Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Leases

Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. The components of lease cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	1,923	$	624	$	3,300	$	1,254
Finance lease cost - amortization of right-of-use assets	43		—		87		—
Finance lease cost - interest on lease liabilities	5		—		9		—
Total lease cost	$	1,971	$	624	$	3,396	$	1,254

No sublease income was recognized for the six months ended June 30, 2022 and 2021. Short-term and variable lease expenses are not material to the Company’s condensed financial statements.

As of June 30, 2022, a weighted average discount rate of 3.03% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheet. The weighted average remaining lease term of operating and finance leases is 5.0 and 5.8 years, respectively, as of June 30, 2022.

As of June 30, 2022, the maturities of lease liabilities under operating and finance leases were as follows:

	Operating leases		Finance leases		Total
2022 (Remaining 6 months)	$	3,206	$	105	$	3,311
2023	6,136		140		6,276
2024	6,189		145		6,334
2025	4,839		149		4,988
2026	5,046		153		5,199
Thereafter	4,982		199		5,181
Total minimum lease payments	$	30,398	$	891	$	31,289
Less: imputed interest	(2,244)		(53)		(2,297)
Total present value of lease liabilities	$	28,154	$	838	$	28,992

Leases

Leases

Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. The components of lease cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	1,923	$	624	$	3,300	$	1,254
Finance lease cost - amortization of right-of-use assets	43		—		87		—
Finance lease cost - interest on lease liabilities	5		—		9		—
Total lease cost	$	1,971	$	624	$	3,396	$	1,254

No sublease income was recognized for the six months ended June 30, 2022 and 2021. Short-term and variable lease expenses are not material to the Company’s condensed financial statements.

As of June 30, 2022, a weighted average discount rate of 3.03% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheet. The weighted average remaining lease term of operating and finance leases is 5.0 and 5.8 years, respectively, as of June 30, 2022.

As of June 30, 2022, the maturities of lease liabilities under operating and finance leases were as follows:

	Operating leases		Finance leases		Total
2022 (Remaining 6 months)	$	3,206	$	105	$	3,311
2023	6,136		140		6,276
2024	6,189		145		6,334
2025	4,839		149		4,988
2026	5,046		153		5,199
Thereafter	4,982		199		5,181
Total minimum lease payments	$	30,398	$	891	$	31,289
Less: imputed interest	(2,244)		(53)		(2,297)
Total present value of lease liabilities	$	28,154	$	838	$	28,992