Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.22.4
LEASES (Tables)
12 Months Ended
Dec. 31, 2022
LEASES  
Schedule of lease expense

The components of lease expense for the year ended December 31, 2022 is as follows (in thousands):

    

Year Ended December 31, 

2022

Operating lease cost

5,005

Short-term lease cost

170

Variable lease cost

1,071

$

6,246

    

Output

Remaining lease term (years)

7.8

Discount Rate

6.4%

Supplemental cash flow information related to leases were as follows (in thousands):

    

Year Ended December 31, 

2022

Cash paid for amounts included in the measurement of lease liabilities

2,860

Operating lease liabilities arising from obtaining ROU assets

22,194

Schedule of expense charged to operations under the operating lease agreements

Expense charged to operations under the operating lease agreements for prior years were as follows (in thousands):

    

2021

    

2020

Rent expense

$

6,040

$

6,294

Summary of future minimum lease payments under non-cancelable operating leases

Our operating leases expire at various dates through 2033. Maturities of our operating lease payments as of December 31, 2022 are as follows (in thousands):

    

Operating

Leases

Year ending December 31:

2023

$

6,341

2024

5,965

2025

 

5,153

2026

 

4,970

2027

 

4,154

Thereafter

 

15,447

Total undiscounted payments

42,030

Less: imputed interest

(9,321)

Present value of minimum lease payments

32,709

Less: Operating lease liabilities - current

 

(4,426)

Operating lease liabilities - non-current

$

28,283

Summary of minimum future annual lease rentals contracted to be received under existing operating leases of flight equipment

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2021 (in thousands):

Year ending December 31:

2022

$

4,064

2023

3,571

2024

 

3,103

2025

 

2,137

2026

 

1,851

Thereafter

 

2,601

Total minimum lease payments

$

17,327