Leases

9 Months Ended

Sep. 30, 2021

10. Leases

The Company leases certain equipment and facilities under operating leases which expire at various dates through 2028. The Company’s operating lease costs were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Operating lease cost (gross lease expense)	$	3,249	$	3,301	$	9,892	$	10,179
Variable lease costs		1,339		1,365		3,491		4,382
Sublease income (including reimbursed expenses)		1,218		1,357		3,782		3,936

During each of the three and nine months ended September 30, 2021 and 2020, the Company’s short-term lease costs were nominal.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term was 6.9 years and 7.6 years as of September 30, 2021 and December 31, 2020, respectively.

The weighted average discount rate used to estimate operating lease liabilities was 7.5% as of September 30, 2021 and December 31, 2020, respectively.

As of September 30, 2021, maturities of operating lease liabilities and sublease income, by year are as follows:


(in thousands)	Operating Lease Payments		Sublease Income
Remainder of 2021	$	3,715	$	(877	)
2022		14,829		(1,481	)
2023		14,361		(1,101	)
2024		13,771		—
2025		13,533		—
Thereafter		42,302		—
Gross lease payments (income)	$	102,511	$	(3,459	)
Less: Imputed interest		23,412
Less: Tenant improvement receivables		445
Total operating lease liabilities	$	78,654