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Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Impact of Adopting Topic 842 on Consolidated Balance Sheets

The following table summarizes the impacts of adopting Topic 842 on the Company's consolidated balance sheets as of January 1, 2022 (in thousands):

		As Reported Balance as of January 1, 2022				Adjustments due to Topic 842				As Adjusted Balance as of January 1, 2022
Assets
Operating lease right-of-use assets		$	—			$	23,091			$	23,091
Liabilities
Accrued expenses and other liabilities		$	27,032			$	(1,514	)		$	25,518
Operating lease liability, current portion		$	—			$	4,948			$	4,948
Operating lease liability, less current portion		$	—			$	19,657			$	19,657

Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases

Future minimum lease payments at December 31, 2022 under the Company's non-cancellable leases were as follows:

For the year ending December 31,
2023		$	6,727
2024			6,356
2025			6,434
2026			5,785
2027			2,088
Thereafter			158
Total future minimum lease payments			27,548
Less: Imputed interest			(2,192	)
Present value of future minimum lease payments			25,356
Less: Current portion of operating lease liability			(5,851	)
Operating lease liabilities - noncurrent		$	19,505

Schedule of Supplemental information for Non-cancellable Operating Leases

The following table presents supplemental information for the Company's non-cancellable operating leases for the year ended December 31, 2022 (in thousands, except for weighted average and percentage data):

Weighted average remaining lease term		4.21
Weighted average discount rate			3.98	%
Cash paid for amounts included in the measurement of lease liabilities		$	4,949
Noncash right-of-use assets obtained in exchange for operating lease obligations(1)		$	2,936

(1) Amount includes (i) $3.5 million related to the Company entering into new non-cancellable operating lease agreements during 2022 and (ii) partially offset by a noncash reduction of $0.6 million related to the remeasurement of the existing Noida, India lease due to a change in the lease term of the agreement.

Rent expense was $3.9 million and $3.4 million for the year ended December 31, 2021 and 2020, respectively.

Future minimum lease payments under non-cancelable leases as of December 31, 2021 under ASC 840 were (in thousands):

For the year ending December 31,
2022		$	3,927
2023			3,843
2024			3,649
2025			3,434
2026			3,007
Thereafter			809
Total minimum lease payments		$	18,669

Schedule of Future Minimum Lease Payments under Non-cancellable Leases

Future minimum lease payments under non-cancelable leases as of December 31, 2021 under ASC 840 were (in thousands):

For the year ending December 31,
2022		$	3,927
2023			3,843
2024			3,649
2025			3,434
2026			3,007
Thereafter			809
Total minimum lease payments		$	18,669

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Supplemental information for non-cancelable operating leases.

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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