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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of Components of Lease Expense

The components of lease expense were as follows (in thousands):

 

 

 

For the Three Months Ended June 30,

 

 

 

2024

 

 

2023

 

Operating lease cost

 

$

2,897

 

 

$

3,240

 

Short-term lease cost

 

 

231

 

 

 

257

 

Variable lease cost

 

 

1,038

 

 

 

1,072

 

Sublease income

 

 

(130

)

 

 

(130

)

Total lease cost

 

$

4,036

 

 

$

4,439

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

Operating lease cost

 

$

5,991

 

 

$

6,554

 

Short-term lease cost

 

 

446

 

 

 

518

 

Variable lease cost

 

 

2,268

 

 

 

1,857

 

Sublease income

 

 

(261

)

 

 

(261

)

Total lease cost

 

$

8,444

 

 

$

8,668

 

 

Summary of Additional Lease Information

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

 

 

 

For the Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

Cash paid for amounts included in the measurement of operating
   lease liabilities

 

$

7,270

 

 

$

6,820

 

Operating lease ROU assets obtained in exchange for lease
   obligations

 

$

408

 

 

$

1,110

 

Weighted-average remaining lease term - operating leases (years)

 

 

4.0

 

 

 

4.7

 

Weighted-average discount rate - operating leases

 

 

4.2

%

 

 

4.3

%

Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2024 are as follows (in thousands):

 

 

 

Operating Lease

 

 

Sublease

 

 

 

Payments

 

 

Cash Receipts

 

2024 (remainder)

 

$

8,073

 

 

$

316

 

2025

 

 

13,943

 

 

 

 

2026

 

 

12,333

 

 

 

 

2027

 

 

5,711

 

 

 

 

2028

 

 

2,878

 

 

 

 

Thereafter

 

 

6,030

 

 

 

 

Total lease payments and estimated sublease cash receipts

 

 

48,968

 

 

$

316

 

Less imputed interest

 

 

(4,040

)

 

 

 

Present value of lease liabilities

 

$

44,928

 

 

 

 

Summary of Lease Balances

Lease balances as of June 30, 2024 are as follows (in thousands):

 

Operating lease ROU assets

 

$

32,083

 

 

 

 

 

Short-term operating lease liabilities (1)

 

$

13,590

 

Non-current operating lease liabilities

 

 

31,338

 

Total operating lease liabilities

 

$

44,928

 

 

(1)
Included in accrued expenses and other current liabilities in the Consolidated Balance Sheets.