LEASES

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

NOTE 7. LEASES

Expense

	Three Months Ended March 31,
(in thousands)	2023		2022
Fixed lease costs	$	5,766	$	5,093
Short-term lease costs	781		806
Variable lease costs	1,975		764
	$	8,522	$	6,663

Right of use assets and lease liabilities

(in thousands)	March 31, 2023		December 31, 2022
Right of use assets (1)	$	72,549	$	76,114
Operating lease liabilities (2)	$	15,314	$	14,976
Long-term operating lease liabilities	$	76,082	$	79,152

(1) Included in other long-term assets.

(2) Included in other current liabilities.

Weighted-average remaining lease term and discount rate for the Company’s leases were:

	March 31, 2023		December 31, 2022
Weighted-average remaining lease term	7.3 years		7.5 years
Weighted-average discount rate (1)	4.1	%	4.1	%

(1) The rates implicit in most of the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.

Maturities of lease liabilities:

(in thousands)	March 31, 2023
Remainder of 2023	$	14,003
2024	17,642
2025	14,562
2026	10,917
2027	9,863
2028	9,290
Thereafter	30,090
Total lease payments	106,367
Less: imputed interest (1)	(14,971)
	$	91,396

(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event.

Cash flow information

	Three Months Ended March 31,
(in thousands)	2023		2022
Cash paid for operating leases, net of tenant improvement allowances	$	5,038	$	3,650
Right of use assets recognized for new leases and amendments (non-cash)	$	721	$	3,854