Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued liabilities and current portion of long-term liabilities, and operating lease liabilities in our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease ROU assets also exclude lease incentives received. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

We have operating leases primarily for office buildings and spaces. Our leases have remaining lease terms of one year to four years. Supplemental information related to lease expense and valuation of the ROU assets and lease liabilities was as follows:

	Three Months Ended
	March 31,
	2024		2023
Operating lease cost:	$	712	$	658

	Three Months Ended
	March 31,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	735		$	640
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	832			2,726
Weighted average remaining lease term (in years)	2.24			2.85
Weighted average discount rate	7.32		%	6.72		%

Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows:

Operating Lease Payments
Nine months ending December 31, 2024	$	1,946
Years ending December 31:
2025	2,140
2026	980
2027	375
Thereafter	49
Total operating lease payments	5,490
Less imputed interest	(452)
Total operating lease liabilities	$	5,038

As of March 31, 2024, we had $831 in operating lease liabilities that had not commenced.