Leases

12 Months Ended

Dec. 31, 2023

15. Leases

Operating Leases

The Company leases office space under non-cancelable operating leases with various expiration dates through 2027, some of which include options to extend the leases for up to 5 years. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably certain. For the year ended December 31, 2023, the Company recognized $2.9 million of ROU asset impairments associated with the Company’s abandonment of leased space used in our business operations. The Company recognized operating lease expenses of $6.1 million and $5.2 million for the year’s ended December 31, 2023 and December 31, 2022 respectively.

The weighted average remaining lease term and the weighted average discount rate for operating leases as of December 31, 2023 and 2022 were:


	December 31,
	2023	2022


Weighted average remaining lease term	2.88	5.05
Weighted average discount rate	4.3%	4.9%

Maturities of operating lease liabilities by fiscal year as of December 31, 2023 are (in millions):


Year Ending December 31,
2024	5.7
2025	5.2
2026	3.9
2027	1.0

Thereafter	—
Total undiscounted lease payments	$	15.8
Less: Imputed interest	(1.0)
Present value of lease payments	$	14.8

Supplemental cash flow information about the Company’s operating leases (in millions):


	For the Year Ended December 31,
	2023		2022

Cash paid for operating lease liabilities	$	5.7	$	4.4


Right-of-use assets obtained in exchange for new operating liabilities	—		15.0