Leases (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Leases [Abstract] |
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| Summary of Balances for Operating and Finance Leases |
The balances for the operating and finance leases where the Company is the lessee are presented within the consolidated balance sheets as follows (in thousands): | | | | | | | As of December 31, 2022 | | Operating leases: | | | Operating lease right-of-use assets | $ | 44,952 | | | | | Operating lease liabilities, current | $ | 6,007 | | | Operating lease liabilities, noncurrent | 42,169 | | | Total operating lease liabilities | $ | 48,176 | | | | | Finance leases: | | | Property and equipment, at cost | $ | 2,465 | | | Accumulated depreciation | (882) | | | Property and equipment, net | $ | 1,583 | | | | | Accrued expenses and other current liabilities | $ | 1,116 | | | Other liabilities | 2,429 | | | Total finance lease obligations | $ | 3,545 | |
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| Components of Lease Expense and Supplemental Cash Flow Information |
The components of lease expense were as follows (in thousands): | | | | | | | Year Ended December 31, 2022 | | Operating lease expense: | | Operating lease expense (1)(2) | $ | 9,112 | | | | | Finance lease expense: | | | Amortization of leased assets | $ | 1,454 | | | Interest on lease liabilities | 592 | | | Total finance lease expense | $ | 2,046 | | | | | Total lease expense | $ | 11,158 | |
(1) Includes short-term leases and variable lease costs, which are immaterial. (2) Excludes sublease income, which is immaterial. Other information related to leases where the Company is the lessee is as follows: | | | | | | | As of December 31, 2022 | | Weighted-average remaining lease term: | | | Operating leases | 8.5 years | | Finance leases | 2.8 years | | | | Weighted-average discount rate: | | | Operating leases | 4.4 | % | | Finance leases | 11.2 | % |
Supplemental cash flow information related to leases where the Company is the lessee is as follows (in thousands): | | | | | | | Year Ended December 31, 2022 | | Cash paid for amounts included in the measurement of lease liabilities: | | | Operating cash flows from operating leases | $ | 6,768 | | | Operating cash flows from finance leases (interest payments) | $ | 420 | | | Financing cash flows from finance leases | $ | 1,252 | | | Right-of-use assets obtained in exchange for lease obligations: | | | Operating lease liabilities | $ | 48,523 | | | Finance lease liabilities | $ | 11,056 | |
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| Schedule of Operating Leases |
As of December 31, 2022, the maturities of the Company's operating and financing lease liabilities (excluding short-term leases) are as follows (in thousands): | | | | | | | | | | | | | Operating Leases | | Finance Leases | | 2023 | $ | 7,649 | | | $ | 1,433 | | | 2024 | 7,711 | | | 1,430 | | | 2025 | 7,608 | | | 1,157 | | | 2026 | 7,818 | | | 106 | | | 2027 | 6,884 | | | — | | | Thereafter | 21,605 | | | — | | | Total minimum lease payments | 59,275 | | | 4,126 | | Less: lease incentives receivable(1) | (646) | | | — | | | Less: imputed interest | (10,453) | | | (581) | | | Present value of minimum lease payments | 48,176 | | | 3,545 | | | Less: current portion | (6,007) | | | (1,116) | | | Lease obligations, noncurrent | $ | 42,169 | | | $ | 2,429 | |
(1) Lease incentives receivable represent amounts relating to the Company's leasehold improvements that will be paid by the landlord pursuant to lease provisions with relevant landlord. Prior to the adoption of ASC 842, future minimum lease payments for non-cancelable operating and capital leases as of December 31, 2021 were as follows (in thousands): | | | | | | | | | | | | | Operating Leases | | Capital Leases | | 2022 | $ | 7,660 | | | $ | 1,253 | | | 2023 | 7,891 | | | 978 | | | 2024 | 5,126 | | | 963 | | | 2025 | 3,435 | | | 1,761 | | | 2026 | 3,049 | | | — | | Thereafter | 22,524 | | | — | | Total minimum lease payments | $ | 49,685 | | | 4,955 | | Amount representing interest | | | (1,317) | | Present value of minimum lease payments | | | $ | 3,638 | |
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| Schedule of Finance Leases |
As of December 31, 2022, the maturities of the Company's operating and financing lease liabilities (excluding short-term leases) are as follows (in thousands): | | | | | | | | | | | | | Operating Leases | | Finance Leases | | 2023 | $ | 7,649 | | | $ | 1,433 | | | 2024 | 7,711 | | | 1,430 | | | 2025 | 7,608 | | | 1,157 | | | 2026 | 7,818 | | | 106 | | | 2027 | 6,884 | | | — | | | Thereafter | 21,605 | | | — | | | Total minimum lease payments | 59,275 | | | 4,126 | | Less: lease incentives receivable(1) | (646) | | | — | | | Less: imputed interest | (10,453) | | | (581) | | | Present value of minimum lease payments | 48,176 | | | 3,545 | | | Less: current portion | (6,007) | | | (1,116) | | | Lease obligations, noncurrent | $ | 42,169 | | | $ | 2,429 | |
(1) Lease incentives receivable represent amounts relating to the Company's leasehold improvements that will be paid by the landlord pursuant to lease provisions with relevant landlord. Prior to the adoption of ASC 842, future minimum lease payments for non-cancelable operating and capital leases as of December 31, 2021 were as follows (in thousands): | | | | | | | | | | | | | Operating Leases | | Capital Leases | | 2022 | $ | 7,660 | | | $ | 1,253 | | | 2023 | 7,891 | | | 978 | | | 2024 | 5,126 | | | 963 | | | 2025 | 3,435 | | | 1,761 | | | 2026 | 3,049 | | | — | | Thereafter | 22,524 | | | — | | Total minimum lease payments | $ | 49,685 | | | 4,955 | | Amount representing interest | | | (1,317) | | Present value of minimum lease payments | | | $ | 3,638 | |
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