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Leases

12 Months Ended

Dec. 31, 2023

We lease certain office space, residential space, buildings and land with various lease terms through May 2043. Certain office leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years. The exercise of lease renewal options is at our sole discretion and are assessed whether to factor as part of the lease term at lease inception. Our leases generally require us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent.

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Operating lease cost	$	5,595	$	5,778	$	4,750
Finance lease cost:
Amortization of right-of-use assets	880		880		880
Interest on lease obligations	811		861		956
Short-term lease cost	3,008		3,045		1,667
Variable lease cost	971		1,189		1,163
	$	11,265	$	11,753	$	9,416

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


	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,215	$	6,876	$	6,028
Finance cash flows from finance leases	505		1,575		1,705
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,563	$	1,816	$	6,299
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0		5.4		5.7
Finance leases	19.4		20.4		21.4
Weighted Average Discount Rate
Operating leases	5.7	%	5.4	%	4.9	%
Finance leases	5.5	%	5.5	%	5.5	%

As of December 31, 2023, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2024	$	6,048	$	1,315
2025	4,137		1,315
2026	3,061		1,315
2027	1,721		1,315
2028	1,499		1,315
Thereafter	2,364		16,030
Total lease obligations	18,830		22,605
Less: Amount representing interest	(2,684)		(8,023)
Net lease obligations	$	16,146	$	14,582

Leases

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Operating lease cost	$	5,595	$	5,778	$	4,750
Finance lease cost:
Amortization of right-of-use assets	880		880		880
Interest on lease obligations	811		861		956
Short-term lease cost	3,008		3,045		1,667
Variable lease cost	971		1,189		1,163
	$	11,265	$	11,753	$	9,416

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


	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,215	$	6,876	$	6,028
Finance cash flows from finance leases	505		1,575		1,705
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,563	$	1,816	$	6,299
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0		5.4		5.7
Finance leases	19.4		20.4		21.4
Weighted Average Discount Rate
Operating leases	5.7	%	5.4	%	4.9	%
Finance leases	5.5	%	5.5	%	5.5	%

As of December 31, 2023, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2024	$	6,048	$	1,315
2025	4,137		1,315
2026	3,061		1,315
2027	1,721		1,315
2028	1,499		1,315
Thereafter	2,364		16,030
Total lease obligations	18,830		22,605
Less: Amount representing interest	(2,684)		(8,023)
Net lease obligations	$	16,146	$	14,582