Leases

9 Months Ended

Sep. 30, 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 September 30,
	2022			2021
Operating lease cost	$	3,546		$	3,999
Short-term lease cost		214			120
Variable lease cost		1,000			1,472
Sublease income		(192	)		(192	)
Total lease cost	$	4,568		$	5,399


	For the Nine Months Ended September 30,
	2022			2021
Operating lease cost	$	10,798		$	11,881
Short-term lease cost		526			306
Variable lease cost		4,013			4,187
Sublease income		(575	)		(358	)
Total lease cost	$	14,762		$	16,016

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


	For the Nine Months Ended September 30,
	2022			2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,556		$	8,526
Operating lease ROU assets obtained in exchange for lease obligations	$	172		$	7,505
Weighted-average remaining lease term - operating leases (years)		5.3			6.1
Weighted-average discount rate - operating leases		4.3	%		4.3	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of September 30, 2022 are as follows (in thousands):


	Operating Lease			Sublease
	Payments			Cash Receipts
2022 (remainder)	$	4,182		$	195
2023		16,272			606
2024		15,848			624
2025		13,934			—
2026		12,084			—
Thereafter		13,841			—
Total lease payments and estimated sublease cash receipts		76,161		$	1,425
Less imputed interest		(9,167	)
Present value of lease liabilities	$	66,994

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


Operating lease ROU assets	$	55,637

Short-term operating lease liabilities (1)	$	13,455
Non-current operating lease liabilities		53,539
Total operating lease liabilities	$	66,994

(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.