Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of the lease-related assets and liabilities

The following is a summary of the lease-related assets and liabilities recorded:

		December 31, 2022		December 31, 2021
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	30,544	$	20,971
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	3,238		—
Total right-of-use lease assets		$	33,782	$	20,971
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,711	$	7,765
Finance lease obligations	Current portion of finance lease obligations	1,127		—
Total current obligations		10,838		7,765
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	20,845		13,230
Finance lease obligations	Finance lease obligations, net of current maturities	2,313		—
Total non-current obligations		23,158		13,230
Total lease obligations		$	33,996	$	20,995

Summary of the lease terms and discount rates

The following is a summary of the lease terms and discount rates:

	December 31, 2022		December 31, 2021
Weighted-average remaining lease term – finance leases	1.9 years		0.0 years
Weighted-average remaining lease term – operating leases	3.6 years		2.9 years
Weighted-average discount rate – finance leases	3.0	%	—	%
Weighted-average discount rate – operating leases	3.8	%	3.9	%

Schedule of lease costs

The following is a summary of certain information related to the lease costs for finance and operating leases:

	Year ended December 31,
(in thousands)	2022		2021
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	1,138	$	—
Interest on lease liabilities	128		—
Operating lease cost	13,428		10,217
Variable lease costs	415		317
Total lease cost	$	15,109	$	10,534

Summary of supplemental cash flow information

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:

	Year ended December 31,
(in thousands)	2022		2021
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	13,287	$	10,451
Right-of-use asset obtained in exchange for new operating lease obligations	$	21,663	$	7,459
Right-of-use asset obtained in exchange for new finance lease obligations	$	517	$	—

Schedule of future minimum operating lease payments

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2022 were as follows:

(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2023	$	1,212	$	12,810	$	14,022
2024	2,041		9,217		11,258
2025	316		6,786		7,102
2026	—		5,233		5,233
2027	—		1,578		1,578
Thereafter	—		2,905		2,905
Total minimum lease payments	3,569		38,529		42,098
Financing component	(129)		(7,973)		(8,102)
Net present value of minimum lease payments	3,440		30,556		33,996
Less: current portion of operating lease obligations	(1,127)		(9,711)		(10,838)
Long-term operating lease obligations	$	2,313	$	20,845	$	23,158

Schedule of future minimum finance lease payments

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2022 were as follows:

(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2023	$	1,212	$	12,810	$	14,022
2024	2,041		9,217		11,258
2025	316		6,786		7,102
2026	—		5,233		5,233
2027	—		1,578		1,578
Thereafter	—		2,905		2,905
Total minimum lease payments	3,569		38,529		42,098
Financing component	(129)		(7,973)		(8,102)
Net present value of minimum lease payments	3,440		30,556		33,996
Less: current portion of operating lease obligations	(1,127)		(9,711)		(10,838)
Long-term operating lease obligations	$	2,313	$	20,845	$	23,158