Leases

12 Months Ended

Dec. 31, 2022

The Company leases office space with original lease terms ranging from 1 to 6 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 also leased additional space at its corporate headquarters which commenced in January of 2022 under the same terms as its existing lease.

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 years ended December 31, 2022 and 2021, the Company incurred operating lease costs of $5.5 million and $4.7 million, respectively, and variable lease costs of $0.5 million and $0.5 million, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2022 and 2021 was $5.8 million and $5.1 million, respectively, and was included in net cash used in operating activities in the Company's consolidated statements of cash flows.

As of December 31, 2022, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
(in thousands)
2023	$	5,958
2024	5,491
2025	4,252
2026	3,798
2027	968
Total lease payments	$	20,467
Less: imputed interest	$	(1,096)
Present value of operating lease liabilities	$	19,371
Operating lease liabilities, current	$	5,436
Operating lease liabilities, non-current	$	13,935

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, 2022		As of December 31, 2021
Weighted-average remaining lease term of operating leases	3.7 years		4.6 years
Weighted-average discount rate of operating leases	2.6	%	3.1	%

Rent expense totaled $4.0 million for the year ended