Leases

12 Months Ended

Dec. 31, 2022

(18) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2023 through 2031. 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 20). See Note 20 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 December 31,
	2022			2021
Balance sheet information
ROU assets	$	17,872		$	18,160
Lease liabilities, current	$	3,797		$	6,356
Lease liabilities, non-current		18,742			15,328
Total lease liabilities	$	22,539		$	21,684
Supplemental data
Weighted average remaining lease term	6.57 years			4.24 years
Weighted average discount rate		5.68	%		5.99	%


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in lease liabilities	$	7,280	$	6,574	$	4,891
ROU assets obtained in exchange for new lease obligations		11,850		8,250		5,870

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


Year ending December 31,
2023	$	4,768
2024		3,777
2025		3,301
2026		3,136
2027		2,902
Thereafter		8,291
Total undiscounted lease payments		26,175
Less: imputed interest		(3,636	)
Total lease liabilities	$	22,539

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


	Year Ended December 31,
	2022			2021			2020
Operating lease expense	$	6,089		$	6,383		$	5,024
Short-term lease expense(1)		638			832			982
		6,727			7,215			6,006
Less: Sublease income		(155	)		(61	)		(236	)
Total lease expense	$	6,572		$	7,154		$	5,770

(1)

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

As of December 31, 2022, the Company does not have any leases that have not yet commenced that create significant rights and obligations.