Leases

3 Months Ended

Mar. 31, 2022

The Company adopted Topic 842 as of January 1, 2022 using the modified retrospective approach.

The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2026.

During the three months ended March 31, 2022, the Company recorded operating lease costs of $1.7 million and variable lease costs of $0.2 million. During the three months ended March 31, 2022, the Company recorded an immaterial amount for short term lease expense and sublease income, and did not enter into any new leases.

The following table sets forth a summary of and other information pertaining to the Company’s operating leases for the three months ended March 31, 2022 (dollar amounts in thousands):


	Three Months Ended March 31,
	2022
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	1,151
Weighted average remaining term (years)	2.7
Weighted average discount rate	3.8		%

Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of March 31, 2022, were as follows (in thousands):


Remainder of 2022	$	5,697
2023	7,176
2024	5,825
2025	809
2026	410
Gross lease payments	19,917
Less imputed interest	(1,049)
Present value of operating lease liabilities	$	18,868

Future minimum lease payments as measured under Topic 840 for noncancellable operating leases as of December 31, 2021, were as follows (in thousands):


2022	$	7,826
2023	7,212
2024	5,921
2025	809
2026	410
Total lease commitments	$	22,178

Rent expense for operating leases under Topic 840 was $1.4 million for the three months ended March 31, 2021.