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Leases

12 Months Ended

Dec. 31, 2023

15. Leases

Operating Lease Arrangements

The Company's main operating lease is for its corporate headquarters in Stoughton, Massachusetts, which was entered into in March 2018 and commenced in August 2018. This lease encompasses approximately 50,678 square feet and is for an initial 10-year term, with options for two additional five-year extensions. The initial annual base rent is $1,214, subject to annual increases between 2.5% to 3.1%.

As of December 31, 2023, the Company's operating lease assets totaled $6,029 and operating lease liabilities amounted to $7,112. This primarily relates to the corporate headquarters lease, with other immaterial operating and embedded operating leases accounted for in the normal course of business.

Short-Term Lease Arrangements

In December 2018, the Company began entering into 12-month, non-cancelable vehicle leases for its field-based employees. Each vehicle lease is executed separately and expires at varying times with automatic renewal options that are cancelable at any time. The rent expense for these leases is recognized on a straight-line basis over the lease term in the period in which it is incurred.

Variable Lease Costs

Variable lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor.

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	1,306	$	1,805	$	1,305
Short-term lease cost		1,446		993		1,492
Variable lease cost		565		331		292
Total lease cost	$	3,317	$	3,129	$	3,089

The lease term and discount rate for operating leases for the years ended December 31, 2023 and 2022 are as follows:

Other information related to operating leases for the years ended December 31, 2023, 2022, and 2021 is as follows:


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of operating leases liabilities	$	1,585	$	1,568	$	1,286
Leased assets obtained in exchange for new operating lease liabilities		—		—		—

The Company’s aggregate future minimum lease payments for its operating leases, including embedded operating lease arrangements, as of December 31, 2023, are as follows:


Years ended December 31,		Lease Payments
2024	$	1,398
2025		1,436
2026		1,474
2027		1,489
2028		1,527
Thereafter		1,169
Total minimum lease payments	$	8,493
Less: Present value discount		1,381
Present value of lease liabilities	$	7,112

Years Ended December 31,

Weighted-average remaining lease term — operating leases (years)

Weighted-average discount rate — operating leases