Leases

12 Months Ended

Dec. 31, 2023

The Company leases real estate and equipment for use in its operations. The Company has 17 operating leases with remaining lease terms ranging from 4 months to 61 months as of December 31, 2023. In connection with the real estate consolidation program, during the three months ended June 30, 2023, the Company exited additional offices including the Company’s former principal executive office and headquarters in New York. A reduction of the operating leases ROU asset of $5.3 million for impairment charges was recorded in impairments and disposals of long-lived assets in the consolidated statements of operations and comprehensive income (loss). The Company exercised termination options reducing the lease terms on certain operating leases and recorded lease remeasurements to the operating lease liability and corresponding reductions to the operating leases ROU asset in the amount of $4.7 million during the year ended December 31, 2023. During the year ended December 31, 2023, $1.5 million was recorded to de-recognize the operating lease ROU asset related to certain leases in selling, general and administrative expense due to abandonment.

The components of lease expense for the periods presented are as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Components of total lease costs
Operating lease expense(1)	$	5,578	$	5,224	$	4,002

Sublease income	(1,244)		(726)		—
Total net lease costs	$	4,334	$	4,498	$	4,002

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(1)The year ended December 31, 2023 includes $1.5 million of lease expense to de-recognize certain operating ROU assets which were abandoned during the three months ended June 30, 2023.

Information related to the Company’s ROU assets and lease liabilities for the periods presented is as follows:


	December 31,
(dollars in thousands)	2023		2022
Operating leases
Operating leases right-of-use asset	$	6,452	$	20,084

Operating leases liability, current portion	$	4,219	$	3,717
Long-term operating leases liability, net of current portion	7,278		16,835
Total operating leases liability	$	11,497	$	20,552


Weighted average remaining lease term in years - operating leases	3.7		4.8
Weighted average discount rate - operating leases	4.92	%	4.50	%

Total remaining lease payments at December 31, 2023 under the Company’s operating leases (excluding short term leases) for the periods presented are as follows:


(in thousands)	December 31,
2024	$	4,846
2025	2,383
2026	2,154
2027	2,149
2028	1,028
Thereafter	84
Total future minimum lease payments	$	12,644
Less: imputed interest	(1,147)
Total	$	11,497

As of December 31, 2023, the Company had no additional operating lease commitments for office facilities that have not yet commenced. Cash paid for amounts included in the measurement of operating lease liabilities was $6.3 million and $5.5 million for the years ended December 31, 2023 and 2022, respectively.