29,557	$	30,716
Finance lease	Finance lease assets*		16,310		16,632
Total leased assets		$	45,867	$	47,348
Liabilities
Current
Operating	Other current liabilities	$	4,645	$	4,978
Finance	Current portion of finance lease obligation		1,503		1,511
Non-current
Operating	Other long-term liabilities		24,963		25,724
Finance	Finance lease obligation		43,328		43,674
Total lease liabilities		$	74,439	$	75,887
*Finance lease assets are recorded net of accumulated depreciation of $46.7 million and include $0.6 million of prepaid financing costs as of March 31, 2024. Finance lease assets are recorded net of accumulated depreciation of $46.4 million and include $0.6 million of prepaid financing costs as of December 31, 2023.

Schedule of lease costs

		Three months ended
		March 31,
Lease cost	Classification	2024		2023
Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	1,828	$	1,466
Research and development	Operating expenses		123		106
Sales and marketing*	Operating expenses		451		396
General and administrative*	Operating expenses		194		276
Total operating lease cost		$	2,596	$	2,244
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	319	$	319
Interest on lease liabilities	Interest expense		1,197		1,231
Total finance lease cost		$	1,516	$	1,550
Total lease cost		$	4,112	$	3,794
* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.6 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively.

Schedule of future minimum operating and finance leases

	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases
	(in thousands)
2024	$	4,698	$	4,979	$	9,677
2025		5,930		3,484		9,414
2026		6,008		2,443		8,451
2027		6,128		1,915		8,043
2028		6,251		22,730		28,981
Thereafter		55,336		42,139		97,475
Total lease payments	$	84,351	$	77,690	$	162,041
Less interest portion*		(39,520)		(48,082)		(87,602)
Finance lease and operating lease obligations	$	44,831	$	29,608	$	74,439
* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.

Schedule of weighted-average remaining lease term and discount rates

	March 31,
Lease term and discount rate	2024
Weighted-average remaining lease term (years):
Operating leases		11.5
Finance leases		12.8
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%

Schedule of cash outflows by lease type

	Three months ended March 31,
Cash paid for amounts included in the measurement of lease liabilities	2024		2023
	(in thousands)
Operating cash outflows from operating leases	$	2,596	$	2,244
Operating cash outflows from finance leases		1,197		1,231
Financing cash outflows from finance leases		357		289
Operating lease assets obtained in exchange for operating lease liabilities		632		757
Finance lease assets obtained in exchange for new finance lease liabilities		—		—