Leases

12 Months Ended

Dec. 31, 2023

Note 13. Leases

We lease office facilities from unrelated parties under operating lease agreements that have initial terms ranging from 1 to 5 years. Some leases include one or more options to renew, generally at our sole discretion, with renewal terms that can extend the lease term up to 10 additional years. In addition, certain leases contain termination options, where the rights to

terminate are held by either us, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that we will exercise that option. Our leases generally do not contain any material restrictive covenants.

Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	2,123	$	2,621	$	2,155
Variable lease cost	129		254		339
	$	2,252	$	2,875	$	2,494

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows for operating leases	$	1,854	$	2,082	$	2,141
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	807	$	6,835	$	6,365

The following table presents lease-related assets and liabilities recorded on the balance sheet.


		December 31,
	Financial Statement Line Item	2023		2022
Operating lease right-of-use assets	Other assets	$	3,209	$	4,201

Operating lease liabilities, current	Accrued expenses and other current liabilities	$	1,669	$	1,810
Operating lease liabilities, non-current	Other liabilities	1,630		2,536
Total operating lease liabilities		$	3,299	$	4,346

Other information related to operating leases is as follows:


	Year Ended December 31,
	2023	2022	2021
Weighted average remaining lease term	2.6 years	2.9 years	2.1 years
Weighted average discount rate	8.6%	8.8%	9.4%

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the Consolidated Balance Sheets as of December 31, 2023 is as follows:


	Lease Payments
2024	$	1,871
2025	1,008
2026	528
2027	174
2028	62
Thereafter	—
Total lease payments	3,643
Less imputed interest	(344)
Total present value of lease liabilities	$	3,299