Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.24.3
Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases
Note H – Leases
The Company has entered into and acquired long-term leasing arrangements for the right to use various classes of underlying assets including facilities, vehicles and office equipment.

Total Lease Costs
The table below summarizes total lease costs for the following periods:
Three Months Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Finance lease cost:
Amortization of ROU assets $ 131  $ 119  $ 389  $ 311 
Interest on lease liabilities 31  27  93  71 
Operating lease costs 1,074  1,153  3,194  3,146 
Variable lease costs 12  6  34  17 
Short-term lease costs 216  —  385  90 
Total lease costs $ 1,464  $ 1,305  $ 4,095  $ 3,635 
Total lease costs are included in selling, general and administrative expenses and cost of sales on the condensed consolidated statements of operations and comprehensive income (loss).
Other Supplemental Information
The table below presents other supplemental information related to the Company’s leases for the following periods:
Three Months Ended
September 30, 2024 September 30, 2023
Operating Leases Finance Leases Operating Leases Finance Leases
Cash paid for lease liabilities $ 1,153  $ 152  $ 1,070  $ 133 
Right-of-use assets obtained in exchange for new lease liabilities —  130  84  275 
Nine Months Ended
September 30, 2024 September 30, 2023
Operating Leases Finance Leases Operating Leases Finance Leases
Cash paid for lease liabilities $ 3,434  $ 449  $ 3,130  $ 351 
Right-of-use assets obtained in exchange for new lease liabilities 35  357  3,418  726 
September 30, 2024 September 30, 2023
Operating Leases Finance Leases Operating Leases Finance Leases
Weighted average remaining lease term (in years) 3.9 3.4 4.6 3.7
Weighted average discount rate 6.7  % 8.1  % 6.4  % 8.6  %
As of September 30, 2024, the Company had two facility leases that had not yet commenced but created significant future lease obligations in the amount of $7.3 million. The contracts were determined to be operating leases, whereby the Company is not required to make rent payments prior to the lease commencement date while construction is completed on the underlying asset. Due to the nature of the work and the amount of the Company’s contribution to the construction period costs for each lease, the Company was determined not to be the owner of the assets under construction as the landlords have substantially all of the construction period risks.
Leases
Note H – Leases
The Company has entered into and acquired long-term leasing arrangements for the right to use various classes of underlying assets including facilities, vehicles and office equipment.

Total Lease Costs
The table below summarizes total lease costs for the following periods:
Three Months Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Finance lease cost:
Amortization of ROU assets $ 131  $ 119  $ 389  $ 311 
Interest on lease liabilities 31  27  93  71 
Operating lease costs 1,074  1,153  3,194  3,146 
Variable lease costs 12  6  34  17 
Short-term lease costs 216  —  385  90 
Total lease costs $ 1,464  $ 1,305  $ 4,095  $ 3,635 
Total lease costs are included in selling, general and administrative expenses and cost of sales on the condensed consolidated statements of operations and comprehensive income (loss).
Other Supplemental Information
The table below presents other supplemental information related to the Company’s leases for the following periods:
Three Months Ended
September 30, 2024 September 30, 2023
Operating Leases Finance Leases Operating Leases Finance Leases
Cash paid for lease liabilities $ 1,153  $ 152  $ 1,070  $ 133 
Right-of-use assets obtained in exchange for new lease liabilities —  130  84  275 
Nine Months Ended
September 30, 2024 September 30, 2023
Operating Leases Finance Leases Operating Leases Finance Leases
Cash paid for lease liabilities $ 3,434  $ 449  $ 3,130  $ 351 
Right-of-use assets obtained in exchange for new lease liabilities 35  357  3,418  726 
September 30, 2024 September 30, 2023
Operating Leases Finance Leases Operating Leases Finance Leases
Weighted average remaining lease term (in years) 3.9 3.4 4.6 3.7
Weighted average discount rate 6.7  % 8.1  % 6.4  % 8.6  %
As of September 30, 2024, the Company had two facility leases that had not yet commenced but created significant future lease obligations in the amount of $7.3 million. The contracts were determined to be operating leases, whereby the Company is not required to make rent payments prior to the lease commencement date while construction is completed on the underlying asset. Due to the nature of the work and the amount of the Company’s contribution to the construction period costs for each lease, the Company was determined not to be the owner of the assets under construction as the landlords have substantially all of the construction period risks.