Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases
7.
Leases

 

Lease expenses for the three months ended March 31, 2023 and 2022 were $930 and $870, respectively. Aggregate variable lease expenses and short-term lease expenses were $120 and $90 for the three months ended March 31, 2023 and 2022, respectively.

The following table provides the required information regarding the Company's leases for which the Company is the lessee:

 

 

 

As of March 31,
2023

 

 

As of December 31,
 2022

 

Assets

 

 

 

 

 

 

ROU assets

 

$

12,549

 

 

$

11,687

 

   Total ROU assets

 

$

12,549

 

 

$

11,687

 

Liabilities

 

 

 

 

 

 

Current

 

$

2,504

 

 

$

2,333

 

Non-current

 

 

11,523

 

 

 

10,815

 

   Total lease liabilities

 

$

14,027

 

 

$

13,148

 

Weighted-average remaining lease term (years)

 

 

5.3

 

 

 

5.7

 

Weighted-average discount rate

 

 

9

%

 

 

9

%

 

The majority of the Company's right-of-use (“ROU”) assets and lease liabilities, approximately 80%, relate to office facilities leases, with the remaining amounts representing primarily ground station leases.

As of March 31, 2023, the maturity of operating leases are as follows:

 

Years ending December 31,

 

 

 

Remainder of 2023

 

$

2,678

 

2024

 

 

3,566

 

2025

 

 

3,460

 

2026

 

 

3,142

 

2027

 

 

2,030

 

Thereafter

 

 

2,715

 

Total lease payments

 

 

17,591

 

Less: Interest on lease payments

 

 

(3,564

)

Present value of lease liabilities

 

$

14,027

 

 

Operating cash flows paid included in the measurement of operating lease liabilities for the three months ended March 31, 2023 and 2022 was $230 and $342, respectively, and was included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $224 and $573 for the three months ended March 31, 2023 and 2022, respectively.