Leases

3 Months Ended

Mar. 31, 2022

Note 5 — Leases

All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

The components of lease expense were as follows (in thousands):


	For the Three Months Ended March 31,
	2022			2021
Operating lease cost	$	3,652		$	3,819
Short-term lease cost		137			88
Variable lease cost		1,550			1,436
Sublease income		(192	)		(61	)
Total lease cost	$	5,147		$	5,282

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):


	For the Three Months Ended March 31,
	2022			2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,861		$	2,718
Operating lease ROU assets obtained in exchange for lease obligations		—		$	7,433
Weighted-average remaining lease term - operating leases (years)		5.7			6.5
Weighted-average discount rate - operating leases		4.3	%		4.4	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of March 31, 2022 are as follows (in thousands):


	Operating Lease			Sublease
	Payments			Cash Receipts
2022 (remainder)	$	12,743		$	626
2023		16,507			606
2024		16,137			625
2025		14,184			—
2026		12,108			—
Thereafter		14,706			—
Total lease payments and estimated sublease cash receipts		86,385		$	1,857
Less imputed interest		(11,482	)
Present value of lease liabilities	$	74,903

Lease balances as of March 31, 2022 are as follows (in thousands):


Operating lease ROU assets	$	62,086

Short-term operating lease liabilities (1)	$	13,427
Non-current operating lease liabilities		61,476
Total operating lease liabilities	$	74,903

(1)

Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions or covenants.