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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 9. Leases The underlying assets of the Company’s leases primarily relate to office space leases, but also include some equipment leases. The Company determines if an arrangement qualifies as a lease at its inception. As a practical expedient permitted under Topic 842, the Company has elected to account for the lease and non-lease components as a single lease component for all leases of which it is the lessee. Lease payments, which may include lease and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts that depend on a rate or index as stipulated in the lease contract. When the Company cannot readily determine the rate implicit in the lease, the Company determines its incremental borrowing rate by using the rate of interest that it would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company enters into lease agreements with terms generally ranging from 2-7 years. Some of the Company’s lease agreements include Company options to extend the lease on a month-to-month basis or for set periods for up to five years. Many leases also include options to terminate the leases within one year or per other contractual terms. Renewal and termination options were generally not included in the lease term for the Company’s existing operating leases. As of December 31, 2023 and 2022, all leases were classified as operating lease assets and liabilities. Additional information related to the operating lease assets and liabilities is as follows (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Operating lease assets |  | $ | 16,745 |  |  | $ | 18,747 |
Operating lease liabilities |  | $ | 17,895 |  |  | $ | 19,977 |
Weighted average remaining term in years |  |  | 2.83 |  |  |  | 3.57 |
Weighted average discount rate used to measure outstanding lease liabilities |  |  | 7.20 | % |  |  | 7.26 | %
For the years ended December 31, 2023, 2022, and 2021, the total lease cost for operating lease expense was approximately $7.0 million, $6.2 million, and $5.6 million, respectively. Supplemental cash flow information related to operating leases for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Operating cash flows from operating leases |  | $ | 7,939 |  |  | $ | 7,375 |  |  | $ | 5,989 |
Operating lease assets obtained in exchange for lease obligations |  |  | 2,700 |  |  |  | — |  |  | $ | 5,675 |
The maturity of the Company’s operating lease liabilities as of December 31, 2023 are as follows (in thousands):
2024 |  |  | $ |  | 7,393 |
2025 |  |  |  |  | 6,238 |
2026 |  |  |  |  | 5,299 |
2027 |  |  |  |  | 859 |
Total future minimum lease payments |  |  |  |  | 19,789 |
Less imputed interest |  |  |  |  | (1,894 | )
Total operating lease liabilities |  |  | $ |  | 17,895 |

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- 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
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