Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases
16.    Leases
The Group leases several assets which consist of buildings and IT equipment. The Group recognizes right-of-use assets and lease liabilities for its building leases only, as the leases for IT equipment meet the exemption requirements as short-term
leases and leases expensed in accordance of our capitalization threshold described in Note 2. Therefore, the disclosures below for the Group’s right-of-use assets relate only to buildings. Options to extend or terminate the lease are assessed and included in the lease liability if they are reasonably certain of being exercised.

Operating lease costs are included in selling, general and administrative expenses in the Consolidated Statement of Operations and Other Comprehensive Loss. The Company elected to combine lease and non-lease components as a single lease component and not include short-term leases, defined as leases with an initial term of twelve months or less, in its Consolidated Balance Sheets. The Company’s short-term leases are immaterial. The Company’s operating lease costs were $6.8 million for the year ended December 31, 2022 (2021: $3.6 million, 2020: $1.7 million).

The Company entered into operating leases that resulted in $11.5 million of right-of-use assets in exchange for operating lease obligations for the year ended December 31, 2022 (2021: $7.7 million).

The company had an impairment of $4.2 million during the year ended December 31, 2022 related to our restructuring activities in 2022. Refer to Note 7 for details.

The table below summarizes the Company’s lease cash flows and other supplemental information related to its operating leases:

December 31, 2022 December 31, 2021
$’000 $’000
Cash paid for amounts included in the measurement of operating lease liabilities $6,200 $4,156
Weighted-average remaining lease term (in years) 6.14 3.53
Weighted-average discount rate 12.2  % 12.1  %

The table below presents the future minimum lease payments under the noncancelable operating leases as of December 31, 2022:

$’000
2023 7,075 
2024 4,656 
2025 2,789 
2026 2,777 
2027 2,707 
2028 2,932 
Thereafter 3,527 
Total lease payments 26,463 
Less: imputed interest (7,305)
Total operating lease liabilities 19,158 
Reported as:
Operating lease liabilities, current 5,102 
Operating lease liabilities, non current 14,056 
Total operating lease liabilities 19,158