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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Lessee Leases | Leases The Company enters into lease agreements that are primarily used for office space. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. The Company occasionally assumes equipment lease agreements through business acquisitions. These leases are accounted for as finance leases. Included in a portion of the Company's current leases are options to extend or cancel the lease term. The exercise of such options is solely at the Company's discretion. The lease liability recorded in the unaudited Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determined at the inception date that the lease was expected to be renewed or extended. The Company, in determining the present value of lease payments, utilized the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest were not readily determinable in the lease contracts. The Company does not carry debt; thus no incremental borrowing rate was available to the Company. Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s leases follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2024 | 2023 | 2024 | 2023
Operating leases | $ | 650 |  | $ | 663 |  | $ | 2,015 |  | $ | 2,139 |
Finance leases: |  |  |  |
Amortization of lease assets | 64 |  | 74 |  | 196 |  | 182 |
Lease expense | $ | 714 |  | $ | 737 |  | $ | 2,211 |  | $ | 2,321 |
Sub-lease income | (51) |  | — |  | (172) |  | — |
Lease cost | $ | 663 |  | $ | 737 |  | $ | 2,039 |  | $ | 2,321 |
Components of the lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands) | As of September 30, 2024 | As of December 31, 2023
Current: |  |
Operating lease liabilities | $ | 2,265 |  | $ | 2,201 |
Finance lease liabilities | 224 |  | 170 |
Non-current: |  |
Operating lease liabilities | 3,171 |  | 3,792 |
Finance lease liabilities | 428 |  | 286 |
Total lease liabilities | $ | 6,088 |  | $ | 6,449 |
The future minimum lease payments for leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2024, are summarized as follows:
Year Ended (in thousands) | Operating Leases | Finance Leases | Total
2024 | $ | 2,430 |  | $ | 247 |  | $ | 2,677 |
2025 | 1,613 |  | 215 |  | 1,828 |
2026 | 840 |  | 156 |  | 996 |
2027 | 297 |  | 80 |  | 377 |
2028 | 264 |  | — |  | 264 |
Thereafter | 366 |  | — |  | 366 |
Total undiscounted payments | $ | 5,810 |  | $ | 698 |  | $ | 6,508 |
Less: present value adjustment | (374) |  | (46) |  | (420) |
Lease liabilities | $ | 5,436 |  | $ | 652 |  | $ | 6,088 |
Supplemental lease information is as follows:
| As of September 30, 2024 | As of December 31, 2023
Weighted average remaining lease term (years) |  |
Operating leases | 3.33 | 3.07
Finance leases | 3.03 | 2.93
Weighted average discount rate |  |
Operating leases | 4.0 | % | 3.8 | %
Finance leases | 4.4 | % | 3.7 | %
The Company does not have any material pending operating or financing lease agreements that become effective in future periods.

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- Definition The entire disclosure for leases of the lessee, both operating leases and financing leases. Includes, but is not limited to, description of leases and maturity analysis of lease liability. + References No definition available. + Details
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- References No definition available. + Details
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Period Type: | duration