Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

6. Leases

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 September 30, 2022, the Company recorded operating lease costs of $1.7 million and variable lease costs of $0.2 million. During the nine months ended September 30, 2022, the Company recorded operating lease costs of $5.1 million and variable lease costs of $0.6 million. During the three and nine months ended September 30, 2022, the Company recognized an immaterial amount for short term lease expense and no sublease income.

The following tables set forth a summary of information pertaining to the Company’s operating leases (dollar amounts in thousands):

	Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	4,853
	As of September 30, 2022
Weighted average remaining term (years)	2.2
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 September 30, 2022, were as follows (in thousands):

Remainder of 2022	$	1,871
2023	6,981
2024	5,660
2025	809
2026	410
Gross lease payments	15,731
Less imputed interest	(709)
Present value of operating lease liabilities	$	15,022

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 September 30, 2021, and $4.2 million for the nine months ended September 30, 2021.