| Leases |
Leases The Company leases administrative, processing, research and distribution facilities through operating leases. Several of the leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.
Operating lease expense is as follows:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| (in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Operating lease expense |
$ |
1,183 |
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|
$ |
1,327 |
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|
$ |
3,673 |
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|
$ |
3,871 |
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Supplemental balance sheet information related to the operating and financing leases is as follows:
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(in thousands, except lease term and discount rate) |
September 30, 2024 |
|
December 31, 2023 |
| Operating Leases |
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|
| Right-of-use operating assets |
$ |
14,614 |
|
|
$ |
15,562 |
|
| Current maturities of long-term lease obligations |
$ |
1,850 |
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|
$ |
1,541 |
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| Long-term lease obligations |
$ |
19,720 |
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|
$ |
21,123 |
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| Sublease receivable |
$ |
272 |
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|
$ |
— |
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| Financing Leases |
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Right-of-use financing leases (1)
|
$ |
19 |
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|
$ |
28 |
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| Current maturities of long-term lease obligations |
$ |
6 |
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|
$ |
6 |
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| Long-term lease obligations |
$ |
14 |
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$ |
19 |
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| Weighted average operating lease term (in years): |
9.0 |
|
9.6 |
| Weighted average financing lease term (in years): |
1.7 |
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6.5 |
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| Weighted average discount rate operating leases |
10.96% |
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|
10.99% |
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| Weighted average discount rate financing leases |
6.81% |
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|
13.22% |
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(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.
Future minimum lease payments under operating and financing leases at September 30, 2024, are as follows:
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|
|
(in thousands) |
|
| 2024 (excluding nine months ended September 30, 2024) |
$ |
999 |
|
| 2025 |
4,143 |
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| 2026 |
4,278 |
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| 2027 |
3,115 |
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| 2028 |
3,113 |
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| Thereafter |
18,567 |
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| Total |
34,215 |
|
| Less: Imputed interest |
(12,625) |
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| Total lease liability |
21,590 |
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| Less: Current lease liability |
(1,856) |
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| Long-term lease liability |
$ |
19,734 |
|
Sublease Agreement On May 31, 2024, the Company entered into a sublease agreement to sublease a portion of its headquarters in Tampa, FL. The sublease commenced on August 1, 2024. The Company accounts for this sublease in accordance with ASC 842, Leases.
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| Leases |
Leases The Company leases administrative, processing, research and distribution facilities through operating leases. Several of the leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.
Operating lease expense is as follows:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| (in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Operating lease expense |
$ |
1,183 |
|
|
$ |
1,327 |
|
|
$ |
3,673 |
|
|
$ |
3,871 |
|
Supplemental balance sheet information related to the operating and financing leases is as follows:
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|
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|
|
(in thousands, except lease term and discount rate) |
September 30, 2024 |
|
December 31, 2023 |
| Operating Leases |
|
|
|
| Right-of-use operating assets |
$ |
14,614 |
|
|
$ |
15,562 |
|
| Current maturities of long-term lease obligations |
$ |
1,850 |
|
|
$ |
1,541 |
|
| Long-term lease obligations |
$ |
19,720 |
|
|
$ |
21,123 |
|
| Sublease receivable |
$ |
272 |
|
|
$ |
— |
|
|
|
|
|
| Financing Leases |
|
|
|
Right-of-use financing leases (1)
|
$ |
19 |
|
|
$ |
28 |
|
| Current maturities of long-term lease obligations |
$ |
6 |
|
|
$ |
6 |
|
| Long-term lease obligations |
$ |
14 |
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|
$ |
19 |
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| Weighted average operating lease term (in years): |
9.0 |
|
9.6 |
| Weighted average financing lease term (in years): |
1.7 |
|
6.5 |
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| Weighted average discount rate operating leases |
10.96% |
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|
10.99% |
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| Weighted average discount rate financing leases |
6.81% |
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|
13.22% |
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(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.
Future minimum lease payments under operating and financing leases at September 30, 2024, are as follows:
|
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|
|
|
|
(in thousands) |
|
| 2024 (excluding nine months ended September 30, 2024) |
$ |
999 |
|
| 2025 |
4,143 |
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| 2026 |
4,278 |
|
| 2027 |
3,115 |
|
| 2028 |
3,113 |
|
| Thereafter |
18,567 |
|
| Total |
34,215 |
|
| Less: Imputed interest |
(12,625) |
|
| Total lease liability |
21,590 |
|
| Less: Current lease liability |
(1,856) |
|
| Long-term lease liability |
$ |
19,734 |
|
Sublease Agreement On May 31, 2024, the Company entered into a sublease agreement to sublease a portion of its headquarters in Tampa, FL. The sublease commenced on August 1, 2024. The Company accounts for this sublease in accordance with ASC 842, Leases.
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