| 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):
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Operating lease cost |
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$ |
1,333 |
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$ |
1,316 |
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$ |
1,617 |
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| Variable lease cost |
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301 |
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243 |
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315 |
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| Total lease cost |
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$ |
1,634 |
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$ |
1,559 |
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$ |
1,932 |
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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 $0.6 million, were recorded to G&A expenses and cost of revenues, respectively.
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Cash paid for amounts included in the measurement of lease liabilities and right of use assets: |
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| Operating cash flow from operating leases |
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$ |
1,241 |
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$ |
1,271 |
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$ |
1,603 |
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| Right of use assets obtained in exchange for lease obligations: |
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| Operating leases |
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$ |
18 |
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$ |
926 |
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$ |
264 |
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| Increases to right of use assets resulting from lease modifications: |
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| Operating leases |
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$ |
1,050 |
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$ |
— |
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$ |
— |
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Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows:
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2022 |
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2021 |
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Years |
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Years |
| Weighted average remaining lease term: |
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6.7 |
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6.3 |
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Rate |
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Rate |
| Weighted average discount rate: |
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7.1% |
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7.5% |
Future maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):
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Operating Leases (a) |
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| 2023 |
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$ |
1,159 |
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| 2024 |
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1,064 |
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| 2025 |
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1,033 |
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| 2026 |
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998 |
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| 2027 |
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826 |
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| Thereafter |
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2,016 |
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| Total undiscounted lease payments |
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7,096 |
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| Less: Imputed interest |
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(2,404) |
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| Total lease liabilities |
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$ |
4,692 |
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(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. |
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