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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases The Company leases office space under non-cancellable operating leases for its corporate headquarters in Plano, Texas pursuant to a ten-year lease agreement under which the Company leases approximately 125,468 square feet of office space with an initial term that expires on August 31, 2028, with the option to extend the lease for either two additional terms of five years each or one additional term of ten years. Renewal options were not included in the right-of-use (“ROU”) asset and lease liability calculation. On September 5, 2023, the Company entered into an amendment to its office lease, which, among other things, reduces the leased space in Plano, Texas from approximately 125,468 square feet to 83,939 square feet, effective December 31, 2023, and also extends the term for the remaining reduced leased space to August 31, 2033. The Company determined that the amendment would be treated as a lease modification. The modification resulted in a remeasurement of the operating lease ROU asset and lease liability, and the effect was an increase to the ROU asset and lease liability of $3.1 million and $2.7 million, respectively, as of December 31, 2023. In addition, the Company recorded a gain on lease modification of $0.4 million during the three months ended December 31, 2023, which was included in general and administrative expenses in the consolidated statements of operations. Operating lease expense consisted of:
(in thousands) |  | Three months ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Operating lease expense |  | $ | 669 |  |  | $ | 784 |  |  |  |  |
Short-term lease expense and other (1) |  | 303 |  |  | 318 |  |  |  |  |
Total lease expense |  | $ | 972 |  |  | $ | 1,102 |  |  |  |  |
(1) Other lease expense includes variable lease expense and sublease income.
Supplemental Cash Flow Information
| Three months ended March 31,
Cash flow information (in thousands) | 2024 |  | 2023
Cash paid for operating lease liabilities | $ | 662 |  |  | $ | 938 |
The future maturities of operating lease liabilities are as follows:
(in thousands) |  | March 31, 2024
2024 (nine months remaining) |  | $ | 2,003 |
2025 |  | 2,707 |
2026 |  | 2,648 |
2027 |  | 2,620 |
2028 |  | 2,777 |
Thereafter |  | 14,981 |
Total minimum lease payments |  | 27,736 |
Less: present value discount |  | (8,429) |
Total lease liability balance |  | $ | 19,307 |

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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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