Leases

9 Months Ended

Sep. 30, 2021

(16) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2021 through 2029. 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
	September 30, 2021			December 31, 2020
Balance sheet information
ROU assets	$	18,317		$	15,045
Lease liabilities, current	$	6,343		$	4,259
Lease liabilities, non-current		15,266			14,403
Total lease liabilities	$	21,609		$	18,662
Supplemental data
Weighted average remaining lease term	4.22 years			4.57 years
Weighted average discount rate		6.14	%		7.00	%

	Nine Months Ended September 30,
	2021		2020
Cash paid for amounts included in lease liabilities	$	4,726	$	3,615
ROU assets obtained in exchange for new lease obligations		6,681		5,648

Maturities of lease liabilities as of September 30, 2021 were as follows (in thousands):

Year ending December 31,
2021 (for the remaining three months)	$	1,895
2022		7,350
2023		6,142
2024		3,315
2025		1,628
Thereafter		4,180
Total undiscounted lease payments		24,510
Less: imputed interest		(2,901	)
Total lease liabilities	$	21,609

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Operating lease expense	$	1,622		$	1,273		$	4,391		$	3,698
Short-term lease expense⁽¹⁾		231			266			622			818
		1,853			1,539			5,013			4,516
Less: Sublease income		(23	)		(98	)		(38	)		(236	)
Total lease expense	$	1,830		$	1,441		$	4,975		$	4,280

⁽¹⁾	Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

As of September 30, 2021, the Company does not have any leases that have not yet commenced that create significant rights and obligations.