Leases

12 Months Ended

Dec. 31, 2023

7. Leases

We lease our facilities and some of our equipment under noncancelable operating lease arrangements that expire at various dates through 2029. The total operating lease liabilities for these leases at December 31, 2023 was approximately $24.1 million. For a few of our facility leases, we have certain options to extend the lease term for up to 10 years, at our sole discretion. We have no finance leases.

We present below the operating lease right-of-use assets and lease liabilities as of December 31, 2023 (in thousands):


		December 31, 2023
ASSETS
Operating lease right-of-use assets		$21,645

LIABILITIES
Operating lease liabilities, current (included in accrued and other liabilities)		$6,428
Operating lease liabilities, long-term		17,694
Total operating lease liabilities		$24,122

Aggregate future minimum lease payments under noncancelable operating leases as of December 31, 2023 are as follows (in thousands):


Year Ending December 31,
2024	$	7,096
2025		6,729
2026		3,690
2027		3,769
2028		3,823
Thereafter		735
Total minimum payments required		25,842
Less short-term leases		(97	)
Less imputed interest		(1,623	)
Total operating lease liabilities	$	24,122

We are applying the practical expedient to not separate lease and non-lease components, which allows us to account for lease and non-lease components as a single lease component. The total lease cost in 2023 was $8.1 million, consisting of $7.8 million of operating lease costs, and $0.3 million of short-term lease costs. The total lease cost in 2022 was $7.7 million, consisting of $7.3 million of operating lease costs, and $0.4 million of short-term lease costs. Total lease costs in 2021 were $7.9 million, consisting of $7.5 million of operating lease costs, and $0.4 million of short-term lease costs. Our variable lease cost during 2023, 2022 and 2021 were immaterial.


Weighted average remaining lease term	4.1 years
Weighted average discount rate		4	%
Supplemental cash flow information - operating cash flows (in thousands):
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	7,016

See Note 9 for information regarding an amendment to our headquarters lease that we entered into after December 31, 2024.