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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of December 31, 2021, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.
For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statements of operations on a straight‑line basis over the lease term.
The components of operating lease cost reflected in the consolidated statements of operations were as follows:
Year Ended December 31,
20212020
Operating lease cost (1)
$19,425 $18,194 
Variable lease cost4,151 3,881 
Short-term lease cost21 399 
Total operating lease cost$23,597 $22,474 
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $18,636 and $17,417 for the years ended December 31, 2021 and 2020, respectively.
For the year ended December 31, 2019, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the previous accounting guidance was $17,036.
Other information related to leases was as follows:
Year Ended December 31,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$19,636 $18,384 
Right-of-use assets obtained in exchange for new operating lease liabilities (1)
$12,842 $15,522 
(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $12,095 and $2,529 for the years ended December 31, 2021 and 2020, respectively.
The weighted average remaining lease term for operating leases was 4.1 years and 3.7 years as of December 31, 2021 and 2020, respectively. The weighted average discount rate was 2.5% and 2.1% as of December 31, 2021 and 2020.
Maturities of operating lease liabilities are as follows:
December 31, 2021
2022$18,411 
202313,212 
20248,645 
20256,398 
20263,972 
Thereafter5,262 
Total future lease payments55,900 
Less: Imputed interest(3,144)
Total operating lease liabilities$52,756 
As of December 31, 2021, the Company had additional operating lease minimum lease payments of $1,383 for executed leases that have not yet commenced, primarily for office locations.
Supplemental balance sheet information related to the financing lease was as follows:
December 31,
20212020
Property and equipment$484 $572 
Accumulated depreciation(453)(229)
Property and equipment, net$31 $343 
Accruals and other current liabilities$98 $197 
Other liabilities— 99 
Total financing lease liabilities$98 $296 
Leases Leases
The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of December 31, 2021, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.
For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statements of operations on a straight‑line basis over the lease term.
The components of operating lease cost reflected in the consolidated statements of operations were as follows:
Year Ended December 31,
20212020
Operating lease cost (1)
$19,425 $18,194 
Variable lease cost4,151 3,881 
Short-term lease cost21 399 
Total operating lease cost$23,597 $22,474 
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $18,636 and $17,417 for the years ended December 31, 2021 and 2020, respectively.
For the year ended December 31, 2019, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the previous accounting guidance was $17,036.
Other information related to leases was as follows:
Year Ended December 31,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$19,636 $18,384 
Right-of-use assets obtained in exchange for new operating lease liabilities (1)
$12,842 $15,522 
(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $12,095 and $2,529 for the years ended December 31, 2021 and 2020, respectively.
The weighted average remaining lease term for operating leases was 4.1 years and 3.7 years as of December 31, 2021 and 2020, respectively. The weighted average discount rate was 2.5% and 2.1% as of December 31, 2021 and 2020.
Maturities of operating lease liabilities are as follows:
December 31, 2021
2022$18,411 
202313,212 
20248,645 
20256,398 
20263,972 
Thereafter5,262 
Total future lease payments55,900 
Less: Imputed interest(3,144)
Total operating lease liabilities$52,756 
As of December 31, 2021, the Company had additional operating lease minimum lease payments of $1,383 for executed leases that have not yet commenced, primarily for office locations.
Supplemental balance sheet information related to the financing lease was as follows:
December 31,
20212020
Property and equipment$484 $572 
Accumulated depreciation(453)(229)
Property and equipment, net$31 $343 
Accruals and other current liabilities$98 $197 
Other liabilities— 99 
Total financing lease liabilities$98 $296