Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LeasesThe Company’s operating leases consist of office facilities, office equipment, and automobiles. As of March 31, 2023, the Company’s leases have remaining terms of less than one year to eight years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.

The components of operating lease cost reflected in the consolidated statements of operations were as follows:

	Three Months Ended
	March 31,
	2023		2022
Operating lease cost (1)	$	4,628	$	5,753
Variable lease cost	1,202		1,273
Short-term lease cost	—		5
Total operating lease cost	$	5,830	$	7,031

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,417 and $5,553 for the three months ended March 31, 2023 and 2022, respectively.

Supplemental operating cash flow and other information related to leases was as follows:

	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	4,710	$	5,114
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	2,797	$	2,876

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $345 and $1,237 for the three months ended March 31, 2023 and 2022, respectively.

The weighted average remaining lease term for operating leases was 3.8 years and 3.9 years as of March 31, 2023 and December 31, 2022, respectively. The weighted average discount rate was 3.6% and 3.4% as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023, the Company had additional minimum operating lease payments of $1,196 for executed leases that have not yet commenced, primarily for office locations.

Leases

LeasesThe Company’s operating leases consist of office facilities, office equipment, and automobiles. As of March 31, 2023, the Company’s leases have remaining terms of less than one year to eight years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.

The components of operating lease cost reflected in the consolidated statements of operations were as follows:

	Three Months Ended
	March 31,
	2023		2022
Operating lease cost (1)	$	4,628	$	5,753
Variable lease cost	1,202		1,273
Short-term lease cost	—		5
Total operating lease cost	$	5,830	$	7,031

(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,417 and $5,553 for the three months ended March 31, 2023 and 2022, respectively.

Supplemental operating cash flow and other information related to leases was as follows:

	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	4,710	$	5,114
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	2,797	$	2,876

(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $345 and $1,237 for the three months ended March 31, 2023 and 2022, respectively.

The weighted average remaining lease term for operating leases was 3.8 years and 3.9 years as of March 31, 2023 and December 31, 2022, respectively. The weighted average discount rate was 3.6% and 3.4% as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023, the Company had additional minimum operating lease payments of $1,196 for executed leases that have not yet commenced, primarily for office locations.