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LEASES (Tables)

9 Months Ended

Sep. 30, 2023

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):


	Classification	September 30, 2023		December 31, 2022
Right-of-Use Assets
Operating	Other assets	$	30,209	$	23,003


Liabilities
Current
Operating	Other accrued liabilities	$	7,835	$	6,120

Noncurrent
Operating	Other non-current liabilities	22,374		16,883

Total lease liabilities		$	30,209	$	23,003

Lease, Cost

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):


	Classification	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	2,442	$	1,559
Finance lease cost
Amortization of ROU leased assets	Depreciation and amortization within Cost of sales	—		—
Interest on lease liabilities	Interest expense	—		—
Net lease cost		$	2,442	$	1,559

	Classification	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	6,440	$	3,877
Finance lease cost
Amortization of ROU leased assets	Depreciation and amortization within Cost of sales	—		36
Interest on lease liabilities	Interest expense	—		1
Net lease cost		$	6,440	$	3,914

Remaining lease term and discount rates are as follows:


	September 30, 2023		December 31, 2022
Weighted average remaining lease term (years)
Operating leases	4.1		4.3

Weighted average discount rate
Operating leases	4.96	%	4.92	%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,434	$	3,917
Operating cash flows from finance leases	$	—	$	1
Financing cash flows from finance leases	$	—	$	59

Operating Lease, Liability, Maturity

Maturity of the Company’s lease liabilities as of September 30, 2023 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2023 (remainder)	$	2,313	$	—	$	2,313
2024	8,960		—		8,960
2025	7,907		—		7,907
2026	6,972		—		6,972
2027	4,349		—		4,349
Thereafter	2,986		—		2,986
Total lease payments	$	33,487	$	—	$	33,487
Less: interest	3,278		—
Present value of lease payments	$	30,209	$	—

Finance Lease, Liability, Maturity

Maturity of the Company’s lease liabilities as of September 30, 2023 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2023 (remainder)	$	2,313	$	—	$	2,313
2024	8,960		—		8,960
2025	7,907		—		7,907
2026	6,972		—		6,972
2027	4,349		—		4,349
Thereafter	2,986		—		2,986
Total lease payments	$	33,487	$	—	$	33,487
Less: interest	3,278		—
Present value of lease payments	$	30,209	$	—

Operating Lease, Lease Income

For the three and nine months ended September 30, 2023 and 2022, the Company’s lease income consisted of the following components (in thousands):


	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022
Operating lease income
Fixed lease income	$	324	$	42
Variable lease income	—		—
Total lease income1	$	324	$	42

	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Operating lease income
Fixed lease income	$	503	$	63
Variable lease income	—		—
Total lease income1	$	503	$	63

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(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.

Lessor, Operating Lease, Payment to be Received, Maturity

The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of September 30, 2023 (in thousands):


	Operating Leases2
2023 (remainder)	$	371
2024	1,485
2025	1,473
2026	1,473
2027	1,360
Thereafter	667
Total contractual receipts	$	6,829

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(2) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.