Leases

9 Months Ended

Sep. 30, 2023

Leases:

The Company's operating lease portfolio primarily includes corporate offices and call centers. The majority of its leases have remaining lease terms of one to 11 years, some of which include options to extend the leases for up to five years, and others include options to terminate the leases within one year. Exercises of lease renewal options are typically at the Company's sole discretion, with renewal periods included in ROU assets and lease liabilities based upon whether the Company is reasonably certain of exercising the renewal options. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments.

The components of lease expense for the three and nine months ended September 30, 2023 and 2022, were as follows (amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease expense	$	2,617	$	2,775	$	8,132	$	9,095
Short-term lease expense	526		775		1,553		1,874






Sublease income	(21)		(118)		(296)		(348)
Total lease expense	$	3,122	$	3,432	$	9,389	$	10,621

Supplemental cash flow information and non-cash activity related to leases for the nine months ended September 30, 2023 and 2022 was as follows (amounts in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,806	$	8,923

ROU assets obtained in exchange for operating lease obligations (1)	2,663		5,910

(1) Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Lease term and discount rate information related to operating leases was as follows:


	Nine Months Ended September 30,
	2023		2022
Weighted-average remaining lease term (years)	7.1		8.2


Weighted-average discount rate	4.65	%	4.48	%

Maturities of lease liabilities at September 30, 2023 were as follows for the following periods (amounts in thousands):


	Operating Leases
For the three months ending December 31, 2023	$	2,600
For the year ending December 31, 2024	9,879
For the year ending December 31, 2025	9,608
For the year ending December 31, 2026	8,490
For the year ending December 31, 2027	5,724
Thereafter	25,391
Total lease payments	61,692
Less: imputed interest	(10,034)
Total present value of lease liabilities	$	51,658