Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
16. Leases
The table below summarizes the Company’s operating lease portfolio related to continuing operations (dollars in thousands).
December 31, 2024 December 31, 2023
ROU assets $ 20,533 $ 23,399
Lease liabilities 28,474 31,250
Weighted average remaining lease term (in years) 7.91 8.54
Weighted average discount rate 6.41  % 6.46  %
During 2024 and 2023, the Company’s restructuring of the business and certain operating losses triggered impairment analyses and the Company recognized impairment charges of $0.4 million and $1.1 million for the ROU asset in the years ended December 31, 2024 and 2023, respectively.
The table below summarizes the Company’s net operating lease cost related to continuing operations (in thousands):
For the year ended December 31, 2024 For the year ended December 31, 2023
Operating lease cost $ 6,084  $ 6,777 
Short-term lease cost 171  607 
  Total operating and short-term lease cost 6,255  7,384 
Variable lease cost 649  694 
Sublease income (2,150) (546)
Net lease cost $ 4,754  $ 7,532 

The table below summarizes other information related to the Company’s operating leases in continuing operations (in thousands):
For the year ended December 31, 2024 For the year ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 5,796  $ 6,297 
Leased assets obtained in exchange for new operating lease liabilities 1,322  388 

The following table presents a maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities as of December 31, 2024 (in thousands):
Year Ending December 31, Amount
2025 $ 5,312 
2026 5,149 
2027 4,814 
2028 3,505 
2029 3,278 
Thereafter 14,863 
Total undiscounted lease payments 36,921 
Less: Amounts representing interest (8,447)
Total lease liabilities $ 28,474