v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
Leases  
Leases

8. Leases

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 1 to 6 years, with a weighted-average remaining lease term of 4 years at each of September 30, 2022 and December 31, 2021. Some operating leases include options to extend the leases for up to 5 years.

The components of lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

     

Classification

     

2022

     

2021

     

2022

     

2021

Operating lease costs(1)

Cost of revenues

$

606

$

444

$

1,746

$

1,279

Operating lease costs(1)

Selling, general and administrative expenses

70

64

 

210

 

196

Rental revenues

Interest and other income, net

(10)

(28)

 

(52)

 

(69)

Net operating lease costs

$

666

$

480

$

1,904

$

1,406

(1)Includes the costs of leases with a term of 12 months or less.

As of September 30, 2022, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):

2022 (excluding the nine months ended September 30, 2022)

$

329

2023

1,070

2024

939

2025

707

2026

699

Thereafter

625

Total future minimum lease payments

4,369

Less imputed interest

(190)

Present value of lease liabilities

$

4,179

Supplemental cash flow information pertaining to the Company’s leasing activity for the nine months ended September 30, 2022 and 2021 is as follows (in thousands):

Nine Months Ended September 30,

2022

2021

Cash payments for operating lease liabilities

$

1,065

$

1,059

Right-of-use assets obtained in exchange for operating lease obligations

$

1,767

$

1,545