Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

Note 14. Leases

Rent expense under the Company’s operating lease agreements was $1.7 million and $1.6 million for the three months ended March 31, 2024 and 2023. There were not any financing, variable, or short term leases during the three months ended March 31, 2024 and 2023. The Company exited certain leased facilities during fiscal year 2023 and is in the process of seeking subleases for those properties. Future minimum lease payments under these agreements are as follows as of March 31, 2024:

 

(in thousands)

 

Amount

 

 2024

 

$

5,019

 

 2025

 

 

7,649

 

 2026

 

 

7,777

 

 2027

 

 

7,958

 

 2028

 

 

7,385

 

After 2029

 

 

16,441

 

Total future lease payments

 

$

52,229

 

  Less: interest

 

 

(10,266

)

 Present value of lease liabilities

 

$

41,963

 

 

 

 

Three Months Ended
March 31, 2024

 

Three Months Ended
March 31, 2023

 

 Supplemental cash flow information:

 

 

 

 

 

 Cash payments for operating leases included in cash flows used in operating activities

 

 

1,854

 

 

1,218

 

 

 

 

March 31, 2024

 

March 31, 2023

 

 Other lease information

 

 

 

 

 

 Weighted-average remaining lease term - Operating leases

 

6.8 years

 

7.7 years

 

 Weighted-average discount rate - Operating leases

 

 

6.4

%

 

6.4

%