Leases

9 Months Ended

Sep. 30, 2023

6. Leases

The Company has operating leases for office space to support business operations. The Company's office leases expire at varying dates from 2024 through 2030. The Company's leases do not contain any material residual value guarantees or restrictive covenants. Operating leases are recognized on the condensed consolidated balance sheets as operating lease right-of-use assets, operating lease liabilities and long-term operating lease liabilities. Operating lease expense is recognized on a straight-line basis over the lease term within the Company’s condensed consolidated statements of operations and comprehensive income.

Lease Costs and Other Information

The following table summarizes the components of operating lease expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	1,181	$	1,184	$	3,548	$	3,549
Variable lease cost		74		79		238		224
Total	$	1,255	$	1,263	$	3,786	$	3,773

The weighted average remaining lease term (in years) and discount rate were as follows:


	September 30, 2023			December 31, 2022
Weighted-average remaining lease term		6.3			6.8
Weighted-average discount rate		2.31	%		2.26	%

Maturity of Lease Liabilities

The following table presents the future minimum lease payments under the Company's operating leases liabilities as of September 30, 2023 (in thousands):


Remainder of 2023	$	988
2024		5,873
2025		4,615
2026		4,209
2027		3,942
Thereafter		11,069
Total lease payments	$	30,696
Less: imputed interest		(2,190	)
Lease liabilities	$	28,506

The Company has subleased certain office space for which incoming sublease amounts will offset the future lease payments in the table above. Under the executed sublease agreement, the Company expects to receive future sublease payments of $0.4 million over the remainder of 2023 and $0.9 million thereafter.