TELOS CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 15, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
. Leases
- LEASES
We lease office space facilities and equipment under non-cancelable operating and finance leases with various expiration dates, some of which contain renewal options. The Company's lease portfolio is comprised of two major classes. The lease of the Ashburn facility is accounted for as a finance lease. The other office spaces and equipment leased are accounted for as operating leases. We have included options to extend in the operating lease ROU assets and liabilities when we are reasonably certain that we will exercise such options.
In May 2014, the Company entered into a new lease arrangement with the new landlord on the Ashburn facility, which expires on May 28, 2029. In accordance with this lease agreement, the basic rent increases by a fixed 2.5% escalation annually.
| Table 13.1: Details of Lease Costs | ||
|---|---|---|
| For the Year Ended December 31, | ||
| 2023 | 2022 | |
| (in thousands) | ||
| Operating lease cost | $541 | $550 |
| Short-term lease cost (1) | 55 | 49 |
| Finance lease cost | ||
| Amortization of finance lease assets | 1,221 | 1,221 |
| Interest on finance lease liabilities | 611 | 688 |
| Total finance lease cost | 1,832 | 1,909 |
| Total lease costs | $2,428 | $2,508 |
(1) Leases that have terms of 12 months or less.
| Table 13.2: Future Minimum Lease Payments | ||
|---|---|---|
| Operating Leases | Finance Leases | |
| (in thousands) | ||
| Year Ending December 31, 2024 | $105 | $2,258 |
| Year Ending December 31, 2025 | 37 | 2,314 |
| Year Ending December 31, 2026 | 37 | 2,371 |
| Year Ending December 31, 2027 | 37 | 2,431 |
| Year Ending December 31, 2028 | 25 | 2,492 |
| Thereafter | — | 1,049 |
| Total minimum lease payments | 241 | 12,915 |
| Less: Imputed interest | (21) | (1,667) |
| Total lease obligations | 220 | 11,248 |
| Less: Current portion of lease obligations | (97) | (1,730) |
| Long-term lease obligations | $123 | $9,518 |
| Table 13.3: Weighted-Average Remaining Lease Terms and Discount Rates | ||
|---|---|---|
| For the Year Ended December 31, | ||
| 2023 | 2022 | |
| Weighted average remaining lease term (in years): | ||
| Finance leases | 5.3 years | 6.3 years |
| Operating leases | 3.4 years | 1.0 year |
| Weighted average discount rate: | ||
| Finance leases | 5.04% | 5.04% |
| Operating leases | 5.75% | 5.75% |
| Table 13.4: Supplemental Cash Flow Information Related to Leases | ||
|---|---|---|
| For the Year Ended December 31, | ||
| 2023 | 2022 | |
| (in thousands) | ||
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows related to operating leases | $585 | $603 |
| Operating cash flows related to finance leases | 611 | 688 |
| Financing cash flows related to finance leases | 1,592 | 1,461 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.