LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

LEASES

The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease.

As of December 31, 2023, right-of-use assets totaled $57.2 million and lease liabilities, the current portion of which is included in accrued expenses and other current liabilities in the accompanying balance sheet, totaled $82.4 million. At December 31, 2022, right-of-use assets totaled $67.1 million and lease liabilities totaled $96.7 million.

Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income (loss), consists of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	9,506	$	11,862	$	13,160
Short-term lease cost	26		45		39
Total lease cost	$	9,532	$	11,907	$	13,199

Weighted average remaining lease term and discount rate for operating leases are as follows:

	December 31, 2023		December 31, 2022		December 31, 2021
Weighted average remaining lease term	11.6 years		12.1 years		12.3 years
Weighted average discount rate	5.0	%	5.0	%	5.0	%

Supplemental cash flow information related to leases is as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Net cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,705	$	13,357	$	329
Right-of-use assets obtained in exchange for new operating lease liabilities	$	861	$	975	$	1,250

Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):

	Operating Leases
Year ending December 31, 2024	$	11,352
Year ending December 31, 2025	9,452
Year ending December 31, 2026	9,564
Year ending December 31, 2027	7,891
Year ending December 31, 2028	7,507
Thereafter	65,348
Total lease payments	111,114
Less: Interest	28,704
Present value of lease liabilities	$	82,410

LEASES

LEASES

The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease.

As of December 31, 2023, right-of-use assets totaled $57.2 million and lease liabilities, the current portion of which is included in accrued expenses and other current liabilities in the accompanying balance sheet, totaled $82.4 million. At December 31, 2022, right-of-use assets totaled $67.1 million and lease liabilities totaled $96.7 million.

Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income (loss), consists of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	9,506	$	11,862	$	13,160
Short-term lease cost	26		45		39
Total lease cost	$	9,532	$	11,907	$	13,199

Weighted average remaining lease term and discount rate for operating leases are as follows:

	December 31, 2023		December 31, 2022		December 31, 2021
Weighted average remaining lease term	11.6 years		12.1 years		12.3 years
Weighted average discount rate	5.0	%	5.0	%	5.0	%

Supplemental cash flow information related to leases is as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Net cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,705	$	13,357	$	329
Right-of-use assets obtained in exchange for new operating lease liabilities	$	861	$	975	$	1,250

Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):

	Operating Leases
Year ending December 31, 2024	$	11,352
Year ending December 31, 2025	9,452
Year ending December 31, 2026	9,564
Year ending December 31, 2027	7,891
Year ending December 31, 2028	7,507
Thereafter	65,348
Total lease payments	111,114
Less: Interest	28,704
Present value of lease liabilities	$	82,410