Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 192

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 18
Chunk 192
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, 2024, 2023, and 2022 respectively, which were
included in cash flows from operating activities in the consolidated statement of cash flows. As of December 31, 2024 and 2023, the
Company’s ROU operating lease assets were $60.6million and $77.2million, and its operating lease liabilities were $65.9million
and $81.9million, of which $53.3million and $68.1million were classified as non-current, respectively. New ROU operating lease assets
and liabilities entered into during 2024 were $0.1million and $0.1million, respectively. New or modified ROU operating lease assets
and liabilities entered into during 2023 were $18.9million and $18.9million, respectively. New or modified ROU operating lease assets
and liabilities entered into during 2022 were $7.5million and $7.5million, respectively. The Company’s weighted average remaining
lease term and the discount rate for its operating leases were approximately5.78years and4.0% at December 31, 2024. The Company’s
weighted average remaining lease term and the discount rate for its operating leases were approximately6.36years and4.0% at December 31,
2023.

The Company has certain sublease arrangements
for some of the leased office and warehouse facilities. Sublease rental income for the year ended December 31, 2024 and 2023
was $5.9million and $0.5million, respectively. Sublease rental income for the year ended December 31, 2022 was immaterial.

The following table summarizes the
future minimum rental payments under noncancelable operating lease arrangements in effect at December 31, 2024 (in thousands):

  2025                                    15,084  
  2026                                    14,943  
  2027                                    14,518  
  2028                                    13,396  
  2029                                     3,680  
  Thereafter                              13,214  
  Total minimum payments                  74,835  
  Less: Imputed interest                   8,909  
  Present value of lease liabilities      65,926  

  11.      Income Taxes  
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The components of the Company’s
income tax provision expense are as follows (in thousands):

                                                 Year ended December 31,