Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

3. LEASES

We have primarily entered into lease arrangements for office space, in addition to other miscellaneous equipment. Our leases have initial non-cancelable lease terms ranging from one to 10 years. Some of our leases include an option for the Company to extend the term of the lease for up to 10 years.

Operating lease commencements and modifications resulted in net increases to right of use assets–operating leases and corresponding operating lease liabilities on our condensed consolidated balance sheet of $7.0 million during the three months ended March 31, 2022. The lease additions during the three months ended March 31, 2022 primarily relate to an office space lease in Sydney, Australia, which was executed prior to December 31, 2021 and commenced in 2022, and an office space lease in New York, which was executed during the first quarter of 2022.