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Leases (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

18,031

 

 

$

12,871

 

Short-term lease cost

 

 

-

 

 

 

31

 

Variable lease cost

 

 

4,443

 

 

 

3,339

 

Total lease cost

 

$

22,474

 

 

$

16,241

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Other information

 

 

 

 

 

 

Operating cash flows used for operating leases

 

$

14,656

 

 

$

12,641

 

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

 

 

67,053

 

 

 

49,378

 

 

 

 

 

 

 

 

 

 

As Of December 31,

 

 

 

2022

 

 

2021

 

Lease term and discount rate

 

 

 

Weighted average remaining lease term

 

6.9 years

 

 

7.2 years

 

Weighted average discount rate

 

7.20%

 

 

5.50%

 

 

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, 2022:

 

Future Operating Lease Payments

 

Year Ending December 31,

 

(in thousands)

 

2023

 

$

25,431

 

2024

 

 

24,930

 

2025

 

 

25,902

 

2026

 

 

25,078

 

2027

 

 

17,530

 

Thereafter

 

 

51,557

 

Total lease payments

 

$

170,428

 

Less: imputed interest

 

 

(39,725

)

Total operating lease liabilities at December 31, 2022

 

$

130,703