XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
Leases | 4. Leases As of March 31, 2024, our lease portfolio consists entirely of operating leases for corporate offices. Our operating leases have remaining lease terms with various expiration dates through 2031, and some leases include options to extend the term for up to an additional 10 years. Lease Costs Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease such as maintenance costs, utilities, and service charges, are not included in right-of-use (“ROU”) assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. We often receive customary incentives from our landlords such as tenant improvement allowances (“TIAs”) and rent abatement periods, which effectively reduce total lease payments owed for the leases. The following table sets forth the components of lease expense for the three months ended March 31, 2024 and 2023 (in thousands, exclusive of sublease income):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Operating lease cost | $ | 2,411 |  |  | $ | 2,146 |  |  |  |  |
Short-term lease cost | 332 |  |  | 365 |  |  |  |  |
Variable lease cost | 1,313 |  |  | 1,026 |  |  |  |  |
Total | $ | 4,056 |  |  | $ | 3,537 |  |  |  |  |
Sublease income totaled $0.3 million for each of the three months ended March 31, 2024 and 2023. Supplemental Lease Information Supplemental balance sheet information related to operating leases as of March 31, 2024 and December 31, 2023 is presented in the following table (in thousands, except for lease term and discount rate):
| As of
| March 31, 2024 |  | December 31, 2023
Right-of-use assets for operating leases | $ | 39,074 |  | $ | 39,975
Operating lease liabilities, current | $ | 12,219 |  | $ | 11,698
Operating lease liabilities, net of current portion | 57,357 |  | 59,067
Total operating lease liabilities | $ | 69,576 |  | $ | 70,765
Weighted average remaining lease term (in years) | 7.2 |  | 7.4
Weighted average discount rate | 9.4 | % |  | 9.4 | %
Supplemental cash flow and expense information related to operating leases for the three months ended March 31, 2024 and 2023 is shown below (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Operating cash outflows for operating leases | $ | 2,643 |  |  | $ | 1,132 |  |  |  |  |
Amortization of operating lease right-of-use assets | 783 |  |  | 652 |  |  |  |  |
Interest expense on operating lease liabilities | 1,629 |  |  | 1,495 |  |  |  |  |
There were no TIA reimbursements for the three months ended March 31, 2024, while TIA reimbursements totaled $0.6 million for the three months ended March 31, 2023. A summary of our future minimum lease commitments under non-cancellable leases as of March 31, 2024 is shown below (in thousands):
| Operating Leases
2024 (excluding the three months ended March 31, 2024) | $ | 9,521 |
2025 | 12,963 |
2026 | 13,283 |
2027 | 13,535 |
2028 | 12,450 |
Thereafter | 34,840 |
Total lease payments | 96,592 |
Less: imputed interest | (27,016) |
Total | $ | 69,576 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration