Leases (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Leases |
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| Schedule of lease cost and other information about leases |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
(in thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
Lease cost: |
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Operating lease cost (1) |
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$ |
2,690 |
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$ |
2,582 |
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$ |
5,327 |
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$ |
5,169 |
Finance lease cost: |
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Depreciation of finance lease assets (2) |
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493 |
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|
314 |
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1,112 |
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|
531 |
Interest on finance lease liabilities (3) |
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57 |
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43 |
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121 |
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|
66 |
Short-term lease cost (1) |
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|
327 |
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243 |
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644 |
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489 |
Sublease income (1) |
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— |
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(267) |
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— |
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(534) |
Total lease cost |
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$ |
3,567 |
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$ |
2,915 |
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$ |
7,204 |
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$ |
5,721 |
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Other information: |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash outflows from operating leases |
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$ |
2,522 |
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$ |
1,516 |
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$ |
5,038 |
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$ |
2,852 |
Operating cash outflows from finance leases |
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$ |
81 |
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$ |
17 |
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$ |
155 |
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$ |
40 |
Financing cash outflows from finance leases |
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$ |
747 |
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$ |
515 |
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$ |
1,562 |
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$ |
1,028 |
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(1) |
Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
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(2) |
Included in Depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
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(3) |
Included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
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| 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 June 30, 2024 and 2023, respectively:
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June 30, |
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2024 |
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2023 |
Weighted-average remaining lease term - operating leases (in years) |
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12.5 |
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13.8 |
Weighted-average remaining lease term - finance leases (in years) |
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1.9 |
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2.6 |
Weighted-average discount rate - operating leases |
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4.8% |
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4.5% |
Weighted-average discount rate - finance leases |
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5.5% |
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5.2% |
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| Schedule of the future operating lease commitment under agreement |
Maturities of lease liabilities as of June 30, 2024 were as follows:
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June 30, 2024 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2024 (for remaining six months) |
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$ |
5,327 |
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$ |
1,497 |
2025 |
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|
10,153 |
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2,150 |
2026 |
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9,414 |
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819 |
2027 |
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8,863 |
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2028 |
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7,722 |
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2029 |
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8,145 |
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Thereafter |
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67,156 |
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Total lease payments |
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|
116,780 |
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|
4,466 |
Less amount representing interest |
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(30,402) |
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(229) |
Present value of total lease payments |
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$ |
86,378 |
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$ |
4,237 |
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| Schedule of maturities of finance lease liabilities |
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June 30, 2024 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2024 (for remaining six months) |
|
$ |
5,327 |
|
$ |
1,497 |
2025 |
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|
10,153 |
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|
2,150 |
2026 |
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|
9,414 |
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819 |
2027 |
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8,863 |
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2028 |
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7,722 |
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2029 |
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8,145 |
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Thereafter |
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67,156 |
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Total lease payments |
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116,780 |
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4,466 |
Less amount representing interest |
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(30,402) |
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(229) |
Present value of total lease payments |
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$ |
86,378 |
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$ |
4,237 |
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