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:


(in thousands)	Classification	December 31, 2022		January 1, 2022
Right-of-use assets:
Operating	Other assets	$	12,736	$	6,550
Finance	Property, plant, and equipment, net		420		48
Total right-of-use assets		$	13,156	$	6,598

Lease liabilities
Operating	Accrued expenses and other current liabilities	$	971	$	166
Finance	Current portion of long-term debt		90		14
Operating	Other liabilities		19,426		7,962
Finance	Long-term debt		321		39
Total lease liabilities		$	20,808	$	8,181

Schedule of Lease Cost

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



Lease cost (in thousands)	Year Ended December 31, 2022
Operating lease cost	$	6,463
Finance lease cost
Amortization of right-of-use assets		49
Interest on lease liabilities		16
Variable lease costs		915
Total lease cost	$	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:


Other information (in thousands)	Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	391
Operating cash flows from finance leases		16
Financing cash flows from finance leases		44
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		6,614
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	December 31, 2022
Weighted-average remaining lease term (years)
Operating leases		6.8
Finance leases		4.4
Weighted-average discount rate
Operating leases		30.27	%
Finance leases		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, 2022:


Maturity of lease liabilities (in thousands)	Operating Leases		Finance Leases
2023	$	6,700	$	112
2024		7,185		103
2025		7,162		101
2026		7,205		99
2027		7,222		54
Thereafter		15,775		-
Total lease payments		51,249		469
Less interest		30,852		58
Total lease liabilities	$	20,397	$	411

In February 2023, the Company executed an operating lease for manufacturing and assembly space with an original lease term of 124 months commencing no later than in February 2024 and with total future minimum lease payments of approximately $34.5 million.

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