LEASES

12 Months Ended

Dec. 31, 2023

The Company entered into operating leases related to its corporate headquarters and support, sales, and processing offices which expire at various dates through 2029. The Company’s operating lease agreements have remaining terms ranging from less than one year to five years. Certain of these operating lease agreements include options to extend the original term. The Company’s operating lease agreements do not require the Company to make variable lease payments.


	Year Ended December 31,
	2023		2022		2021
Lease expense:
Operating leases	$	16,864	$	24,961	$	28,322
Short-term leases	1,739		2,373		747
Sublease income	(1,774)		(187)		(1,049)
Lease expense, net included in occupancy expense	$	16,829	$	27,147	$	28,020


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases	$	23,975	$	31,350
Right-of-use assets obtained in exchange for lease obligations:

New leases entered into during the year	8,852		16,922


	December 31, 2023		December 31, 2022
Period-end:
Operating leases:
Weighted average remaining lease term (years)	3.3		3.6
Weighted average discount rate	6.6	%	5.7	%

The following is a schedule of future minimum lease payments for operating leases with initial terms in excess of one year as of December 31, 2023:



Year ending December 31,
2024	$	19,201
2025	14,456
2026	10,017
2027	8,507
2028	2,816
Thereafter	116
Total operating lease payments	55,113
Less: Imputed interest	(5,921)
Operating lease liability	$	49,192

During the year ended December 31, 2023, impairment charges of $0.9 million were recorded for leases exited during the year. The impairment charges are included in general and administrative expense on the consolidated statements of operations. As of December 31, 2023, the Company had three operating leases that had not yet commenced with aggregate undiscounted required payments of $0.4 million.