Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

(11)Leases

The Company enters into operating leases primarily for standalone homes, luxury condos, and hotel rooms. The Company determines if an arrangement is a lease, or contains a lease, including embedded leases, at inception and records the leases in the Company’s financial statements upon later of ASC 842 adoption date of January 1, 2022, or lease commencement, which is the date when the underlying asset is made available for use by the lessor. Leases have initial terms of up to 10 years, and generally contain extension options at the approval of both parties. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

The following table details the composition of operating lease expense for the three months ended March 31, 2022:

	Three Months Ended
	March 31, 2022
	(in thousands)
Operating lease expense	$	18,282
Variable lease expense		659

As of March 31, 2022, the maturities of the Company’s operating liabilities (excluding short-term leases) were as follows (in thousands):

	Operating leases
Remainder of 2022	$	52,896
Year ending December 31, 2023		58,608
Year ending December 31, 2024		35,382
Year ending December 31, 2025		26,749
Year ending December 31, 2026		19,972
Thereafter		24,874
Total minimum lease payments		218,481
Less: interest expense		(21,703)
Present value of lease obligations		196,778
Less: current lease obligations		(61,984)
Long-term lease obligations	$	134,794

As previously reported in the Company’s audited financial statements for the year ended December 31, 2021 and under legacy lease accounting (ASC 840), future minimum lease payments under non-cancellable leases as of December 31, 2021 are as follows:

Years ending December 31	Amount
	(in thousands)
2022	$	69,329
2023		58,744
2024		37,850
2025		28,203
2026		20,345
Thereafter		25,716
Total	$	240,187

The following table presents additional information about our lease obligations as of March 31, 2022:

	As of March 31, 2022
Weighted-average remaining lease term (in years):
Operating leases	4.25
Weighted-average discount rate
Operating leases	5.06	%

The following table presents supplemental cash flow information for the three months ended March 31, 2022:

	Three Months Ended
	March 31, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities :
Operating cash flows from operating leases	$	18,473
Leased assets obtained in exchange for new operating lease liabilities	$	12,598