|
Finance lease assets are included in fixed
assets, net of accumulated depreciation.
The table below presents the lease-related
assets and liabilities recorded in the Condensed Consolidated Balance Sheet:
| |
|
Classification on the Balance Sheet |
|
March 31, 2021 |
|
| |
|
|
|
(unaudited) |
|
| Assets |
|
|
|
|
|
|
| Financing lease assets |
|
Property and equipment, net |
|
$ |
690 |
|
| Operating lease assets |
|
Operating lease right of use assets |
|
|
3,980 |
|
| Total lease assets |
|
|
|
$ |
4,670 |
|
| |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
| Financing lease liabilities |
|
Other accrued expenses |
|
$ |
150 |
|
| Operating lease liabilities |
|
Other accrued expenses |
|
|
894 |
|
| Total current lease liabilities |
|
|
|
$ |
1,044 |
|
| Noncurrent |
|
|
|
|
|
|
| Financing lease liabilities |
|
Other long-term liabilities |
|
|
112 |
|
| Operating lease liabilities |
|
Operating lease liabilities, net of current portion |
|
|
3,326 |
|
| Total long-term lease liabilities |
|
|
|
|
3,438 |
|
| Total lease liabilities |
|
|
|
$ |
4,482 |
|
The weighted average remaining lease term
for the Company’s operating leases was 7.2 years as of March 31, 2021 and the weighted average discount rate for those leases was
6.0%. The Company’s operating lease expenses are recorded within “Cost of revenue” and “General and administrative
expenses.”
The table below reconciles the cash flows
to the lease liabilities recorded on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2021:
| |
|
Operating Leases |
|
|
Financing Leases |
|
| 2021 |
|
|
822 |
|
|
|
133 |
|
| 2022 |
|
|
1,028 |
|
|
|
78 |
|
| 2023 |
|
|
629 |
|
|
|
65 |
|
| 2024 |
|
|
390 |
|
|
|
- |
|
| 2025-2030 |
|
|
2,327 |
|
|
|
- |
|
| Total minimum lease payments |
|
|
5,196 |
|
|
|
276 |
|
| Less: amount of lease payments representing effects of discounting |
|
|
976 |
|
|
|
14 |
|
| Present value of future minimum lease payments |
|
|
4,220 |
|
|
|
262 |
|
| Less: current obligations under leases |
|
|
894 |
|
|
|
150 |
|
| Long-term lease obligations |
|
$ |
3,326 |
|
|
$ |
112 |
|
As of March 31, 2021, contractual obligations
with terms exceeding one year and estimated minimum future rental payments required by non-cancelable operating leases with initial or
remaining lease terms exceeding one year were as follows:
| |
|
|
|
|
Less than |
|
|
1 to 3 |
|
|
3 to 5 |
|
|
After |
|
| |
|
Total |
|
|
1 Year |
|
|
Years |
|
|
Years |
|
|
5 Years |
|
| Operating lease obligations |
|
$ |
5,196 |
|
|
$ |
822 |
|
|
$ |
1,657 |
|
|
$ |
793 |
|
|
$ |
1,924 |
|
| Total |
|
$ |
5,196 |
|
|
$ |
822 |
|
|
$ |
1,657 |
|
|
$ |
793 |
|
|
$ |
1,924 |
|
|