Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.3
Leases
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases
7.
Leases

 

Lease expenses for the three and nine months ended September 30, 2023 were $1,070 and $3,035, respectively, and were $849 and $2,568 for the three and nine months ended September 30, 2022, respectively. Aggregate variable lease expenses and short-term lease expenses were $147 and $434 for the three and nine months ended September 30, 2023, respectively, and were $339 and $419 for the three and nine months ended September 30, 2022, respectively.

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

 

 

 

As of September 30,
2023

 

 

As of December 31,
 2022

 

Assets

 

 

 

 

 

 

ROU assets

 

$

14,317

 

 

$

11,687

 

   Total ROU assets

 

$

14,317

 

 

$

11,687

 

Liabilities

 

 

 

 

 

 

Current

 

$

2,912

 

 

$

2,333

 

Non-current

 

 

13,049

 

 

 

10,815

 

   Total lease liabilities

 

$

15,961

 

 

$

13,148

 

Weighted-average remaining lease term (years)

 

 

5.7

 

 

 

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

 

Years ending December 31,

 

 

 

Remainder of 2023

 

$

1,079

 

2024

 

 

4,008

 

2025

 

 

3,831

 

2026

 

 

3,437

 

2027

 

 

2,617

 

Thereafter

 

 

5,181

 

Total lease payments

 

 

20,153

 

Less: Interest on lease payments

 

 

(4,192

)

Present value of lease liabilities

 

$

15,961

 

 

Operating cash flows paid included in the measurement of operating lease liabilities for the three and nine months ended September 30, 2023 were $1,055 and $1,945, respectively, and for the three and nine months ended September 30, 2022 were $389 and $1,006, 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 nine months ended September 30, 2023 were $1,057 and $2,185, respectively, and for the three and nine months ended September 30, 2022 were $518 and $1,657, respectively.