LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

LEASES

During the three and six months ended June 30, 2023, the Company incurred operating lease expenses of $7.3 million and $14.5 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. During the three and six months ended June 30, 2022, the Company incurred operating lease expenses of $7.4 million and $14.8 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. As of June 30, 2023, the weighted-average remaining lease term was 6.8 years and the weighted-average discount rate was 5.80%.

Operating leases mature as follows (in thousands):

Fiscal Year Ended December 31,	Minimum Payments
2023	$	15,611
2024	21,744
2025	19,350
2026	16,562
2027	13,500
Thereafter	38,205
Total lease payments	124,972
Less: interest	(25,085)
Present value of lease liabilities	$	99,887

During the six months ended June 30, 2023, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow of $16.8 million related to increases in the operating lease right-of-use assets and operating lease liabilities. During the six months ended June 30, 2022, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow of $8.4 million related to increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2023, the Company did not have any significant operating or financing leases that had not yet commenced.

LEASES

LEASES

During the three and six months ended June 30, 2023, the Company incurred operating lease expenses of $7.3 million and $14.5 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. During the three and six months ended June 30, 2022, the Company incurred operating lease expenses of $7.4 million and $14.8 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. As of June 30, 2023, the weighted-average remaining lease term was 6.8 years and the weighted-average discount rate was 5.80%.

Operating leases mature as follows (in thousands):

Fiscal Year Ended December 31,	Minimum Payments
2023	$	15,611
2024	21,744
2025	19,350
2026	16,562
2027	13,500
Thereafter	38,205
Total lease payments	124,972
Less: interest	(25,085)
Present value of lease liabilities	$	99,887

During the six months ended June 30, 2023, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow of $16.8 million related to increases in the operating lease right-of-use assets and operating lease liabilities. During the six months ended June 30, 2022, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow of $8.4 million related to increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2023, the Company did not have any significant operating or financing leases that had not yet commenced.