10. LEASES
The following table sets forth the components of lease expense and the weighted-average remaining lease term and the weighted-average discount rate for the Company’s leases:
| | | | | | | | | | | |
| Years Ended December 31, |
| 2024 | | 2023 |
| | | |
| (in thousands) |
| Fixed operating lease cost | $ | 14,564 | | | $ | 12,738 | |
| Variable lease cost | 94 | | | 127 | |
| Total lease cost | $ | 14,658 | | | $ | 12,865 | |
| | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | |
| Operating cash flows from operating leases | $ | 14,856 | | | $ | 13,761 | |
| | | |
| Weighted-average lease term - operating leases | 7.05 years | | 5.94 years |
| Weighted-average discount rate - operating leases | 12.96 | % | | 11.66 | % |
The following table sets forth how the Company allocates operating lease costs on the Company's consolidated statements of operations:
| | | | | | | | | | | |
| Years Ended December 31, |
| 2024 | | 2023 |
| (in thousands) |
| Operating lease costs: | | | |
| Programming and technical | $ | 7,649 | | | $ | 6,768 | |
| Selling, general and administrative | 5,454 | | | 4,650 | |
| Corporate selling, general and administrative | 1,555 | | | 1,447 | |
| Total operating lease cost | $ | 14,658 | | | $ | 12,865 | |
As of December 31, 2024, maturities of lease liabilities were as follows:
| | | | | | | | |
| For the Year Ended December 31, | | (in thousands) |
| 2025 | | $ | 9,464 | |
| 2026 | | 7,022 | |
| 2027 | | 6,143 | |
| 2028 | | 5,174 | |
| 2029 | | 4,697 | |
| Thereafter | | 19,361 | |
| Total future lease payments | | 51,861 | |
| Less: imputed interest | | (20,060) | |
| Total lease liabilities | | $ | 31,801 | |
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.