Leases

3 Months Ended

Mar. 31, 2024

(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, 2024			December 31, 2023
Balance sheet information
ROU assets	$	15,143		$	16,075
Lease liabilities, current	$	3,633		$	3,825
Lease liabilities, non-current		15,788			16,694
Total lease liabilities	$	19,421		$	20,519
Supplemental data
Weighted average remaining lease term	5.77 years			5.91 years
Weighted average discount rate		6.04	%		6.12	%


	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in lease liabilities	$	1,332	$	1,312
ROU assets obtained in exchange for new lease obligations		56		425

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):


Year ending December 31,
2024 (for the remaining nine months)	$	3,652
2025		4,271
2026		3,800
2027		3,380
2028		3,184
Thereafter		6,284
Total undiscounted lease payments		24,571
Less: imputed interest		(5,150	)
Total lease liabilities	$	19,421

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


	Three Months Ended March 31,
	2024			2023
Operating lease expense	$	1,253		$	1,333
Short-term lease expense(1)		66			169
		1,319			1,502
Less: Sublease income		(57	)		(69	)
Total lease expense	$	1,262		$	1,433

(1)

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

As of March 31, 2024, the Company does not have any leases that have not yet commenced that create significant rights and obligations.