Leases

12 Months Ended

Dec. 31, 2023

Our leases consist of office facilities under noncancelable operating lease arrangements that expire at various dates through 2033. Our leases do not contain any material (i) non-lease components, (ii) variable lease costs, (iii) short-term lease expenses, (iv) residual value guarantees or (v) material restrictive covenants.

For the years ended December 31, 2023, 2022 and 2021, lease expense of $8.0 million, $6.2 million and $5.6 million, respectively, was included in costs and operating expenses in the consolidated statements of operations.

For the years ended December 31, 2023, 2022 and 2021, cash paid for amounts affecting the measurement of our operating lease liabilities included in cash flows from operating activities was $7.1 million, $6.4 million and $6.2 million (excluding $1.6 million of cash collected from lease incentive receivable), respectively.

As of December 31, 2023 and 2022, the weighted average remaining lease term was 7.8 years and 8.7 years, respectively, and the weighted average discount rate was 6.8% and 6.9%, respectively.

The following table presents maturities of operating lease liabilities at December 31, 2023:


(in thousands)
Year Ending December 31,
2024	$	6,177
2025	7,165
2026	9,216
2027	9,087
2028	9,451
Thereafter	33,315
Total operating lease payments	74,411
Less: Effects of discounting	(19,831)
Present value of operating lease liabilities	$	54,580
Operating lease liabilities, current	$	6,177
Operating lease liabilities, net of current portion	$	48,403

The estimated operating lease payments included in the table above for 2024 and 2025 have been reduced by lease incentives for leasehold improvements of $3.5 million and $2.7 million, respectively.