Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Leases

The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the first quarter of 2024, the Company recorded an operating right-of-use ("ROU") asset and related lease liability of $0.7 million related to a three year term extension of an existing administrative office location consisting of approximately 16,200 square feet. In the second quarter of 2024, the Company recorded an ROU asset and related lease liability of approximately of $0.5 million related to a thirty-seven month term lease of an existing sales office location consisting of approximately 6,600 square feet.

The Company's operating lease costs, included in continuing operations, was $4.4 million and $4.2 million for the three months ended June 30, 2024 and 2023, respectively, and $8.7 million and $8.4 million for June 30, 2024 and 2023, respectively. The Company has sublease agreements for unused facilities, as well as excess space in facilities we are currently occupying, which expire at various dates through 2028. Total sublease income of $0.6 million and $1.2 million was recorded for the three and six months ended June 30, 2024 and 2023, respectively.

Information relating to operating and finance leases for continuing and discontinued operations as of June 30, 2024 and December 31, 2023:

	Six Months Ended June 30,			Year Ended December 31,
	2024			2023
Weighted Average Remaining Lease Term
Operating and finance leases	7.0 years			7.2 years
Weighted Average Discount Rate
Operating and finance leases	5.5		%	5.4		%
ROU assets obtained in exchange for operating and finance lease obligations (in millions)	$	1.2		$	6.3

Maturities of lease liabilities were as follows (in millions):

Year Ending December 31	Operating Leases
2024 (adjusted for six months of payments)	$	9.4
2025	17.9
2026	15.9
2027	12.0
2028	11.9
2029	12.1
Thereafter	28.4
Total lease payments	107.6
Less: interest	(19.5)
Total present value of lease liabilities	$	88.1

Leases

Leases

The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the first quarter of 2024, the Company recorded an operating right-of-use ("ROU") asset and related lease liability of $0.7 million related to a three year term extension of an existing administrative office location consisting of approximately 16,200 square feet. In the second quarter of 2024, the Company recorded an ROU asset and related lease liability of approximately of $0.5 million related to a thirty-seven month term lease of an existing sales office location consisting of approximately 6,600 square feet.

The Company's operating lease costs, included in continuing operations, was $4.4 million and $4.2 million for the three months ended June 30, 2024 and 2023, respectively, and $8.7 million and $8.4 million for June 30, 2024 and 2023, respectively. The Company has sublease agreements for unused facilities, as well as excess space in facilities we are currently occupying, which expire at various dates through 2028. Total sublease income of $0.6 million and $1.2 million was recorded for the three and six months ended June 30, 2024 and 2023, respectively.

Information relating to operating and finance leases for continuing and discontinued operations as of June 30, 2024 and December 31, 2023:

	Six Months Ended June 30,			Year Ended December 31,
	2024			2023
Weighted Average Remaining Lease Term
Operating and finance leases	7.0 years			7.2 years
Weighted Average Discount Rate
Operating and finance leases	5.5		%	5.4		%
ROU assets obtained in exchange for operating and finance lease obligations (in millions)	$	1.2		$	6.3

Maturities of lease liabilities were as follows (in millions):

Year Ending December 31	Operating Leases
2024 (adjusted for six months of payments)	$	9.4
2025	17.9
2026	15.9
2027	12.0
2028	11.9
2029	12.1
Thereafter	28.4
Total lease payments	107.6
Less: interest	(19.5)
Total present value of lease liabilities	$	88.1