Leases (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Leases [Abstract] |
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| Schedule of the Components of Lease Costs |
The components of lease costs for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
| Operating lease cost |
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$ |
478 |
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$ |
378 |
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$ |
1,423 |
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$ |
1,099 |
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| Variable lease cost |
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94 |
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97 |
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266 |
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260 |
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| Total lease cost |
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$ |
572 |
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$ |
475 |
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$ |
1,689 |
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$ |
1,359 |
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Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
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Nine Months Ended
September 30, |
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2024 |
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2023 |
| 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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$ |
1,400 |
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$ |
1,111 |
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| Right of use assets obtained in exchange for lease obligations: |
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| Operating leases |
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$ |
250 |
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$ |
586 |
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| Increases to right of use assets resulting from lease modifications: |
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| Operating leases |
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$ |
— |
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$ |
552 |
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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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As of September 30, |
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2024 |
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2023 |
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Years |
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Years |
| Weighted average remaining lease term: |
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5.6 |
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5.7 |
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Rate |
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Rate |
| Weighted average discount rate: |
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7.8% |
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6.8% |
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| Schedule of Future Maturities of Lease Liabilities |
Future maturities of lease liabilities as of September 30, 2024 are as follows (in thousands):
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Operating
Leases
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| 2024 |
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$ |
455 |
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| 2025 |
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1,905 |
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| 2026 |
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1,715 |
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| 2027 |
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1,542 |
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| 2028 |
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1,495 |
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2029 and thereafter |
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2,474 |
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| Total undiscounted lease payments |
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9,586 |
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| Less: Imputed interest |
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(3,185) |
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| Total lease liabilities |
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$ |
6,401 |
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| Schedule of Leases Revenues |
The components of the Company’s lease revenues consisted of the following (in thousands ) for the three and nine months ended September 30, 2024 and 2023:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
| Net operating lease revenue |
$ |
7,242 |
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$ |
5,972 |
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$ |
20,225 |
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$ |
17,767 |
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| Sales-type lease revenue |
129 |
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1,126 |
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530 |
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2,949 |
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| Total lease revenue |
$ |
7,371 |
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$ |
7,098 |
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$ |
20,755 |
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$ |
20,716 |
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| Schedule of Net Investment in Sales-Type Leases |
The components of our net investment in sales-type leases as of September 30, 2024 and December 31, 2023 were (in thousands):
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September 30,
2024 |
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December 31,
2023 |
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| Lease receivable |
$ |
2,097 |
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$ |
2,583 |
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| Net investment in leases |
$ |
2,097 |
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$ |
2,583 |
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Our net investment in sales-type leases is classified as follows in the accompanying condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 were (in thousands):
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September 30,
2024 |
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December 31,
2023 |
| Accounts receivable, net |
$ |
1,142 |
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$ |
1,067 |
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| Other assets |
955 |
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1,516 |
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| Total |
$ |
2,097 |
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$ |
2,583 |
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| Schedule of Future Maturities of Sales-Type Leases |
Future maturities of sales-type leases as of September 30, 2024 are as follows (in thousands):
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Sales-Type Leases |
| 2024 |
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$ |
338 |
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| 2025 |
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1,329 |
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| 2026 |
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652 |
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| 2027 |
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28 |
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| 2028 |
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— |
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| Thereafter |
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— |
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| Total undiscounted lease payments |
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2,347 |
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| Less: Imputed interest |
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(250) |
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| Total lease receivables |
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$ |
2,097 |
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