Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
18. Leases
The table below summarizes the Company’s operating lease portfolio related to continuing operations (in thousands). Refer to Note 2 - Summary of Significant Accounting Policies for additional information on our accounting policies related to leases.
December 31, 2023 December 31, 2022
Right-of-use assets $ 23,399 $ 27,933
Lease liabilities 31,250 34,391
Weighted average remaining lease term (in years) 8.54 9.29
Weighted average discount rate 6.46  % 6.50  %
During 2023 and 2022, the Company’s operating losses triggered impairment analyses and the Company recognized impairment charges of $1.1 million and $2.2 million for the ROU asset in the years ended December 31, 2023 and 2022, respectively.
The table below summarizes the Company’s net operating lease cost related to continuing operations (in thousands):
For the year ended December 31, 2023 For the year ended December 31, 2022
Operating lease cost $ 6,777  $ 6,230 
Short-term lease cost 607  612 
  Total operating and short-term lease cost 7,384  6,842 
Variable lease cost 694  991 
Sublease income (546) (859)
Net lease cost $ 7,532  $ 6,974 

The table below summarizes other information related to the Company’s operating leases in continuing operations (in thousands):
For the year ended December 31, 2023 For the year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 6,297  $ 4,856 
Leased assets obtained in exchange for new operating lease liabilities 388  7,400 

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, 2023 (in thousands):
2024 $ 5,929 
2025 4,936 
2026 4,778 
2027 4,473 
2028 3,396 
Thereafter 18,140 
Total undiscounted lease payments 41,652 
Less: amounts representing interest (10,402)
Total lease liabilities $ 31,250