Boxlight CorpBOXL

Boxlight Corp Leases Disclosure

10-KFiled Mar 28, 20251 min read
LEASES
The Company has entered into various operating leases for certain offices, support locations and vehicles with terms extending through December 2038. Generally, these leases have initial lease terms of five years or less.
Operating lease expense was $2.4 million and $2.6 million for the years ended December 31, 2024 and 2023, respectively. Variable lease costs and short-term lease cost were $1.1 million and 1.7 million for the year ended December 31, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of lease liabilities was $2.1 million and $2.2 million for the years ended December 31, 2024 and 2023, respectively.
Future minimum lease payments of the Company’s operating leases with a term over one year subsequent to December 31, 2024 are as follows:
Year ending December 31,(in thousands)
2025$2,141 
20261,848 
20271,210 
2028854 
2029824 
Thereafter5,835 
Total Lease Liabilities12,712 
Less: Imputed Interest(4,266)
Present Value of Lease Liabilities$8,446 
During the year ended December 31, 2024, the weighted-average remaining lease term was 9.6 years, and the weighted-average discount rate was 10.1%. During the year ended December 31, 2023, the weighted-average remaining lease term was 9.9 years, and the weighted-average discount rate was 10.8%.

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

Income TaxesRevenuePP&EGoodwill & IntangiblesSegmentsDebtCommitmentsStock CompensationNew Standards