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)

9 Months Ended

Sep. 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	September 30, 2022		January 1, 2022
Right-of-use assets:
Operating	Other assets	$	16,438	$	6,550
Finance	Property, plant, and equipment, net		424		48
Total right-of-use assets		$	16,862	$	6,598

Lease liabilities
Operating	Accrued expenses and other current liabilities	$	1,253	$	166
Finance	Current portion of long-term debt		88		14
Operating	Other liabilities		19,255		7,962
Finance	Long-term debt		344		39
Total lease liabilities		$	20,940	$	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 September 30, 2022		Nine Months Ended September 30, 2022
Operating lease cost	$	1,824	$	4,934
Finance lease cost
Amortization of right-of-use assets		19		26
Interest on lease liabilities		5		9
Variable lease costs		196		670
Total lease cost	$	2,044	$	5,639

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)	Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,610
Operating cash flows from finance leases		9
Financing cash flows from finance leases		22
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		10,544
Finance leases		402

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	September 30, 2022
Weighted-average remaining lease term (years)
Operating leases		7.0
Finance leases		4.7
Weighted-average discount rate
Operating leases		30.47	%
Finance leases		6.66	%

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 September 30, 2022:


Maturity of lease liabilities (in thousands)	Operating Leases		Finance Leases
2022	$	1,574	$	28
2023		6,996		113
2024		7,121		103
2025		7,104		101
2026		7,147		99
Thereafter		22,884		53
Total lease payments		52,826		497
Less interest		32,318		65
Total lease liabilities	$	20,508	$	432

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