XML 25 R15.htm IDEA: XBRL DOCUMENT v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases
Note 9. Leases
The Company leases real estate from unrelated parties under operating lease agreements that have initial terms ranging from one year to 11 years. Some leases include one or more options to renew, generally at our sole discretion, of five additional years each.
The components of lease expense are as follows:

Three months ended
September 30,		Nine months ended
September 30,
2023202220232022
(in thousands)
Operating lease cost$1,578 $1,851 $4,875 $5,928 
Variable lease cost478 374 1,587 1,121 
Short-term lease cost109 80 258 268 
Total lease cost$2,165 $2,305 $6,720 $7,317 
Supplemental cash flow information related to leases is as follows:

Three months ended
September 30,		Nine months ended
September 30,
2023202220232022
(in thousands)
Cash paid for operating lease liabilities$1,127 $2,105 $4,860 $6,080 
Operating lease assets obtained in exchange for operating lease liabilities$— $177 $183 $810 
Supplemental balance sheet information, included in other non-current assets, accrued expenses and other and other non-current liabilities on the condensed consolidated balance sheets, related to leases is as follows:
September 30,December 31,
20232022
(in thousands)
Operating lease right-of-use assets$16,394 $21,756 
Current operating lease liabilities3,692 5,239 
Long-term operating lease liabilities19,256 22,500 
Total operating lease liabilities$22,948 $27,739 
At September 30, 2023 and December 31, 2022, the weighted average remaining lease term for operating leases was 6.03 years and 6.34 years, respectively, and the weighted average discount rate was 4.9%.
Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of September 30, 2023 is as follows (in thousands):

Year ended December 31,
2023 (remainder of year)$1,450 
20244,751 
20254,421 
20264,225 
20273,775 
Thereafter8,512 
Total lease payments27,134 
Less: imputed interest4,187 
Total present value of lease liabilities$22,948 
In addition to what is included in the table above, as of September 30, 2023, we have entered into an office lease that has not yet commenced with aggregate future lease payments of approximately $1.6 million. This lease is expected to commence in the fourth quarter 2023, and will have a lease term of approximately three years.