Leases

3 Months Ended

Mar. 31, 2024

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.

During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million.

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

	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	2,019	$	1,834
Finance lease cost	47		47
Total lease cost	$	2,066	$	1,881

As of March 31, 2024, a weighted average discount rate of 3.15% 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 3.7 and 4.0 years, respectively, as of March 31, 2024.

As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):

	Operating Leases		Finance Leases		Total
Remainder of 2024	$	5,924	$	109	$	6,033
2025	6,348		149		6,497
2026	6,557		153		6,710
2027	5,211		158		5,369
2028	1,813		40		1,853
Total minimum lease payments	25,853		609		26,462
Less: imputed interest	(1,399)		(26)		(1,425)
Total present value of lease liabilities	$	24,454	$	583	$	25,037

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.

During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million.

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

	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	2,019	$	1,834
Finance lease cost	47		47
Total lease cost	$	2,066	$	1,881

As of March 31, 2024, a weighted average discount rate of 3.15% 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 3.7 and 4.0 years, respectively, as of March 31, 2024.

As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):

	Operating Leases		Finance Leases		Total
Remainder of 2024	$	5,924	$	109	$	6,033
2025	6,348		149		6,497
2026	6,557		153		6,710
2027	5,211		158		5,369
2028	1,813		40		1,853
Total minimum lease payments	25,853		609		26,462
Less: imputed interest	(1,399)		(26)		(1,425)
Total present value of lease liabilities	$	24,454	$	583	$	25,037