Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
7.
Leases

Lease expenses for the years ended December 31, 2023 and 2022 were $4,172 and $3,409, respectively. Aggregate variable lease expenses and short-term lease expenses were $613 and $548, for the years ended December 31, 2023 and 2022, respectively.

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

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

ROU assets

 

$

14,921

 

 

$

11,687

 

   Total ROU assets

 

$

14,921

 

 

$

11,687

 

Liabilities

 

 

 

 

 

 

Current

 

$

3,506

 

 

$

2,333

 

Non-current

 

 

13,079

 

 

 

10,815

 

   Total lease liabilities

 

$

16,585

 

 

$

13,148

 

Weighted-average remaining lease term (years)

 

 

5.4

 

 

 

5.7

 

Weighted-average discount rate

 

 

8

%

 

 

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

Years ending December 31,

 

 

 

2024

 

$

4,745

 

2025

 

 

4,058

 

2026

 

 

3,639

 

2027

 

 

2,774

 

2028

 

 

1,868

 

Thereafter

 

 

3,586

 

Total lease payments

 

 

20,670

 

Less: Interest on lease payments

 

 

(4,085

)

Present value of lease liabilities

 

$

16,585

 

Operating cash flows paid included in the measurement of operating lease liabilities for the years ended December 31, 2023 and 2022 were $2,782 and $1,632, respectively, and were included in net cash used in operating activities in the consolidated statements of cash flows. Amortization of ROU assets was $2,928 and $2,344 for the years ended December 31, 2023 and 2022, respectively.