Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

10. Leases

The Company leases certain equipment and facilities under operating leases which expire at various dates through 2028. The Company’s operating lease costs were as follows:

	Three Months Ended March 31,
(in thousands)	2023		2022
Operating lease cost (gross lease expense)	$	2,273	$	3,204
Variable lease costs		958		1,330
Sublease income (including reimbursed expenses)		491		846

During each of the three months ended March 31, 2023 and 2022, the Company’s short-term lease costs were nominal.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term was 5.5 years and 5.7 years as of March 31, 2023 and December 31, 2022, respectively.

The weighted average discount rate used to estimate operating lease liabilities was 7.1% as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023, maturities of operating lease liabilities and sublease income, by year are as follows:

(in thousands)	Operating Lease Payments		Sublease Income
Remainder of 2023	$	8,400	$	(1,318	)
2024		9,753		(372	)
2025		9,307		—
2026		9,516		—
2027		9,788		—
Thereafter		9,363		—
Gross lease payments (income)	$	56,127	$	(1,690	)
Less: Imputed interest		9,802
Less: Tenant improvement receivables		418
Total operating lease liabilities	$	45,907