Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases

We conduct operations from certain leased facilities in various locations. At December 31, 2022, we had various non-cancelable operating leases for office space and equipment, which expire between December 31, 2022, and November 30, 2029, and which represent the non-cancelable periods of the leases and include extension options that we determined are reasonably certain to be exercised. We exclude extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. We often receive customary incentives from our landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases.

Operating lease liabilities on our consolidated balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We do not allocate lease payments to non-lease components. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable.

Leases consist of the following (in thousands):

Assets	Classification	December 31, 2022
Operating	Operating lease right-of-use assets	$	11,148
Finance	Property and equipment, net	62
Total leases		$	11,210
Liabilities
Current
Operating	Operating lease liabilities	$	2,317
Finance	Accrued expenses and other current liabilities	36
Non Current
Operating	Operating lease liabilities, non-current	8,958
Finance	Other liabilities	28
Total lease liabilities		$	11,339

At December 31, 2022, the maturities of our remaining operating lease and finance lease liabilities were as follows (in thousands, except years and percentages):

	Year Ended December 31, 2022
	Operating leases			Finance leases			Total leases liabilities
2023	$	2,764		$	38		$	2,802
2024	2,392			27			2,419
2025	1,813			2			1,815
2026	1,728			—			1,728
2027	1,661			—			1,661
Thereafter	2,456			—			2,456
Total minimum lease payments	12,814			67			12,881
Less: Effects of discounting	1,539			3			1,542
Present value of lease liabilities	$	11,275		$	64		$	11,339
Less: current portion	$	2,317		$	36		$	2,353
Long-term lease liabilities	$	8,958		$	28		$	8,986
Weighted-average remaining lease term	5.6 years			1.9 years
Weighted-average incremental borrowing rate	4.39		%	5.50		%

The component of our lease costs included in our consolidated statements of operations for the year ended December 31, 2022, were as follows (in thousands):

	December 31, 2022
Lease cost
Operating lease cost	$	2,384
Other variable cost	250
Finance lease cost	17
Net lease cost	$	2,651

Total future aggregate minimum lease payments calculated under ASC 840 as of December 31, 2021 were as follows (in thousands):

	Operating Leases
Years Ending December 31,
2022	$	2,372
2023	1,101
2024	867
2025	550
2026	505
Thereafter	1,033
Total minimum lease payments	$	6,428

Leases

Leases

We conduct operations from certain leased facilities in various locations. At December 31, 2022, we had various non-cancelable operating leases for office space and equipment, which expire between December 31, 2022, and November 30, 2029, and which represent the non-cancelable periods of the leases and include extension options that we determined are reasonably certain to be exercised. We exclude extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. We often receive customary incentives from our landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases.

Operating lease liabilities on our consolidated balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We do not allocate lease payments to non-lease components. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable.

Leases consist of the following (in thousands):

Assets	Classification	December 31, 2022
Operating	Operating lease right-of-use assets	$	11,148
Finance	Property and equipment, net	62
Total leases		$	11,210
Liabilities
Current
Operating	Operating lease liabilities	$	2,317
Finance	Accrued expenses and other current liabilities	36
Non Current
Operating	Operating lease liabilities, non-current	8,958
Finance	Other liabilities	28
Total lease liabilities		$	11,339

At December 31, 2022, the maturities of our remaining operating lease and finance lease liabilities were as follows (in thousands, except years and percentages):

	Year Ended December 31, 2022
	Operating leases			Finance leases			Total leases liabilities
2023	$	2,764		$	38		$	2,802
2024	2,392			27			2,419
2025	1,813			2			1,815
2026	1,728			—			1,728
2027	1,661			—			1,661
Thereafter	2,456			—			2,456
Total minimum lease payments	12,814			67			12,881
Less: Effects of discounting	1,539			3			1,542
Present value of lease liabilities	$	11,275		$	64		$	11,339
Less: current portion	$	2,317		$	36		$	2,353
Long-term lease liabilities	$	8,958		$	28		$	8,986
Weighted-average remaining lease term	5.6 years			1.9 years
Weighted-average incremental borrowing rate	4.39		%	5.50		%

The component of our lease costs included in our consolidated statements of operations for the year ended December 31, 2022, were as follows (in thousands):

	December 31, 2022
Lease cost
Operating lease cost	$	2,384
Other variable cost	250
Finance lease cost	17
Net lease cost	$	2,651

Total future aggregate minimum lease payments calculated under ASC 840 as of December 31, 2021 were as follows (in thousands):

	Operating Leases
Years Ending December 31,
2022	$	2,372
2023	1,101
2024	867
2025	550
2026	505
Thereafter	1,033
Total minimum lease payments	$	6,428