Leases

3 Months Ended

Mar. 31, 2023

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 right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.

The components of lease cost were as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	1,834	$	1,393
Finance lease cost - amortization of right-of-use assets	43		43
Finance lease cost - interest on lease liabilities	4		5
Total lease cost	$	1,881	$	1,441

As of March 31, 2023, a weighted average discount rate of 3.25% 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 sheets. The weighted average remaining lease term of operating and finance leases is 4.4 and 5.0 years, respectively, as of March 31, 2023.

As of March 31, 2023, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):

	Operating Leases		Finance Leases		Total
Remainder of 2023	$	5,013	$	105	$	5,118
2024	6,589		145		6,734
2025	5,146		149		5,295
2026	5,359		153		5,512
2027	4,259		158		4,417
Thereafter	990		41		1,031
Total minimum lease payments	27,356		751		28,107
Less: imputed interest	(1,863)		(41)		(1,904)
Total present value of lease liabilities	$	25,493	$	710	$	26,203

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 right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.

The components of lease cost were as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	1,834	$	1,393
Finance lease cost - amortization of right-of-use assets	43		43
Finance lease cost - interest on lease liabilities	4		5
Total lease cost	$	1,881	$	1,441

As of March 31, 2023, a weighted average discount rate of 3.25% 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 sheets. The weighted average remaining lease term of operating and finance leases is 4.4 and 5.0 years, respectively, as of March 31, 2023.

As of March 31, 2023, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):

	Operating Leases		Finance Leases		Total
Remainder of 2023	$	5,013	$	105	$	5,118
2024	6,589		145		6,734
2025	5,146		149		5,295
2026	5,359		153		5,512
2027	4,259		158		4,417
Thereafter	990		41		1,031
Total minimum lease payments	27,356		751		28,107
Less: imputed interest	(1,863)		(41)		(1,904)
Total present value of lease liabilities	$	25,493	$	710	$	26,203