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Leases
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

16.Leases

The Company has operating and finance leases for office space, equipment and vehicles.

Leases recorded on the balance sheet consists of the following:

    

June 30,

December 31,

Leases

2024

2023

Assets

Operating lease right-of-use assets, net (1)

$

33,685

$

25,696

Financing lease right-of-use assets, net (2)

 

24,029

 

23,602

Total assets

$

57,714

$

49,298

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

9,133

$

9,254

Financing

 

10,363

 

8,665

Total current

 

19,496

 

17,919

Noncurrent

 

  

 

  

Operating

 

24,948

 

16,632

Financing

 

11,315

 

13,746

Total noncurrent

 

36,263

 

30,378

Total liabilities

$

55,759

$

48,297

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $20.5 million and $15.6 million as of June 30, 2024 and December 31, 2023, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $13.8 million and $10.2 million as of June 30, 2024 and December 31, 2023, respectively.

Other information related to lease term and discount rate is as follows:

June 30,

 

December 31,

 

2024

 

2023

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

8.00

5.90

Financing leases

2.44

2.83

Weighted Average Discount Rate

Operating leases

9.40

%

9.32

%

Financing leases

7.67

%

7.53

%

The components of lease expense are as follows:

Three Months Ended June 30,

Six Months Ended June 30,

    

2024

    

2023

2024

    

2023

Operating lease costs:

 

  

 

  

  

 

  

Operating lease cost

$

3,051

$

1,553

$

6,042

$

2,943

Short-term lease cost (1)

 

945

 

500

 

1,850

 

1,141

Financing lease costs:

 

 

  

 

 

  

Interest on lease liabilities

 

424

 

194

 

831

 

389

Amortization of right-of-use assets

 

1,853

 

750

 

3,664

 

1,475

Total lease cost

$

6,273

$

2,997

$

12,387

$

5,948

(1)Includes expenses related to leases with a lease term of more than one month but less than one year.

Supplemental cash flow information related to leases is as follows:

Six Months Ended June 30,

2024

2023

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

$

5,656

$

3,042

Operating cash flows for finance leases

$

831

$

389

Financing cash flows for finance leases

$

4,209

$

1,618

Non-cash activity:

 

 

ROU assets obtained in exchange for new operating lease liabilities

$

13,815

$

9,539

ROU assets obtained in exchange for new financing lease liabilities

$

4,208

$

1,520

Maturities of lease liabilities are summarized as follows:

Operating Leases

Finance Leases

Year ending December 31,

2024 (excluding the six months ended June 30, 2024)

$

4,873

$

5,880

2025

 

9,428

 

10,014

2026

 

343

 

4,549

2027

 

5,337

 

1,640

2028

 

4,352

 

762

Thereafter

 

32,241

 

831

Total future minimum lease payments

 

56,574

 

23,676

Less - amount representing interest

 

22,493

 

1,998

Present value of future minimum lease payments

 

34,081

 

21,678

Less - current lease obligations

 

9,133

 

10,363

Long-term lease obligations

$

24,948

$

11,315