Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.4
Leases
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company has historically entered into a number of lease agreements under which the Company is the lessee for equipment and office leases.
The components of the Company’s operating lease costs consisted of the following (in thousands):
Years Ended December 31,
2022 2021 2020
Operating lease cost $ 1,333  $ 1,316  $ 1,617 
Variable lease cost 301  243  315 
Total lease cost $ 1,634  $ 1,559  $ 1,932 
Lease costs for the year ended December 31, 2022 of approximately $1.6 million were recorded to G&A expenses. Lease costs for the year ended December 31, 2021 of approximately $1.5 million and $0.1 million, were recorded to G&A expenses and cost of revenues, respectively. Lease costs for the year ended December 31, 2020 of approximately $1.3 million and $0.6 million, were recorded to G&A expenses and cost of revenues, respectively.
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
Years Ended December 31,
2022 2021 2020
Cash paid for amounts included in the measurement of lease liabilities and right of use assets:
Operating cash flow from operating leases $ 1,241  $ 1,271  $ 1,603 
Right of use assets obtained in exchange for lease obligations:
Operating leases $ 18  $ 926  $ 264 
Increases to right of use assets resulting from lease modifications:
Operating leases $ 1,050  $ —  $ — 
Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows:
2022 2021
Years Years
Weighted average remaining lease term: 6.7 6.3
Rate Rate
Weighted average discount rate: 7.1% 7.5%
Future maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):
Operating Leases (a)
2023 $ 1,159 
2024 1,064 
2025 1,033 
2026 998 
2027 826 
Thereafter 2,016 
Total undiscounted lease payments 7,096 
Less: Imputed interest (2,404)
Total lease liabilities $ 4,692 
(a) Excludes $1.8 million of legally binding minimum lease payments for an office lease signed but not yet commenced. This lease has an expected term of 7 years and is expected to commence in 2023.
The long-term portion of the lease liabilities included in the amounts above is $3.8 million with the remainder included in other current liabilities in the Consolidated Balance Sheet.