Leases (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Leases [Abstract] |
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| Lease Expense and Other Information |
Lease expense and other information consisted of the following for the three and nine months ended September 30, 2022 (in thousands, except terms and rates):
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Three Months Ended September 30, 2022 |
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Nine Months Ended September 30, 2022 |
| Lease Expense |
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| Finance lease expense: |
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| Amortization of right-of-use assets |
$ |
2,048 |
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$ |
6,467 |
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| Interest on lease liabilities |
237 |
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|
667 |
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| Operating lease expense |
1,417 |
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|
4,252 |
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| Short-term lease expense |
3 |
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21 |
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| Total lease expense |
$ |
3,705 |
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$ |
11,407 |
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| Other information |
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| Finance leases: |
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| Operating cash outflow from finance leases |
$ |
237 |
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$ |
667 |
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| Financing cash outflow from finance leases |
$ |
2,234 |
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$ |
6,694 |
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| Finance lease liabilities arising from obtaining finance lease right-of-use assets |
$ |
1,335 |
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$ |
4,659 |
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| Operating leases: |
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| Operating cash outflow from operating leases |
$ |
1,214 |
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$ |
3,197 |
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Other information as of September 30, 2022 |
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| Finance leases: |
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| Weighted-average remaining lease term (years) |
1.7 |
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| Weighted-average discount rate lease term |
7.7 |
% |
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| Operating leases: |
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| Weighted-average remaining lease term (years) |
10.3 |
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| Weighted-average discount rate lease term |
3.9 |
% |
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| Operating Lease Liability Maturity |
Future maturities of remaining lease payments included in the measurement of operating lease as of September 30, 2022 are as follows (in thousands):
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| Years ending December 31, |
| Remaining 2022 |
$ |
1,345 |
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| 2023 |
5,404 |
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| 2024 |
5,539 |
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| 2025 |
5,677 |
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| 2026 |
5,819 |
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| Thereafter |
38,667 |
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| Total |
62,451 |
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| Less imputed interest |
(11,338) |
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| Present value of operating lease obligations |
$ |
51,113 |
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| Future Minimum Rental Payments for Operating Leases Under ASC 840 |
As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, the following table summarizes the future minimum lease payments related to operating leases as of December 31, 2021 under ASC 840 (in thousands):
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| Years ending December 31, |
| 2022 |
$ |
4,407 |
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| 2023 |
5,404 |
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| 2024 |
5,539 |
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| 2025 |
5,677 |
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| 2026 |
5,819 |
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| Thereafter |
38,666 |
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| Total |
$ |
65,512 |
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| Finance Lease Liability Maturity |
Future minimum lease payments for the Company’s finance leases as of September 30, 2022 were as follows (in thousands):
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| Years ending December 31, |
| Remaining 2022 |
$ |
2,478 |
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| 2023 |
6,717 |
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| 2024 |
3,749 |
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| 2025 |
1,158 |
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| 2026 |
— |
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| Thereafter |
— |
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| Total |
14,102 |
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| Less amounts representing interest |
(1,094) |
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| Present value of finance lease obligations |
$ |
13,008 |
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