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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Leases The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature, and records the associated right-of-use asset and lease liability on its condensed consolidated balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. The Company accounts for lease and non-lease components related to operating leases as a single lease component. The Company has elected that costs associated with leases having an initial term of 12 months or less ("short-term leases") are recognized in the condensed consolidated statements of operations on a straight-line basis over the lease term and are not recorded on the balance sheet. Lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods and may include options, including those to extend or terminate, if it is reasonably certain they will be exercised. The Company’s operating lease arrangements are principally for office space in its New York City headquarters. As of June 30, 2023, the Company had $20.7 million of operating lease right-of-use assets, $2.9 million and $20.2 million of current and non-current operating lease liabilities, respectively, and no finance leases on its condensed consolidated balance sheet. These operating lease arrangements, included in the measurement of lease liabilities, had a weighted-average remaining lease term of 6.5 years, a weighted-average discount rate of 5.9%, and do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. As of December 31, 2022, the Company had $22.0 million of operating lease right-of-use assets, $2.8 million and $21.7 million of current and non-current operating lease liabilities, respectively, and no finance leases on its condensed consolidated balance sheet. During the three and six months ended June 30, 2023, the Company paid $1.0 million and $2.0 million, respectively, for amounts included in the measurement of lease liabilities, and $1.1 million and $2.1 million during the three and six months ended June 30, 2022, respectively. The Company did not enter into any new lease arrangements during the three and six months ended June 30, 2023 or 2022. The Company recognized lease expense for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease expense | $ | 966 |  |  | $ | 983 |  |  | $ | 1,988 |  |  | $ | 1,987 |
Short-term lease expense | 33 |  |  | 41 |  |  | 54 |  |  | 78 |
Variable lease expense | 321 |  |  | 249 |  |  | 576 |  |  | 489 |
Total lease expense | $ | 1,320 |  |  | $ | 1,273 |  |  | $ | 2,618 |  |  | $ | 2,554 |
As of June 30, 2023, the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands):
Fiscal Year Ending December 31, | Operating Lease Payments
2023 (remaining) | $ | 2,039 |
2024 | 4,114 |
2025 | 4,292 |
2026 | 4,292 |
2027 | 4,292 |
Thereafter | 8,583 |
Total operating lease payments | 27,612 |
Less: imputed interest | (4,530) |
Total lease liabilities | $ | 23,082 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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