Leases

9 Months Ended

Sep. 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
	September 30, 2022			December 31, 2021
Balance sheet information
ROU assets	$	10,968		$	18,160
Lease liabilities, current	$	5,225		$	6,356
Lease liabilities, non-current		8,373			15,328
Total lease liabilities	$	13,598		$	21,684
Supplemental data
Weighted average remaining lease term	3.72 years			4.24 years
Weighted average discount rate		6.27	%		5.99	%


	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in lease liabilities	$	5,552	$	4,726
ROU assets obtained in exchange for new lease obligations		287		6,681

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


Year ending December 31,
2022 (for the remaining three months)	$	1,609
2023		5,516
2024		2,736
2025		1,075
2026		1,063
Thereafter		2,153
Total undiscounted lease payments		14,152
Less: imputed interest		(554	)
Total lease liabilities	$	13,598

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Operating lease expense	$	1,446		$	1,622		$	4,667		$	4,391
Short-term lease expense(1)		143			231			473			622
		1,589			1,853			5,140			5,013
Less: Sublease income		(56	)		(23	)		(102	)		(38	)
Total lease expense	$	1,533		$	1,830		$	5,038		$	4,975

(1)

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

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