Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

Note 14. Leases

Rent expense under the Company’s operating lease agreements was $1.7 million and $2.0 million for the three months ended June 30, 2024 and 2023. Rent expense under the Company’s operating lease agreements was $3.4 million and $4.1 million for the six months ended June 30, 2024 and 2023. There were not any financing, variable, or short term leases during the six months ended June 30, 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 were as follows as of June 30, 2024:

 

(in thousands)

 

Amount

 

 2024 (remaining six months)

 

$

3,173

 

 2025

 

 

7,649

 

 2026

 

 

7,777

 

 2027

 

 

7,958

 

 2028

 

 

7,385

 

After 2029

 

 

16,441

 

Total future lease payments

 

$

50,383

 

  Less: interest

 

 

(9,602

)

 Present value of lease liabilities

 

$

40,781

 

 

 

 

Six Months Ended June 30, 2024

 

Six Months Ended June 30, 2023

 

 Supplemental cash flow information:

 

 

 

 

 

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

 

$

3,696

 

$

3,742

 

 

 

 

June 30, 2024

 

June 30, 2023

 

 Other lease information

 

 

 

 

 

 Weighted-average remaining lease term - Operating leases

 

6.6 years

 

7.5 years

 

 Weighted-average discount rate - Operating leases

 

 

6.5

%

 

6.4

%