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LEASES

12 Months Ended

Dec. 31, 2021

Lessee Accounting

The Company leases buildings, office equipment, and vehicles. The following table summarizes the Company's operating and finance lease balances (in thousands):


Leases	Balance Sheet Location	December 31, 2021		December 31, 2020
Assets
Operating	Operating lease right-of-use assets	$	5,198	$	5,457
Finance	Property and equipment, net	1,650		1,907
Total Leased Assets		$	6,848	$	7,364

Liabilities
Operating	Operating lease liabilities, current	$	2,227	$	2,087
	Operating lease liabilities, non-current	3,509		3,858
Finance	Deferred revenue, current, and other	200		295
	Other liabilities	331		261
Total Lease Liabilities		$	6,267	$	6,501

For the year ended December 31, 2021, operating lease expense was approximately $3.1 million, including immaterial variable lease costs. For the year ended December 31, 2020, operating lease expense was approximately $2.8 million, including immaterial variable lease costs. For the year ended December 31, 2019, operating lease expense was approximately $2.4 million, including immaterial variable lease costs.

Finance lease amortization expense was $0.4 million, $0.3 million, and $44 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. Finance lease interest expense was $12 thousand, $10 thousand, and $3 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

Supplemental cash flow information related to the Company's operating and finance leases for the years ended December 31, 2021, 2020, and 2019 respectively, was as follows (in thousands):


	Year Ended
	December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - operating leases	$	2,315	$	2,213	$	1,800
Operating cash outflows - finance leases	$	12	$	10	$	3
Financing cash outflows - finance leases	$	290	$	250	$	36
ROU assets obtained in exchange for new lease obligations:
Operating leases	$	1,028	$	788	$	604
Finance leases	$	310	$	159	$	11

The following table presents the weighted average remaining lease term and weighted average discount rate related to the Company's leases:


	December 31,
	2021		2020
Weighted average remaining lease term:
Operating	3.0 years		3.1 years
Finance	3.5 years		2.9 years
Weighted average discount rate:
Operating	4.2	%	4.2	%
Finance	3.0	%	2.1	%

The following table presents the maturity of the Company's lease liabilities as of December 31, 2021 (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases
2022	$	2,297	$	213
2023	2,479		134
2024	484		98
2025	353		71
2026	339		41
Thereafter	175		6
Total lease payments	6,127		563
Less: imputed interest	391		32
Total lease liabilities	$	5,736	$	531

Lessor Accounting

The Company enters into sales-type leases as part of our subscription agreements. The following table presents the maturity of the Company's lease receivables as of December 31, 2021 (in thousands):


Year Ending December 31,	Sales-Type Leases
2022	$	6,175
2023	5,938
2024	5,168
2025	4,076
2026	3,060
Thereafter	1,921
Total undiscounted future maturities	26,338
Less: interest	35
Total lease receivables	$	26,303

The following table summarizes the profit recognized on the commencement date for sales-type leases and lease income for equipment-only operating leases (in thousands):


	Year Ended
	December 31,
	2021		2020		2019
Sales-type lease revenue	$	12,243	$	5,617	$	6,890
Sales-type lease cost of revenue	9,925		3,951		5,099
Profit recognized at commencement for sales-type leases	$	2,318	$	1,666	$	1,791

Operating lease income	$	2,110	$	1,012	$	—

LEASES