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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases We have operating and finance leases for corporate and business offices, service facilities, call centers and certain equipment. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet, unless the arrangement includes an option to purchase the underlying asset, or an option to renew the arrangement, that we are reasonably certain to exercise (short-term lease). Our leases have remaining lease terms of one to eight years, some of which may include options to extend the leases for up to an additional five years. As of March 31, 2024, assets recorded under finance and operating leases were approximately $0.2 million and $24.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. As of December 31, 2023, assets recorded under finance and operating leases were approximately $0.1 million and $25.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payment is the interest rate implicit in the lease, or when that is not readily determinable, we utilize our incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. There was no impairment of leases during the three months ended March 31, 2024 and 2023. The following table presents supplemental balance sheet information related to our financing and operating leases:
In thousands |  | As of March 31, 2024 |  |
|  | Operating Leases |  | Finance Leases |  | Total
Right-of-use Assets |  | $ | 24,308 |  |  | $ | 199 |  |  | $ | 24,507 |
Liabilities |  |  |  |  |  |
Current portion of lease liabilities |  | 4,466 |  |  | 53 |  |  | 4,519 |
Long-term lease liabilities |  | 22,742 |  |  | 69 |  |  | 22,811 |
Total Lease Liabilities |  | $ | 27,208 |  |  | $ | 122 |  |  | $ | 27,330 |
In thousands |  | As of December 31, 2023 |  |
|  | Operating Leases |  | Finance Leases |  | Total
Right-of-use Assets |  | $ | 25,288 |  |  | $ | 129 |  |  | $ | 25,417 |
Liabilities |  |  |  |  |  |
Short-term lease liabilities |  | 4,773 |  |  | 42 |  |  | 4,815 |
Long-term lease liabilities |  | 23,687 |  |  | 4 |  |  | 23,691 |
Total Lease Liabilities |  | $ | 28,460 |  |  | $ | 46 |  |  | $ | 28,506 |
For the three months ended March 31, 2024 and 2023, the components of lease expense were as follows:
In thousands |  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
Operating lease cost |  | $ | 1,349 |  |  | $ | 1,456 |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets |  | 7 |  |  | 40 |
Interest on lease liabilities |  | 1 |  |  | 2 |
Total Finance lease cost |  | 8 |  |  | 42 |
Variable lease cost |  | 447 |  |  | 502 |
Sublease income |  | (158) |  |  | (286) |
Total lease cost, net |  | $ | 1,646 |  |  | $ | 1,714 |
Other information related to leases was as follows:
In thousands |  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
Supplemental Cash Flows Information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases |  | $ | 2,821 |  |  | $ | 3,341 |
Operating cash flows from finance leases |  | 1 |  |  | 2 |
Financing cash flows from finance leases |  | 17 |  |  | 47 |
Weighted Average Remaining Lease term |  |  |  |
Operating leases |  | 6.8 |  | 5.7
Finance leases |  | 3.8 |  | 1.2
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 5.68 | % |  | 3.67 | %
Finance leases |  | 8.06 | % |  | 5.87 | %
The maturities of the Company’s finance and operating lease liabilities as of March 31, 2024 are as follows:
In thousands |  | Operating Leases (1) |  | Finance Leases
Year Ending December 31, |  |  |  |
Remainder of 2024 |  | $ | 4,567 |  |  | $ | 48 |
2025 |  | 4,638 |  |  | 26 |
2026 |  | 4,215 |  |  | 23 |
2027 |  | 4,188 |  |  | 22 |
2028 |  | 4,094 |  |  | 22 |
2029 and beyond |  | 11,396 |  |  | — |
Total future minimum lease payments |  | 33,098 |  |  | 141 |
Less: imputed interest |  | 5,890 |  |  | 19 |
Total lease liabilities |  | $ | 27,208 |  |  | $ | 122 |
(1)Non-cancelable sublease proceeds for the remainder of the fiscal year ending December 31, 2024 of $0.2 million, are not included in the table above.
Leases | Leases We have operating and finance leases for corporate and business offices, service facilities, call centers and certain equipment. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet, unless the arrangement includes an option to purchase the underlying asset, or an option to renew the arrangement, that we are reasonably certain to exercise (short-term lease). Our leases have remaining lease terms of one to eight years, some of which may include options to extend the leases for up to an additional five years. As of March 31, 2024, assets recorded under finance and operating leases were approximately $0.2 million and $24.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. As of December 31, 2023, assets recorded under finance and operating leases were approximately $0.1 million and $25.3 million, respectively, and accumulated amortization associated with finance leases was $0.1 million. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payment is the interest rate implicit in the lease, or when that is not readily determinable, we utilize our incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. There was no impairment of leases during the three months ended March 31, 2024 and 2023. The following table presents supplemental balance sheet information related to our financing and operating leases:
In thousands |  | As of March 31, 2024 |  |
|  | Operating Leases |  | Finance Leases |  | Total
Right-of-use Assets |  | $ | 24,308 |  |  | $ | 199 |  |  | $ | 24,507 |
Liabilities |  |  |  |  |  |
Current portion of lease liabilities |  | 4,466 |  |  | 53 |  |  | 4,519 |
Long-term lease liabilities |  | 22,742 |  |  | 69 |  |  | 22,811 |
Total Lease Liabilities |  | $ | 27,208 |  |  | $ | 122 |  |  | $ | 27,330 |
In thousands |  | As of December 31, 2023 |  |
|  | Operating Leases |  | Finance Leases |  | Total
Right-of-use Assets |  | $ | 25,288 |  |  | $ | 129 |  |  | $ | 25,417 |
Liabilities |  |  |  |  |  |
Short-term lease liabilities |  | 4,773 |  |  | 42 |  |  | 4,815 |
Long-term lease liabilities |  | 23,687 |  |  | 4 |  |  | 23,691 |
Total Lease Liabilities |  | $ | 28,460 |  |  | $ | 46 |  |  | $ | 28,506 |
For the three months ended March 31, 2024 and 2023, the components of lease expense were as follows:
In thousands |  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
Operating lease cost |  | $ | 1,349 |  |  | $ | 1,456 |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets |  | 7 |  |  | 40 |
Interest on lease liabilities |  | 1 |  |  | 2 |
Total Finance lease cost |  | 8 |  |  | 42 |
Variable lease cost |  | 447 |  |  | 502 |
Sublease income |  | (158) |  |  | (286) |
Total lease cost, net |  | $ | 1,646 |  |  | $ | 1,714 |
Other information related to leases was as follows:
In thousands |  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
Supplemental Cash Flows Information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases |  | $ | 2,821 |  |  | $ | 3,341 |
Operating cash flows from finance leases |  | 1 |  |  | 2 |
Financing cash flows from finance leases |  | 17 |  |  | 47 |
Weighted Average Remaining Lease term |  |  |  |
Operating leases |  | 6.8 |  | 5.7
Finance leases |  | 3.8 |  | 1.2
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 5.68 | % |  | 3.67 | %
Finance leases |  | 8.06 | % |  | 5.87 | %
The maturities of the Company’s finance and operating lease liabilities as of March 31, 2024 are as follows:
In thousands |  | Operating Leases (1) |  | Finance Leases
Year Ending December 31, |  |  |  |
Remainder of 2024 |  | $ | 4,567 |  |  | $ | 48 |
2025 |  | 4,638 |  |  | 26 |
2026 |  | 4,215 |  |  | 23 |
2027 |  | 4,188 |  |  | 22 |
2028 |  | 4,094 |  |  | 22 |
2029 and beyond |  | 11,396 |  |  | — |
Total future minimum lease payments |  | 33,098 |  |  | 141 |
Less: imputed interest |  | 5,890 |  |  | 19 |
Total lease liabilities |  | $ | 27,208 |  |  | $ | 122 |
(1)Non-cancelable sublease proceeds for the remainder of the fiscal year ending December 31, 2024 of $0.2 million, are not included in the table above.

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