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Lease Accounting
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Lease Accounting

3. Lease Accounting

The Company has operating leases for office space, a manufacturing facility, warehouse, research and development facilities and equipment. Leases with terms of 12 months or less are not recorded on the balance sheet, as the related lease expenses are recognized on a straight-line basis over the lease term. The Company accounts for lease components (such as fixed payments) separately from non-lease components (such as common area expenses).

The weighted average lease terms and discounts rates are as follows:

 

 

 

March 31, 2023

 

December 31, 2022

Operating Lease Term and Discount Rate

 

 

 

 

Weighted-average remaining lease term

 

3.20 years

 

3.38 years

Weighted-average discount rate

 

7.0%

 

7.0%

As of March 31, 2023, the maturity of lease liabilities are as follows (in thousands):

 

 

 

Operating Leases

 

2023, remaining months

 

$

4,541

 

2024

 

 

6,201

 

2025

 

 

2,849

 

2026

 

 

405

 

2027

 

 

417

 

Thereafter

 

 

1,561

 

Total lease payments

 

 

15,974

 

Less: Interest

 

 

(1,706

)

Present value of lease liabilities

 

$

14,268

 

 

Supplemental lease cost information are as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Operating lease cost

 

$

1,342

 

 

$

1,342

 

 

Supplemental balance sheet information are as follows (in thousands):

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Operating Leases:

 

 

 

 

 

 

Operating lease assets

 

$

12,341

 

 

$

13,430

 

 

 

 

 

 

 

 

Other current liabilities

 

$

5,323

 

 

$

5,195

 

Long term operating lease liabilities

 

 

8,945

 

 

 

10,296

 

Total operating lease liabilities

 

$

14,268

 

 

$

15,491

 

 

Supplemental cash flow information are as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

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

 

 

 

 

 

 

Operating cash flow from operating leases

 

$

1,478

 

 

$

1,375

 

See Note 6 for further details of the Company’s lease commitments.