Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

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 March 31,
(in thousands)	2022		2021
Operating lease cost (gross lease expense)	$	3,204	$	3,391
Variable lease costs		1,330		1,046
Sublease income (including reimbursed expenses)		846		1,256

During each of the three months ended March 31, 2022 and 2021, 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 6.5 years and 6.7 years as of March 31, 2022 and December 31, 2021, respectively.

The weighted average discount rate used to estimate operating lease liabilities was 7.5% and 7.5% as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022, maturities of operating lease liabilities and sublease income, by year are as follows:

(in thousands)	Operating Lease Payments		Sublease Income
Remainder of 2022	$	11,177	$	(1,209	)
2023		14,341		(1,721	)
2024		13,778		(372	)
2025		13,546		—
2026		13,952		—
Thereafter		28,376		—
Gross lease payments (income)	$	95,170	$	(3,302	)
Less: Imputed interest		20,573
Less: Tenant improvement receivables		452
Total operating lease liabilities	$	74,145