Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

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 June 30,
	2022			2021
Operating lease cost	$	3,600		$	4,062
Short-term lease cost		175			98
Variable lease cost		1,463			1,280
Sublease income		(192	)		(105	)
Total lease cost	$	5,046		$	5,335

	For the Six Months Ended June 30,
	2022			2021
Operating lease cost	$	7,252		$	7,882
Short-term lease cost		312			186
Variable lease cost		3,013			2,715
Sublease income		(383	)		(166	)
Total lease cost	$	10,194		$	10,617

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

	For the Six Months Ended June 30,
	2022			2021
Cash paid for amounts included in the measurement of operating    lease liabilities	$	6,180		$	5,769
Operating lease ROU assets obtained in exchange for lease    obligations	$	172		$	7,385
Weighted-average remaining lease term - operating leases (years)		5.5			6.3
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 June 30, 2022 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2022 (remainder)	$	8,462		$	412
2023		16,446			606
2024		15,993			624
2025		14,059			—
2026		12,095			—
Thereafter		14,280			—
Total lease payments and estimated sublease cash receipts		81,335		$	1,642
Less imputed interest		(10,267	)
Present value of lease liabilities	$	71,068

Lease balances as of June 30, 2022 are as follows (in thousands):

Operating lease ROU assets	$	58,966
Short-term operating lease liabilities (1)	$	13,551
Non-current operating lease liabilities		57,517
Total operating lease liabilities	$	71,068

(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.