Cryoport, Inc. Leases Disclosure
Note 12. Leases
The Company has operating leases for corporate offices and certain equipment. These leases have remaining lease terms of one year to approximately twenty years, some of which include options to extend the leases for multiple renewal periods of five years to each. Under the terms of the facilities leases, the Company is required to pay its proportionate share of property taxes, insurance and normal maintenance costs.
In October 2022, Cryoport Systems entered into a lease agreement commencing in 2024, for an administrative, global supply chain center and research and development center in Santa Ana, California, in the aggregate rental amount of $27.7 million spanning 10 years. This lease is not included in the balance sheet right of use asset and lease liability as it commences in 2024.
The components of lease cost were as follows (in thousands):
Year Ended December 31, | |||||||||
| 2022 |
| 2021 |
| 2020 | ||||
Operating lease cost | $ | 5,505 | $ | 4,556 | $ | 1,835 | |||
Finance lease cost: |
| ||||||||
Amortization of right-of-use assets | 79 | 61 | 56 | ||||||
Interest on finance lease liabilities | 12 | 8 | 10 | ||||||
91 | 69 |
| 66 | ||||||
Total lease cost | $ | 5,596 | $ | 4,625 | $ | 1,901 | |||
Other information related to leases was as follows (in thousands):
Supplemental Cash Flows Information | Year Ended December 31, | ||||||||
| 2022 |
| 2021 |
| 2020 | ||||
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
| ||||||
Operating cash flows from operating leases |
| $ | 4,733 |
| $ | 3,993 |
| $ | 1,680 |
Operating cash flows from finance leases |
| $ | 82 |
| $ | 65 |
| $ | 77 |
Financing cash flows from finance leases | $ | 70 | $ | 58 | $ | 67 | |||
Right-of-use assets obtained in exchange for lease liabilities (in thousands): | |||||||||
Operating leases |
| $ | 12,384 |
| $ | 10,175 |
| $ | 10,708 |
Finance leases | $ | 259 | $ | — | $ | 230 | |||
December 31, |
| ||||
| 2022 |
| 2021 |
| |
Weighted-Average Remaining Lease Term |
|
| |||
Operating leases |
| 12.4 years |
| 5.6 years | |
Finance leases |
| 3.4 years |
| 2.1 years | |
Weighted-Average Discount Rate |
|
|
|
| |
Operating leases |
| 9.5 | % | 5.1 | % |
Finance leases |
| 7.8 | % | 5.3 | % |
Future minimum lease payments under non-cancellable leases that have commenced as of December 31, 2022 were as follows (in thousands):
Operating | Finance | |||||
Years Ending December 31 |
| Leases |
| Leases | ||
2023 |
| $ | 5,762 |
| $ | 152 |
2024 |
| 5,493 |
| 91 | ||
2025 |
| 4,352 |
| 85 | ||
2026 |
| 3,918 |
| 56 | ||
2027 | 3,345 | 8 | ||||
Thereafter |
| 26,813 |
| — | ||
Total future minimum lease payments |
| 49,683 |
| 392 | ||
Less imputed interest |
| (21,242) |
| (48) | ||
Total | $ | 28,441 | $ | 344 | ||
Operating | Finance | |||||
Reported as of December 31, 2022 |
| Leases |
| Leases | ||
Current lease liabilities | $ | 3,720 | $ | 128 | ||
Noncurrent lease liabilities |
| 24,721 |
| 216 | ||
Total | $ | 28,441 | $ | 344 | ||
Want the next Cryoport, Inc. leases disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment Cryoport, Inc.'s next filing hits EDGAR. No credit card, your email never gets sold.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Feb 28, 2023 | Showing above |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 10, 2020 | |
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.