Leases (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Leases |
|
| Schedule of lease cost and other information about leases |
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|
Year Ended December 31, |
(in thousands) |
|
2023 |
|
2022 |
Lease cost: |
|
|
|
|
|
|
Operating lease cost (1) |
|
$ |
10,359 |
|
$ |
10,922 |
Finance lease cost |
|
|
|
|
|
|
Depreciation of finance lease assets (2) |
|
|
1,770 |
|
|
1,191 |
Interest on finance lease liabilities (3) |
|
|
223 |
|
|
139 |
Short-term lease cost (1) |
|
|
1,058 |
|
|
1,080 |
Sublease income (1) |
|
|
(978) |
|
|
(622) |
Total lease cost |
|
$ |
12,432 |
|
$ |
12,710 |
|
|
|
|
|
|
|
Other information: |
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|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
Operating cash outflows from operating leases |
|
$ |
7,641 |
|
$ |
5,367 |
Operating cash outflows from finance leases |
|
$ |
155 |
|
$ |
132 |
Financing cash outflows from finance leases |
|
$ |
2,314 |
|
$ |
1,924 |
|
(1) |
Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
|
(2) |
Included in Depreciation and amortization in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
|
(3) |
Included in Interest expense in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
|
| Schedule of weighted-average remaining lease terms and discount rates |
The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of December 31, 2023 and December 31, 2022, respectively:
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
Weighted-average remaining lease term - operating leases (in years) |
|
13.6 |
|
14.2 |
Weighted-average remaining lease term - finance leases (in years) |
|
2.2 |
|
1.6 |
Weighted-average discount rate - operating leases |
|
4.6% |
|
4.5% |
Weighted-average discount rate - finance leases |
|
5.3% |
|
3.7% |
|
| Schedule of the future operating lease commitment under agreement |
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|
|
|
|
|
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|
|
December 31, 2023 |
(in thousands) |
|
Operating Leases |
|
Finance Leases |
2024 |
|
$ |
9,179 |
|
$ |
3,214 |
2025 |
|
|
8,145 |
|
|
2,150 |
2026 |
|
|
6,857 |
|
|
819 |
2027 |
|
|
6,665 |
|
|
— |
2028 |
|
|
6,753 |
|
|
— |
Thereafter |
|
|
74,037 |
|
|
— |
Total lease payments |
|
|
111,636 |
|
|
6,183 |
Less amount representing interest |
|
|
(31,044) |
|
|
(384) |
Present value of total lease payments |
|
$ |
80,592 |
|
$ |
5,799 |
|
| Schedule of maturities of finance lease liabilities |
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|
|
|
|
|
|
|
|
December 31, 2023 |
(in thousands) |
|
Operating Leases |
|
Finance Leases |
2024 |
|
$ |
9,179 |
|
$ |
3,214 |
2025 |
|
|
8,145 |
|
|
2,150 |
2026 |
|
|
6,857 |
|
|
819 |
2027 |
|
|
6,665 |
|
|
— |
2028 |
|
|
6,753 |
|
|
— |
Thereafter |
|
|
74,037 |
|
|
— |
Total lease payments |
|
|
111,636 |
|
|
6,183 |
Less amount representing interest |
|
|
(31,044) |
|
|
(384) |
Present value of total lease payments |
|
$ |
80,592 |
|
$ |
5,799 |
|