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Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Summary of Lease Costs and Other Information

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2021 and 2020:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

12,871

 

 

$

8,447

 

Short-term lease cost

 

 

31

 

 

 

56

 

Variable lease cost

 

 

3,339

 

 

 

2,918

 

Total lease cost

 

$

16,241

 

 

$

11,421

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Other information

 

 

 

 

 

 

Operating cash flows used for operating leases

 

$

12,641

 

 

$

7,495

 

Operating lease liabilities arising from obtaining right-of-use
   assets

 

 

49,378

 

 

 

26,432

 

 

 

 

 

 

 

 

 

 

As Of December 31,

 

 

 

2021

 

 

2020

 

Lease term and discount rate

 

 

 

Weighted average remaining lease term

 

7.2 years

 

 

6.7 years

 

Weighted average discount rate

 

5.50%

 

 

5.80%

 

 

Schedule of Reconciliation of Undiscounted Cash Flows for Operating Lease Liabilities / Future Minimum Lease Payments

The table below reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities recorded in the consolidated balance sheet as of December 31, 2021:

 

Future Operating Lease Payments

 

Year Ending December 31,

 

(in thousands)

 

2022

 

$

12,929

 

2023

 

 

13,398

 

2024

 

 

12,320

 

2025

 

 

12,838

 

2026

 

 

11,544

 

Thereafter

 

 

28,809

 

Total lease payments

 

$

91,838

 

Less: imputed interest

 

 

(17,815

)

Total operating lease liabilities at December 31, 2021

 

$

74,023