Tailwind Two Acquisition Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

6 Months Ended

Jun. 30, 2022

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

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


(in thousands)	Classification	June 30, 2022		January 1, 2022
Right-of-use assets:
Operating	Other assets	$	16,892	$	6,550
Finance	Property, plant and equipment, net		40		48
Total right-of-use assets		$	16,932	$	6,598

Lease liabilities
Operating	Accrued expenses and other current liabilities	$	1,012	$	166
Finance	Current portion of long-term debt		15		14
Operating	Other liabilities		19,052		7,962
Finance	Long-term debt		30		39
Total lease liabilities		$	20,109	$	8,181

Schedule of Lease Cost

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



Lease cost (in thousands)	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Operating lease cost	$	1,847	$	3,110
Finance lease cost
Amortization of right-of-use assets		3		7
Interest on lease liabilities		2		4
Variable lease costs		334		474
Total lease cost	$	2,186	$	3,595

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:


Other information (in thousands)	Six Months Ended June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,399
Operating cash flows from finance leases		4
Financing cash flows from finance leases		7
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		10,541
Finance leases		-

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:


Lease term and discount rate	June 30, 2022
Weighted-average remaining lease term (years)
Operating leases		7.2
Finance leases		3.3
Weighted-average discount rate
Operating leases		30.49	%
Finance leases		14.92	%

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 June 30, 2022:


Maturity of lease liabilities (in thousands)	Operating Leases		Finance Leases
2022	$	2,644	$	11
2023		7,003		21
2024		7,126		11
2025		7,104		8
2026		7,147		7
Thereafter		22,884		-
Total lease payments		53,908		58
Less interest		33,844		13
Total lease liabilities	$	20,064	$	45

The following is a maturity analysis related to the Company’s operating and finance leases as of December 31, 2021 which is presented in accordance with ASC 840, Leases:


(in thousands)	Operating Leases		Finance Leases
2022	$	3,484	$	21
2023		4,865		21
2024		4,970		11
2025		4,928		8
2026		4,896		7
Thereafter		5,167		-
Total lease payments		28,310		68
Less interest on finance leases		-		15
Total	$	28,310	$	53