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Leases
6 Months Ended
Jun. 30, 2022
Disclosure Text Block [Abstract]  
Leases

4. Leases 

 

All leases were classified as operating leases as of June 30, 2022 and June 30, 2021.

 

Components of operating lease expense were as follows (in thousands): 

 

 

 

Three Months Ended June 30, 2022

 


Six Months Ended June 30, 2022

Operating lease cost

 

$

945

 


$ 2,052

Variable lease cost

 

$

25

 


$ 51

Short-term lease cost

 

$

57

 


$ 114

 

Supplemental information related to operating leases was as follows (in thousands): 

 

 

Three Months Ended June 30, 2022

 



Six Months Ended June 30, 2022

Operating cash flows from operating leases

 

$

970

 


$ 1,945

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

 


$ 9,459

 

As of June 30, 2022, the Company's operating leases had a weighted average remaining lease term of 4.0 years and a weighted average discount rate of 4.5%.


Future lease payments under operating leases as of June 30, 2022 were as follows (in thousands):

 

Remainder of 2022

 

$

1,737

 

2023

 

 

2,715

 

2024

 

 

1,842

 

2025

 

 

1,396

 

2026

 

 

1,166

 

Thereafter

 

 

844

 

Total undiscounted future lease payments

 

$

9,700

 

Less imputed interest

 

 

833

 

Total lease liability balance

 

$

8,867

 

 

As of June 30, 2022, the Company has entered into leases that have not yet commenced with future lease payments of $2.3 million that are not yet recorded on the Condensed Consolidated Balance Sheet. These leases will commence between the third and fourth quarter of 2022 with non-cancelable lease terms of five years.

 

Supplemental Information for Comparative Periods

 

As of December 31, 2021, prior to the adoption of ASU 2016-02, future minimum payments under operating leases were as follows (in thousands):

 

For the Twelve Months Ended December 31,

 

 

 

2022

 

$

3,335

 

2023

 

$

2,400

 

2024

 

$

1,548

 

2025

 

$

1,109

 

Thereafter

 

$

1,581

 

 

During the twelve months ended December 31, 2021, rent expense was $13.6 million.