Leases

12 Months Ended

Dec. 31, 2023

(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. During 2023 and 2022, 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,
	2023			2022
Balance sheet information
ROU assets	$	16,075		$	17,872
Lease liabilities, current	$	3,825		$	3,797
Lease liabilities, non-current		16,694			18,742
Total lease liabilities	$	20,519		$	22,539
Supplemental data
Weighted average remaining lease term	5.91 years			6.57 years
Weighted average discount rate		6.12	%		5.68	%


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in lease liabilities	$	4,810	$	7,280	$	6,574
ROU assets obtained in exchange for new lease obligations		2,680		11,850		8,250

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


Year ending December 31,
2024	$	4,932
2025		4,290
2026		3,820
2027		3,388
2028		3,187
Thereafter		6,284
Total undiscounted lease payments		25,901
Less: imputed interest		(5,382	)
Total lease liabilities	$	20,519

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


	Year Ended December 31,
	2023			2022			2021
Operating lease expense	$	4,904		$	6,089		$	6,383
Short-term lease expense(1)		545			638			832
		5,449			6,727			7,215
Less: Sublease income		(247	)		(155	)		(61	)
Total lease expense	$	5,202		$	6,572		$	7,154

(1)

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

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