Company: NOTV
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004178
Chunk: 35

Company: Inotiv, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 that are reported in the Company’s condensed consolidated balance sheets are as follows:December 31, 2024September 30, 2024Operating ROU assets, net$48,827 $49,165 Current portion of operating lease liabilities9,505 11,774 Long-term operating lease liabilities41,588 40,010 Total operating lease liabilities$51,093 $51,784 Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense related to the Company’s leases for the three months ended December 31, 2024 and 2023 were:Three Months EndedDecember 31,20242023Operating lease costs: Fixed operating lease costs$3,439 $3,103 Lease income(700)(764)Total operating lease cost$2,739 $2,339 The Company serves as lessor to a lessee in five facilities. The gross rental income and underlying lease expense are presented net in the Company’s condensed consolidated statements of operations. The rent receivables and underlying lease liabilities are presented gross in the Company’s condensed consolidated balance sheets.

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Supplemental cash flow information related to leases was as follows:Three Months EndedDecember 31,20242023Cash flows included in the measurement of lease liabilities: Operating cash flows from operating leases$3,299 $2,966 Non-cash lease activity: ROU assets obtained in exchange for new operating lease liabilities$3,191 $11,392 The weighted average remaining lease term and discount rate for the Company’s operating leases as of December 31, 2024 and 2023 were:December 31, 2024December 31, 2023Weighted-average remaining lease term (in years)Operating lease9.148.96Weighted-average discount rate (in percentages) Operating lease12.47 %11.75 %Lease duration was determined utilizing renewal options that the Company is reasonably certain to execute.As of December 31, 2024, maturities of operating lease liabilities for each of the following five fiscal years and a total thereafter were as follows:Operating Leases2025 (remainder of fiscal year)$8,035 202611,739 20279,786 20288,619 20297,870 Thereafter48,342 Total minimum future lease payments94,391 Less interest(43,298)Total lease liability