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Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Summary of Additional Information Related to Leases

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

 

Schedule of Maturities of Lease Liabilities

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

 

Schedule of Components of Lease Expense

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.