Leases

12 Months Ended

Dec. 31, 2021

The Company leases office space with lease terms ranging from 1 to 10 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease.

In December 2021, the Company amended its operating lease for its corporate headquarters in South Jordan, Utah to extend the term through March 2027 and to reduce the annual rent rate for future periods. As a result of this amendment, the Company remeasured the associated operating lease liability and right-of-use asset for this lease. The Company will also lease additional space at its corporate headquarters commencing in January of 2022 under the same terms as its existing lease. Lease obligations for the additional space total $4.1 million and are excluded from future maturities disclosed below.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. For the year ended December 31, 2021, the Company incurred operating lease costs of $4.7 million and variable lease costs of $0.5 million.

Cash paid for amounts included in the measurement of operating lease liabilities for the year ended December 31, 2021 was $5.1 million and was included in net cash used in operating activities in the Company's consolidated statements of cash flows.

As of December 31, 2021, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
(in thousands)
2022	$	4,305
2023	4,896
2024	4,619
2025	3,437
2026	2,960
Thereafter	748
Total lease payments	$	20,965
Less: imputed interest	$	(1,430)
Present value of operating lease liabilities	$	19,535
Operating lease liabilities, current	$	3,755
Operating lease liabilities, non-current	$	15,780

As of December 31, 2021, the weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of December 31, 2021
Weighted-average remaining lease term of operating leases	4.6 years
Weighted-average discount rate of operating leases	3.1	%

Rent expense totaled $4.0 million and $4.2 million for the years ended December 31, 2020 and 2019, respectively.