Leases (Notes)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

LEASES

The Company has entered into contractual lease arrangements to rent office space and equipment from third-party lessors. See Note 5 to the consolidated financial statements in our 2022 Annual Report. On March 10, 2023, the Company entered into a five-year agreement to sublease 10,000 rentable square feet of the Company's leased office space in Flower Mound, Texas to a subtenant. There was no modification or impairment by entering into the sublease agreement because the Company was not released from its obligations under the head lease.

    As of March 31, 2023, the Company had net operating lease right-of-use assets of $4.4 million and net finance lease right-of-use assets of $1.3 million. At March 31, 2023, our operating lease liabilities were $5.4 million and our finance lease liabilities were $1.3 million.

The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of March 31, 2023 were 3.83 years and 4.5%, respectively. The weighted-average remaining lease term and discount rate related to the Company’s finance lease liabilities as of March 31, 2023 were 4.88 years and 6.9%, respectively. The Company's uses the discount rates implicit in each lease, or an estimate of the Company's incremental borrowing rate if the rate implicit in a lease cannot be readily determined.

    As of March 31, 2023 and December 31, 2022 our right-of-use assets and lease liabilities consisted of the following (in thousands):

Leases	Classification	March 31, 2023		December 31, 2022
Right-of-use assets
Operating leases	Other assets	$	4,411	$	4,649
Finance leases	Property and equipment, net	1,320		182
Total right-of-use assets		$	5,731	$	4,831
Current portion of lease liabilities
Operating leases	Accrued expenses	$	1,737	$	1,600
Finance leases	Current portion of finance leases	252		61
Long-term portion of lease liabilities
Operating leases	Other long-term liabilities	3,689		4,153
Finance leases	Finance leases, excluding current portion	1,040		88
Total lease liabilities		$	6,718	$	5,902

As of March 31, 2023, the Company's sublease income and minimum future lease payments on operating and finance leases were as follows (in thousands):

	March 31, 2023
Future Maturities of Leases	Operating Leases		Finance Leases		Sublease Income
Remaining 2023	1,426		248		(99)
2024	1,801		311		(132)
2025	1,094		300		(132)
2026	702		300		(132)
2027	650		288		(132)
Thereafter	268		70		(55)
Total minimum lease payments	$	5,941	$	1,517	$	(682)
Imputed interest	(515)		(225)
Present value of minimum lease payments	$	5,426	$	1,292	$	(682)