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Leases

6 Months Ended

Jun. 30, 2024

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 of June 30, 2024 and December 31, 2023, all leases were classified as operating leases. Additional information related to the operating lease assets and liabilities is as follows (in thousands):


	June 30,			December 31,
	2024			2023
Right-of-use assets	$	16,321		$	16,745
Operating lease liabilities	$	17,299		$	17,895
Weighted average remaining term in years		3.08		2.83
Weighted average discount rate used to measure outstanding lease liabilities		6.64	%		7.20	%

For the three months ended June 30, 2024 and 2023, the total lease cost for operating lease expense was $1.8 million and $1.7 million, respectively. For the six months ended June 30, 2024 and 2023, the total lease cost for operating lease expense was $3.8 million and $3.4 million, respectively.

Supplemental cash flow information related to operating leases for the six months ended June 30 2024 and 2023 is as follows (in thousands):


	2024		2023
Operating cash flows from operating leases	$	4,316	$	4,094

The maturities of the Company’s operating lease liabilities as of June 30, 2024 are as follows (in thousands):


2024	$	3,617
2025		6,651
2026		5,889
2027		1,410
2028 and thereafter		1,406
Total future minimum lease payments		18,973
Less imputed interest		(1,674	)
Total operating lease liabilities	$	17,299