Leases

6 Months Ended

Jun. 30, 2022

(16) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2022 through 2029. The terms of the Company's non-cancelable operating lease arrangements typically contain fixed lease payment which increases over the term of the lease at fixed rates, rent holidays and provide for additional renewal periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. The Company terminated leases related to the 2022 Strategic Realignment (as defined in Note 18). See Note 18 for details on the 2022 Strategic Realignment.

The Company records its right-of-use (“ROU”) asset within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases is as follows (in thousands, except lease term and discount rate):


	As of			As of
	June 30, 2022			December 31, 2021
Balance sheet information
ROU assets	$	12,434		$	18,160
Lease liabilities, current	$	5,618		$	6,356
Lease liabilities, non-current		9,723			15,328
Total lease liabilities	$	15,341		$	21,684
Supplemental data
Weighted average remaining lease term	3.84 years			4.24 years
Weighted average discount rate		6.26	%		5.99	%


	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in lease liabilities	$	3,768	$	3,017
ROU assets obtained in exchange for new lease obligations		269		5,729

Maturities of lease liabilities as of June 30, 2022 were as follows (in thousands):


Year ending December 31,
2022 (for the remaining six months)	$	3,446
2023		5,828
2024		3,030
2025		1,354
2026		1,339
Thereafter		2,461
Total undiscounted lease payments		17,458
Less: imputed interest		(2,117	)
Total lease liabilities	$	15,341

The following table presents components of lease expense (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Operating lease expense	$	1,613		$	1,466		$	3,221		$	2,769
Short-term lease expense(1)		148			225			330			391
		1,761			1,691			3,551			3,160
Less: Sublease income		(23	)		(15	)		(46	)		(15	)
Total lease expense	$	1,738		$	1,676		$	3,505		$	3,145

(1)

Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

As of June 30, 2022, the Company does not have any leases that have not yet commenced that create significant rights and obligations.