Leases

3 Months Ended

Mar. 31, 2023

(16) 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 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
	March 31, 2023			December 31, 2022
Balance sheet information
ROU assets	$	16,999		$	17,872
Lease liabilities, current	$	3,468		$	3,797
Lease liabilities, non-current		18,190			18,742
Total lease liabilities	$	21,658		$	22,539
Supplemental data
Weighted average remaining lease term	6.55 years			6.57 years
Weighted average discount rate		5.76	%		5.68	%


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in lease liabilities	$	1,312	$	2,027
ROU assets obtained in exchange for new lease obligations		425		243

Maturities of lease liabilities as of March 31, 2023 were as follows (in thousands):


Year ending December 31,
2023 (for the remaining nine months)	$	3,529
2024		3,697
2025		3,411
2026		3,248
2027		3,022
Thereafter		8,291
Total undiscounted lease payments		25,198
Less: imputed interest		(3,540	)
Total lease liabilities	$	21,658

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


	Three Months Ended March 31,
	2023			2022
Operating lease expense	$	1,333		$	1,608
Short-term lease expense(1)		169			182
		1,502			1,790
Less: Sublease income		(69	)		(23	)
Total lease expense	$	1,433		$	1,767

(1)

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

As of March 31, 2023, the Company does not have any leases that have not yet commenced that create significant rights and obligations.