Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.0.1
Leases
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases
7.
Leases

Lease expenses were $1,168 and $2,325 for the three and six months ended June 30, 2024, respectively, and were $1,034 and $1,965 for the three and six months ended June 30, 2023, respectively. Aggregate variable lease expenses and short-term lease expenses were $363 and $601 for the three and six months ended June 30, 2024, respectively, and were $167 and $287 for the three and six months ended June 30, 2023, respectively.

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

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Right-of-use assets

 

$

13,454

 

 

$

14,921

 

Liabilities

 

 

 

 

 

 

Current

 

$

3,423

 

 

$

3,506

 

Non-current

 

 

11,791

 

 

 

13,079

 

   Total lease liabilities

 

$

15,214

 

 

$

16,585

 

Weighted-average remaining lease term (years)

 

 

5.0

 

 

 

5.4

 

Weighted-average discount rate

 

 

8

%

 

 

8

%

Approximately 77% 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, 2024, the maturity of operating lease liabilities are as follows:

Fiscal year ending December 31,

 

 

 

Remainder of 2024

 

$

2,360

 

2025

 

 

4,280

 

2026

 

 

3,872

 

2027

 

 

2,777

 

2028

 

 

1,848

 

Thereafter

 

 

3,532

 

Total lease payments

 

 

18,669

 

Less: Interest on lease payments

 

 

(3,455

)

Present value of lease liabilities

 

$

15,214

 

Operating cash flows paid included in the measurement of operating lease liabilities were $820 and $1,692 for the three and six months ended June 30, 2024, respectively, and were $660 and $890 for the three and six months ended June 30, 2023, respectively, and were included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $989 and $1,798 for the three and six months ended June 30, 2024, respectively, and was $904 and $1,128 for the three and six months ended June 30, 2023, respectively.