Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.2
Leases
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases
7.
Leases

 

Lease expenses for the three and six months ended June 30, 2023 were $1,034 and $1,965, respectively, and were $849 and $1,719 for the three and six months ended June 30, 2022, respectively. Aggregate variable lease expenses and short-term lease expenses were $167 and $287 for the three and six months ended June 30, 2023, respectively, and were $50 and $80 for the three and six months ended June 30, 2022, respectively.

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

 

 

 

As of June 30,
2023

 

 

As of December 31,
 2022

 

Assets

 

 

 

 

 

 

ROU assets

 

$

13,614

 

 

$

11,687

 

   Total ROU assets

 

$

13,614

 

 

$

11,687

 

Liabilities

 

 

 

 

 

 

Current

 

$

2,852

 

 

$

2,333

 

Non-current

 

 

12,509

 

 

 

10,815

 

   Total lease liabilities

 

$

15,361

 

 

$

13,148

 

Weighted-average remaining lease term (years)

 

 

5.8

 

 

 

5.7

 

Weighted-average discount rate

 

 

9

%

 

 

9

%

 

 

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

As of June 30, 2023, the maturity of operating lease liabilities are as follows:

 

Years ending December 31,

 

 

 

Remainder of 2023

 

$

2,065

 

2024

 

 

3,772

 

2025

 

 

3,487

 

2026

 

 

3,155

 

2027

 

 

2,425

 

Thereafter

 

 

4,583

 

Total lease payments

 

 

19,487

 

Less: Interest on lease payments

 

 

(4,126

)

Present value of lease liabilities

 

$

15,361

 

 

Operating cash flows paid included in the measurement of operating lease liabilities for the three and six months ended June 30, 2023 were $660 and $890, respectively and for the three and six months ended June 30, 2022 were $275 and $617, respectively, and were included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets for the three and six months ended June 30, 2023 were $904 and $1,128, respectively and for the three and six months ended June 30, 2022 were $566 and $1,139, respectively.