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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Leases The Company entered into operating leases primarily for office facilities and finance leases primarily for computer and network equipment purchases. These leases have terms generally ranging from 3 years to 12 years. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. The balance sheet classification of the Company’s right-of-use assets and lease liabilities as of the period presented was as follows (in thousands):
Leases |  | Classification |  | June 30, 2022
Non-Current Assets |  |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | $ | 2,184 |
Operating lease assets |  | Operating right-of-use asset |  | 6,199 |
Total leased assets |  |  |  | $ | 8,383 |
Current Liabilities |  |  |  |
Finance |  | Finance lease liabilities, current |  | $ | 1,755 |
Operating |  | Operating lease liabilities, current |  | 2,563 |
Non-Current Liabilities |  |  |  |
Finance |  | Finance lease liabilities |  | 719 |
Operating |  | Operating lease liabilities |  | 6,024 |
Total leased liabilities |  |  |  | $ | 11,061 |
The components of lease cost were as follows (in thousands):
Lease Cost |  | Classification |  | Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use assets |  | Depreciation and amortization |  | $ | 438 |  |  | $ | 876 |
Interest on finance lease liabilities |  | Interest expense |  | 23 |  |  | 68 |
Operating lease cost |  | Selling, general and administrative expenses |  | 566 |  |  | 1,171 |
Variable lease cost |  | Selling, general and administrative expenses |  | 102 |  |  | 180 |
Total lease cost |  |  |  | $ | 1,129 |  |  | $ | 2,295 |
The undiscounted future lease payments under the lease liabilities as of June 30, 2022 were as follows (in thousands):
Maturity of Lease Liabilities |  | Finance Lease |  | Operating Lease
Remainder of 2022 |  | $ | 876 |  |  | $ | 1,402 |
2023 |  | 1,607 |  |  | 2,802 |
2024 |  | 80 |  |  | 2,746 |
2025 |  | — |  |  | 2,158 |
Total lease payments |  | 2,563 |  |  | 9,108 |
Less imputed interest |  | (89) |  |  | (521) |
Present value of lease liabilities |  | $ | 2,474 |  |  | $ | 8,587 |
The undiscounted future lease payments as of December 31, 2021 prior to the Company’s adoption of the new lease standard were as follows (in thousands):
|  | Finance Lease |  | Operating Lease
2022 |  | $ | 1,888 |  |  | $ | 2,633 |
2023 |  | 1,607 |  |  | 2,844 |
2024 |  | 80 |  |  | 2,789 |
2025 |  | — |  |  | 2,272 |
Total payments |  | 3,575 |  |  | 10,538 |
Less: Amount representing interest |  | (159) |  |  | — |
Total payments, net of interest |  | $ | 3,416 |  |  | $ | 10,538 |
Under ASC 840, the previous lease standard, rent expense, including common area maintenance charges, related to operating leases was $2.9 million, $2.8 million and $3.0 million, for 2021, 2020 and 2019, respectively. The weighted-average lease term and discount rate as of June 30, 2022 were as follows:
|  | Finance Lease |  | Operating Lease
Weighted-average remaining lease term |  | 1.4 years |  | 3.3 years
Weighted-average discount rate |  | 4.59 | % |  | 3.77 | %
Supplemental cash flow information was as follows (in thousands):
|  | Six Months Ended June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows used by operating leases |  | $ | 1,092 |
Financing cash used by finance leases |  | 972 |
Right of use assets obtained in exchange for new lease liabilities: |  |
Operating leases - adoption |  | 7,246 |
Operating leases - six months ended June 30, 2022 |  | — |
Finance leases |  | — |
Leases | Leases The Company entered into operating leases primarily for office facilities and finance leases primarily for computer and network equipment purchases. These leases have terms generally ranging from 3 years to 12 years. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. The balance sheet classification of the Company’s right-of-use assets and lease liabilities as of the period presented was as follows (in thousands):
Leases |  | Classification |  | June 30, 2022
Non-Current Assets |  |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | $ | 2,184 |
Operating lease assets |  | Operating right-of-use asset |  | 6,199 |
Total leased assets |  |  |  | $ | 8,383 |
Current Liabilities |  |  |  |
Finance |  | Finance lease liabilities, current |  | $ | 1,755 |
Operating |  | Operating lease liabilities, current |  | 2,563 |
Non-Current Liabilities |  |  |  |
Finance |  | Finance lease liabilities |  | 719 |
Operating |  | Operating lease liabilities |  | 6,024 |
Total leased liabilities |  |  |  | $ | 11,061 |
The components of lease cost were as follows (in thousands):
Lease Cost |  | Classification |  | Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use assets |  | Depreciation and amortization |  | $ | 438 |  |  | $ | 876 |
Interest on finance lease liabilities |  | Interest expense |  | 23 |  |  | 68 |
Operating lease cost |  | Selling, general and administrative expenses |  | 566 |  |  | 1,171 |
Variable lease cost |  | Selling, general and administrative expenses |  | 102 |  |  | 180 |
Total lease cost |  |  |  | $ | 1,129 |  |  | $ | 2,295 |
The undiscounted future lease payments under the lease liabilities as of June 30, 2022 were as follows (in thousands):
Maturity of Lease Liabilities |  | Finance Lease |  | Operating Lease
Remainder of 2022 |  | $ | 876 |  |  | $ | 1,402 |
2023 |  | 1,607 |  |  | 2,802 |
2024 |  | 80 |  |  | 2,746 |
2025 |  | — |  |  | 2,158 |
Total lease payments |  | 2,563 |  |  | 9,108 |
Less imputed interest |  | (89) |  |  | (521) |
Present value of lease liabilities |  | $ | 2,474 |  |  | $ | 8,587 |
The undiscounted future lease payments as of December 31, 2021 prior to the Company’s adoption of the new lease standard were as follows (in thousands):
|  | Finance Lease |  | Operating Lease
2022 |  | $ | 1,888 |  |  | $ | 2,633 |
2023 |  | 1,607 |  |  | 2,844 |
2024 |  | 80 |  |  | 2,789 |
2025 |  | — |  |  | 2,272 |
Total payments |  | 3,575 |  |  | 10,538 |
Less: Amount representing interest |  | (159) |  |  | — |
Total payments, net of interest |  | $ | 3,416 |  |  | $ | 10,538 |
Under ASC 840, the previous lease standard, rent expense, including common area maintenance charges, related to operating leases was $2.9 million, $2.8 million and $3.0 million, for 2021, 2020 and 2019, respectively. The weighted-average lease term and discount rate as of June 30, 2022 were as follows:
|  | Finance Lease |  | Operating Lease
Weighted-average remaining lease term |  | 1.4 years |  | 3.3 years
Weighted-average discount rate |  | 4.59 | % |  | 3.77 | %
Supplemental cash flow information was as follows (in thousands):
|  | Six Months Ended June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows used by operating leases |  | $ | 1,092 |
Financing cash used by finance leases |  | 972 |
Right of use assets obtained in exchange for new lease liabilities: |  |
Operating leases - adoption |  | 7,246 |
Operating leases - six months ended June 30, 2022 |  | — |
Finance leases |  | — |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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