LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

LEASES

The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease.

As of December 31, 2022, right-of-use assets totaled $67.1 million and lease liabilities, the current portion of which is included in accrued expenses and other current liabilities in the accompanying balance sheet, totaled $96.7 million. At December 31, 2021, right-of-use assets totaled $77.3 million and lease liabilities totaled $104.8 million.

Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income (loss), consists of the following (in thousands):

	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	11,862	$	13,160	$	11,226
Short-term lease cost	45		39		59
Total lease cost	$	11,907	$	13,199	$	11,285

Weighted average remaining lease term and discount rate for operating leases are as follows:

	December 31, 2022		December 31, 2021		December 31, 2020
Weighted average remaining lease term	12.1 years		12.3 years		13.0 years
Weighted average discount rate	5.0	%	5.0	%	5.0	%

Supplemental cash flow information related to leases is as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Net cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,357	$	329	$	2,359
Right-of-use assets obtained in exchange for new operating lease liabilities	$	975	$	1,250	$	66,881

Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):

	Operating Leases
Year ending December 31, 2023	$	13,148
Year ending December 31, 2024	11,686
Year ending December 31, 2025	9,747
Year ending December 31, 2026	9,945
Year ending December 31, 2027	8,532
Thereafter	79,498
Total lease payments	132,556
Less: Interest	35,811
Present value of lease liabilities	$	96,745

See Note 9—Assets and Liabilities Held for Sale for leases classified as held for sale during 2022.

LEASES

LEASES

The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease.

As of December 31, 2022, right-of-use assets totaled $67.1 million and lease liabilities, the current portion of which is included in accrued expenses and other current liabilities in the accompanying balance sheet, totaled $96.7 million. At December 31, 2021, right-of-use assets totaled $77.3 million and lease liabilities totaled $104.8 million.

Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income (loss), consists of the following (in thousands):

	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	11,862	$	13,160	$	11,226
Short-term lease cost	45		39		59
Total lease cost	$	11,907	$	13,199	$	11,285

Weighted average remaining lease term and discount rate for operating leases are as follows:

	December 31, 2022		December 31, 2021		December 31, 2020
Weighted average remaining lease term	12.1 years		12.3 years		13.0 years
Weighted average discount rate	5.0	%	5.0	%	5.0	%

Supplemental cash flow information related to leases is as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Net cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,357	$	329	$	2,359
Right-of-use assets obtained in exchange for new operating lease liabilities	$	975	$	1,250	$	66,881

Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):

	Operating Leases
Year ending December 31, 2023	$	13,148
Year ending December 31, 2024	11,686
Year ending December 31, 2025	9,747
Year ending December 31, 2026	9,945
Year ending December 31, 2027	8,532
Thereafter	79,498
Total lease payments	132,556
Less: Interest	35,811
Present value of lease liabilities	$	96,745

See Note 9—Assets and Liabilities Held for Sale for leases classified as held for sale during 2022.