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Operating Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Operating Leases | Operating Leases The Company has operating lease agreements for offices in Chicago, Illinois, and Seattle, Washington. The Chicago lease expires in January 2028 and the Seattle lease expires in January 2031. The Company’s existing operating leases require escalating monthly rental payments ranging from $72,000 to $280,000. Under the terms of the lease agreements, the Company is also responsible for its proportionate share of taxes and operating costs, which are treated as variable lease costs. The Company’s operating leases typically contain options to extend or terminate the term of the lease. The Company currently does not include any options to extend leases in its v c lease terms as it is not reasonably certain to exercise them. As such, it has recorded lease obligations only through the initial optional termination dates above. The Company entered into a new lease agreement for an office in Dublin, Ireland, with an expected total future commitment of $1.1 million and lease commencement date of July 2022. The lease has an expected expiration date of June 2024. For accounting purposes under ASC 842, the lease commenced on June 30, 2022, resulting in the recording of a $1.1 million right-of-use operating lease asset and operating lease liability. The following table provides a summary of operating lease assets and liabilities as of June 30, 2022 (in thousands):
Assets |
Operating lease right-of-use assets | $ | 10,170 |
Liabilities |
Operating lease liabilities | 3,344 |
Operating lease liabilities, non-current | 20,053 |
Total operating lease liabilities | $ | 23,397 |
The following table provides information about leases on the condensed consolidated statements of operations (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease expense | $ | 503 |  |  | $ | 503 |  |  | $ | 1,006 |  |  | $ | 1,002 |
Variable lease expense | 866 |  |  | 839 |  |  | 1,733 |  |  | 1,678 |
Within the condensed consolidated statements of operations, operating and variable lease expense are recorded in General and administrative expenses. Cash payments related to operating leases for the six months ended June 30, 2022 and June 30, 2021 were $3.7 million and $3.2 million, respectively. As of June 30, 2022, the weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 5.5%. Remaining maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands):
Years ending December 31, |
2022 | $ | 2,254 |
2023 | 4,584 |
2024 | 4,394 |
2025 | 4,205 |
2026 | 4,298 |
Thereafter | 7,994 |
Total future minimum lease payments | $ | 27,729 |
Less: imputed interest | (4,332) |
Total operating lease liabilities | $ | 23,397 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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