LEASES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Leases [Abstract] |
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| Schedule of Finance Lease Supplemental Balance Sheet Disclosures |
Supplemental disclosure related to operating and finance leases included on our consolidated balance sheets are set forth as follows:
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December 31, |
| (in thousands) |
Classification on Consolidated Balance Sheets |
2023 |
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2022 |
| Noncurrent assets: |
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| Operating lease right-of-use assets |
Operating lease right-of-use assets |
$ |
9,367 |
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$ |
10,019 |
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| Finance lease right-of-use assets |
Property and equipment, net |
127 |
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250 |
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Total |
$ |
9,494
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$ |
10,269
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| Current liabilities: |
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| Operating lease liabilities |
Current portion of operating lease liabilities |
$ |
1,446 |
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$ |
1,811 |
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| Finance lease liabilities |
Accrued liabilities |
106 |
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115 |
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| Noncurrent liabilities: |
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| Operating lease liabilities |
Noncurrent portion of operating lease liabilities |
9,446 |
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9,275 |
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| Finance lease liabilities |
Other noncurrent liabilities |
21 |
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135 |
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Total |
$ |
11,019
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$ |
11,336
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| Schedule of Lease Costs |
The following table sets forth operating and finance lease cost for the years ended December 31, 2023 and 2022:
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For the Year Ended December 31, |
| (in thousands) |
Classification on Statement of Operations |
2023 |
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2022 |
| Operating lease cost |
Selling, general, and administrative expenses |
$ |
4,120 |
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$ |
3,531 |
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| Finance lease cost: |
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| Amortization of leased assets |
Depreciation and amortization |
$ |
241 |
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$ |
350 |
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| Interest on lease liabilities |
Interest expense |
9 |
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17 |
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Total finance lease cost |
$ |
250
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$ |
367
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The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:
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December 31, |
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2023 |
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2022 |
| Weighted average remaining lease term: |
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| Operating leases |
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7.1 years |
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7.7 years |
| Finance leases |
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1.1 years |
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2.1 years |
| Weighted average discount rate: |
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| Operating leases |
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8.0 |
% |
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7.6 |
% |
| Finance leases |
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5.6 |
% |
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5.5 |
% |
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| Schedule of Future Minimum Payments Under Operating Leases |
The following table sets forth the future minimum lease payments under operating and finance leases subsequent to December 31, 2023:
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| (in thousands) |
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Operating Leases |
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Finance Leases |
| 2024 |
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$ |
2,229 |
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$ |
109 |
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| 2025 |
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2,079 |
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25 |
| 2026 |
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1,809 |
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— |
| 2027 |
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1,832 |
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— |
| 2028 |
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1,672 |
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— |
| Thereafter |
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4,859 |
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— |
| Total minimum lease payments |
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$ |
14,480 |
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$ |
134 |
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| Interest |
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(3,588) |
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(7) |
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| Total |
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$ |
10,892
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$ |
127
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| Schedule of Future Minimum Payments Under Finance Leases |
The following table sets forth the future minimum lease payments under operating and finance leases subsequent to December 31, 2023:
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| (in thousands) |
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Operating Leases |
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Finance Leases |
| 2024 |
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$ |
2,229 |
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$ |
109 |
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| 2025 |
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2,079 |
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25 |
| 2026 |
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1,809 |
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— |
| 2027 |
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1,832 |
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— |
| 2028 |
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1,672 |
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— |
| Thereafter |
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4,859 |
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— |
| Total minimum lease payments |
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$ |
14,480 |
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$ |
134 |
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| Interest |
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(3,588) |
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(7) |
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| Total |
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$ |
10,892
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$ |
127
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| Schedule of Components of Lease Income |
The components of lease income for the year ended December 31, 2023 are set forth as follows (1):
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| (in thousands) |
December 31, 2023 |
| Selling profit |
$ |
2,640 |
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Interest income (2)
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$ |
40 |
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(1) There were no lessor-type leases as of or for the year ended December 31, 2022.
(2) Interest income is included in the Company’s consolidated statement of operations in “interest income”.
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| Schedule of Future Minimum Rental Receipts |
The following table sets forth the Company’s future minimum rental receipts for this lease as of December 31, 2023 (1), the present value of which is included in “accounts receivable, net” in the Company’s consolidated balance sheets as of December 31, 2023:
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| (in thousands) |
December 31, 2023 |
| 2024 |
$ |
989 |
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| 2025 |
988 |
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| 2026 |
787 |
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| Total future minimum receipts |
$ |
2,764 |
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| Less: unearned interest income |
(285) |
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| Net investment in sales-type lease |
$ |
2,479 |
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(1) There were no lessor-type leases as of or for the year ended December 31, 2022.
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