LEASES

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

NOTE 7. LEASES

Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Fixed lease costs	$	4,718	$	4,688	$	14,979	$	14,747
Short-term lease costs	660		916		2,137		2,510
Variable lease costs	2,254		905		6,414		2,395
	$	7,632	$	6,509	$	23,530	$	19,652

Right of use assets and lease liabilities

(in thousands)	September 30, 2023		December 31, 2022
Right of use assets (1)	$	65,871	$	76,114
Operating lease liabilities (2)	$	15,532	$	14,976
Long-term operating lease liabilities	$	68,874	$	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:

	September 30, 2023		December 31, 2022
Weighted-average remaining lease term	7.0 years		7.5 years
Weighted-average discount rate (1)	4.0	%	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)	September 30, 2023
Remainder of 2023	$	4,775
2024	17,976
2025	14,870
2026	10,853
2027	9,808
2028	9,245
Thereafter	30,054
Total lease payments	97,581
Less: imputed interest (1)	(13,175)
	$	84,406

(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

	Nine Months Ended September 30,
(in thousands)	2023		2022
Cash paid for operating leases, net of tenant improvement allowances	$	14,378	$	11,628
Right of use assets recognized for new leases and amendments (non-cash)	$	1,782	$	6,618