Tailwind Two Acquisition Corp. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Condensed Consolidated Balance Sheets Related to Operating and Finance Leases

The following table presents the amounts reported in the Company’s consolidated balance sheets related to operating and finance leases as of the dates presented:


		December 31,
(in thousands)	Classification	2023		2022
Right-of-use assets:
Operating	Other assets	$	12,098	$	12,736
Finance	Property, plant, and equipment, net		5,873		420
Total right-of-use assets		$	17,971	$	13,156

Lease liabilities
Operating	Accrued expenses and other current liabilities	$	1,505	$	971
Finance	Current portion of long-term debt		1,929		90
Operating	Other liabilities		17,964		19,426
Finance	Long-term debt		3,059		321
Total lease liabilities		$	24,457	$	20,808

Schedule of Lease Cost

The following is a summary of the Company’s lease cost for the presented period:


	Years Ended December 31,
Lease cost (in thousands)	2023		2022
Operating lease cost	$	7,157	$	6,463
Finance lease cost
Amortization of right-of-use assets		1,468		49
Interest on lease liabilities		389		16
Variable lease costs		1,575		915
Total lease cost	$	10,589	$	7,443

Schedule of Cash Flows and Supplemental Information

The following is a summary of the cash flows and supplemental information associated with the Company’s leases for the period presented:


	Years Ended December 31,
Other information (in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,442	$	391
Operating cash flows from finance leases		389		16
Financing cash flows from finance leases		1,070		44
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		363		6,614
Finance leases		5,647		402

Lease payments prior to lease commencement are classified in the consolidated statements of cash flows based on the expected classification of the lease upon commencement and are excluded from the table above. During 2023, lease payments prior to the commencement of finance leases totaled $1.8 million.

Schedule of Weighted-average Lease Term and Discount Rate for Operating and Finance Leases

The following is a summary of the weighted-average lease term and discount rate for operating and finance leases as of the date presented:


	Years Ended December 31,
Lease term and discount rate	2023			2022
Weighted-average remaining lease term (years)
Operating leases		6.0			6.8
Finance leases		2.5			4.4
Weighted-average discount rate
Operating leases		30.07	%		30.27	%
Finance leases		12.42	%		6.61	%

Schedule of Maturity Analysis Related to Operating and Finance Leases

The following is a maturity analysis related to the Company’s operating and finance leases as of December 31, 2023:


Maturity of lease liabilities (in thousands)	Operating Leases		Finance Leases
2024	$	6,935	$	2,418
2025		7,217		2,285
2026		7,252		984
2027		7,260		54
2028		3,392		-
Thereafter		12,415		-
Total lease payments		44,471		5,741
Less interest		25,002		753
Total lease liabilities	$	19,469	$	4,988