Leases

3 Months Ended

Mar. 31, 2024

The Company leases office space with lease terms ranging from one to six 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.

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. The Company incurred operating lease costs of $1.3 million and $1.4 million for the three months ended March 31, 2024 and 2023, respectively. The Company also incurred variable lease costs of $0.2 million and $0.1 million, for the three months ended March 31, 2024 and 2023, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.5 million for both the three months ended March 31, 2024 and 2023, respectively. These amounts were included in net cash provided by operating activities in the Company's consolidated statements of cash flows.

As of March 31, 2024, the maturities of the Company's operating lease liabilities were as follows:


Year Ended December 31,	Operating Leases
	(in thousands)
2024 (remainder of the year)	$	4,047
2025	4,350
2026	3,899
2027	967


Total lease payments	$	13,263
Less: imputed interest	$	(516)
Present value of operating lease liabilities	$	12,747
Operating lease liabilities, current	$	4,955
Operating lease liabilities, non-current	$	7,792

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 March 31, 2024		As of December 31, 2023
Weighted-average remaining lease term of operating leases	2.7 years		2.9 years
Weighted-average discount rate of operating leases	2.5	%	2.5	%