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Leases

3 Months Ended

Mar. 31, 2023

The following table provides the components of lease expense for the periods indicated (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Finance lease cost:
Amortization of ROU assets	$	1,774	$	1,207
Interest on lease liabilities	238		80
Operating lease cost	878		673
Short-term lease cost	3,698		3,781
Variable lease cost	5		6
Total lease expense	$	6,593	$	5,747

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	777	$	673
Operating cash flows from finance leases (1)	224		80
Financing cash flows from finance leases	1,576		1,139

ROU assets obtained in exchange for new lease liabilities:
Finance leases	9,007		—
Operating leases	401		196

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:


	Three Months Ended
	March 31,
	2023	2022
Weighted-average remaining lease term (years):
Finance leases	3.89	3.39
Operating leases	3.32	3.63

Weighted-average discount rate:
Finance leases	4.6%	2.6%
Operating leases	4.1%	3.7%

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):


	March 31,		December 31,
	2023		2022
Assets
Finance lease ROU assets (1)	$	22,496	$	15,264
Operating lease ROU assets	7,414		7,720

Liabilities
Current
Finance lease liabilities	5,221		4,382
Operating lease liabilities	2,821		2,712
Noncurrent
Finance lease liabilities	18,677		12,085
Operating lease liabilities	4,595		5,007

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at March 31, 2023 (in thousands):


	Finance		Operating
	Lease		Lease

Remainder of 2023	$	4,779	$	2,330
2024	5,492		2,789
2025	6,625		1,061
2026	4,211		891
2027	4,643		570
Thereafter	948		237
Total lease payments	26,698		7,878
Less: Interest	(2,800)		(462)
Present value of lease liabilities	23,898		7,416
Less: Current portion of lease obligation	(5,221)		(2,821)
Total long-term lease obligation	$	18,677	$	4,595

The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands):


	Finance		Operating
	Lease		Lease

2023	$	4,870	$	2,958
2024	3,629		2,617
2025	4,652		962
2026	2,482		879
2027	2,179		570
Thereafter	—		237
Total lease payments	17,812		8,223
Less: Interest	(1,345)		(504)
Present value of lease liabilities	16,467		7,719
Less: Current portion of lease obligation	(4,382)		(2,712)
Total long-term lease obligation	$	12,085	$	5,007

The following table provides the components of lease expense for the periods indicated (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Finance lease cost:
Amortization of ROU assets	$	1,774	$	1,207
Interest on lease liabilities	238		80
Operating lease cost	878		673
Short-term lease cost	3,698		3,781
Variable lease cost	5		6
Total lease expense	$	6,593	$	5,747

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	777	$	673
Operating cash flows from finance leases (1)	224		80
Financing cash flows from finance leases	1,576		1,139

ROU assets obtained in exchange for new lease liabilities:
Finance leases	9,007		—
Operating leases	401		196

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:


	Three Months Ended
	March 31,
	2023	2022
Weighted-average remaining lease term (years):
Finance leases	3.89	3.39
Operating leases	3.32	3.63

Weighted-average discount rate:
Finance leases	4.6%	2.6%
Operating leases	4.1%	3.7%

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):


	March 31,		December 31,
	2023		2022
Assets
Finance lease ROU assets (1)	$	22,496	$	15,264
Operating lease ROU assets	7,414		7,720

Liabilities
Current
Finance lease liabilities	5,221		4,382
Operating lease liabilities	2,821		2,712
Noncurrent
Finance lease liabilities	18,677		12,085
Operating lease liabilities	4,595		5,007

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at March 31, 2023 (in thousands):


	Finance		Operating
	Lease		Lease

Remainder of 2023	$	4,779	$	2,330
2024	5,492		2,789
2025	6,625		1,061
2026	4,211		891
2027	4,643		570
Thereafter	948		237
Total lease payments	26,698		7,878
Less: Interest	(2,800)		(462)
Present value of lease liabilities	23,898		7,416
Less: Current portion of lease obligation	(5,221)		(2,821)
Total long-term lease obligation	$	18,677	$	4,595

The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands):


	Finance		Operating
	Lease		Lease

2023	$	4,870	$	2,958
2024	3,629		2,617
2025	4,652		962
2026	2,482		879
2027	2,179		570
Thereafter	—		237
Total lease payments	17,812		8,223
Less: Interest	(1,345)		(504)
Present value of lease liabilities	16,467		7,719
Less: Current portion of lease obligation	(4,382)		(2,712)
Total long-term lease obligation	$	12,085	$	5,007