Leases

3 Months Ended

Mar. 31, 2022

LEASES

The Company leases real estate, vehicle fleet and some equipment in the U.S. and internationally. The Company's real estate leases, which are responsible for the majority of the Company's aggregate ROU asset

and liability balances, include leases for office space and other facilities. As of March 31, 2022, the Company's real estate and non-real estate leases have remaining lease terms ranging from 12 months to 6 years. Some of these leases contain options that allow the Company to extend or terminate the lease agreement. All of the Company's leases are classified as operating leases except for certain immaterial equipment finance leases.

The components of total lease expense related to operating leases are as follows (in thousands):


	For the Three Months Ended March 31, 2022
Operating lease cost	$	4,227
Variable lease cost		892
Short-term lease cost		1,814
	$	6,933

Rent expense was $3.9 million for the three months ended March 31, 2021. The Company has updated the March 31, 2021 rent expense disclosure to include fleet vehicle lease expense that was previously inadvertently omitted.

The short-term lease cost disclosed above reasonably reflects the Company’s ongoing short-term lease commitments.

The following table provides balance sheet information related to the Company's operating leases (in thousands):


	March 31, 2022
Assets
Operating lease right-of-use assets	$	40,144

Liabilities
Operating lease liabilities, current	$	14,467
Operating lease liabilities, non-current		29,193
Total operating lease liabilities	$	43,660

The following table provides supplemental cash flows information related to the Company's operating leases (in thousands):


	For the Three Months Ended March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flow from financing activities	$	—
Cash flow from operating activities		4,371
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Lease liabilities arising from obtaining new ROU assets during the period		937
Weighted average remaining lease term		3.51
Weighted average discount rate		4.18	%

The maturities of lease liabilities as of March 31, 2022 were as follows (in thousands):


For the year	Operating leases
2022	$	12,424
2023		12,627
2024		10,882
2025		7,311
2026		3,599
Thereafter		261
Total undiscounted lease payments		47,104
Less: portion representing interest		(3,444	)
Total lease liability		43,660

As of March 31, 2022, the Company had signed additional lease agreements with total future undiscounted lease payments of approximately $3.5 million. Those additional lease agreements have an initial term of 5 years with options to renew the leases during the lease terms for an additional 5 years.