Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

The Company primarily enters into operating lease agreements for office space and other property and equipment, some of which include options to renew or terminate the lease. The options to renew, which extend for up to 5 years, are reviewed on a per lease basis to determine if the renewal option is considered reasonably certain to be recognized and, therefore, are included in the determination of lease payments.

The components of lease costs were as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	901	$	872
Short-term lease cost	173		151
Variable lease cost	137		138
Total lease cost	$	1,211	$	1,161

Lease costs are amortized in general and administrative expenses in the accompanying consolidated statements of operations. The Company reports the amortization of ROU assets and the change in operating lease liabilities on a net basis in accounts payable and other liabilities in the accompanying consolidated statements of cash flows.

Other information related to operating and finance leases is as follows:

	Three Months Ended March 31,
	2022		2021
Weighted-average remaining lease term (in years)	5.1		5.0
Weighted-average discount rate	1.9	%	4.6	%

Future lease payments under non-cancellable leases recorded as of March 31, 2022, were as follows (in thousands):

	Operating Leases
2022	$	2,677
2023	3,221
2024	3,075
2025	2,499
2026	2,569
Thereafter	1,704
Total lease payments	15,745
Less: imputed interest	(628)
Total future lease payments under non-cancellable leases	$	15,117

Supplemental cash flow information related to leases is as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	885	$	856
ROU assets obtained in exchange for lease obligations:
Operating leases	$	2,122	$	1,207

Leases

Leases

The Company primarily enters into operating lease agreements for office space and other property and equipment, some of which include options to renew or terminate the lease. The options to renew, which extend for up to 5 years, are reviewed on a per lease basis to determine if the renewal option is considered reasonably certain to be recognized and, therefore, are included in the determination of lease payments.

The components of lease costs were as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	901	$	872
Short-term lease cost	173		151
Variable lease cost	137		138
Total lease cost	$	1,211	$	1,161

Lease costs are amortized in general and administrative expenses in the accompanying consolidated statements of operations. The Company reports the amortization of ROU assets and the change in operating lease liabilities on a net basis in accounts payable and other liabilities in the accompanying consolidated statements of cash flows.

Other information related to operating and finance leases is as follows:

	Three Months Ended March 31,
	2022		2021
Weighted-average remaining lease term (in years)	5.1		5.0
Weighted-average discount rate	1.9	%	4.6	%

Future lease payments under non-cancellable leases recorded as of March 31, 2022, were as follows (in thousands):

	Operating Leases
2022	$	2,677
2023	3,221
2024	3,075
2025	2,499
2026	2,569
Thereafter	1,704
Total lease payments	15,745
Less: imputed interest	(628)
Total future lease payments under non-cancellable leases	$	15,117

Supplemental cash flow information related to leases is as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	885	$	856
ROU assets obtained in exchange for lease obligations:
Operating leases	$	2,122	$	1,207