The Company leases office space under operating leases that expire at various dates through 2029. Under Topic 842, Leases, the Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical lease classification, its assessment on whether a contract was a lease or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. In addition, the Company elected the short-term lease exception as a practical expedient and to combine lease and non-lease components. The Company recognizes rent expense on a straight-line basis over the life of the related lease, including any periods of free rent.

Upon inception of a lease, the Company determines if an arrangement is a lease, if it includes options to extend or terminate the lease, and if it is reasonably certain that the Company will exercise the options. Lease cost, representing lease payments over the term of the lease and any capitalizable direct costs less any incentives received, is recognized on a straight-line basis over the lease term as lease expense.

In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. Upon execution of a new lease, the Company performs an analysis to determine its incremental borrowing rate using its current borrowing rate, adjusted for various factors including level of collateralization and lease term. As of March 31, 2021, the remaining weighted average lease term was 4 years.

During the three months ended March 31, 2021, the Company did not enter into any new leases.

Variable and short-term lease costs were immaterial for the three months ended March 31, 2021. Additional details of the Company’s operating leases are presented in the following table:

	Three Months Ended March 31,
	2021		2020
Operating lease costs	$	1,470	$	1,506
Cash paid for operating leases		1,396		1,892

Maturities of operating lease liabilities as of March 31, 2021 under noncancelable operating leases were as follows:

Year ending December 31:
Remainder of 2021	$	3,188
2022		1,850
2023		1,718
2024		1,735
2025		1,318
Thereafter		952
Total future minimum lease payments		10,761
Less: imputed interest		(349	)
Present value of future minimum lease payments		10,412
Less: current portion of operating leases payments		(3,576	)
Lease liabilities, long-term	$	6,836

From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome of such matters is not likely to have a material adverse effect on the Company’s financial position or results of operations or cash flows.