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LEASES (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Summary of Components of Lease Expense

For the year ended December 31, 2023 and 2022, the components of the Company’s lease expense were as follows (in thousands):

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Operating Lease Cost

 

$

6,077

 

 

$

5,722

 

Short-term Lease Cost

 

 

130

 

 

 

143

 

Variable Lease Cost

 

 

320

 

 

 

319

 

Sublease Income

 

 

(76

)

 

 

(183

)

Total Lease Cost

 

$

6,451

 

 

$

6,001

 

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (in thousands):

 

 

Year Ended

 

 

Year Ended

 

 

December 31, 2023

 

 

December 31, 2022

 

Weighted-average remaining lease term (in years)

 

 

6.55

 

 

7.53

 

Weighted average discount rate

 

 

5.80

%

 

 

5.34

%

 

 

Year Ended

 

 

Year Ended

 

 

December 31, 2023

 

 

December 31, 2022

 

Cash paid for amounts included in the measurement of lease
   liabilities

 

 

5,538

 

 

 

5,003

 

Summary of Future Undiscounted Cash Flows

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the consolidated balance sheet as of December 31, 2023 were as follows (in thousands):

 

2024

 

$

4,923

 

2025

 

 

4,089

 

2026

 

 

3,522

 

2027

 

 

2,439

 

2028

 

 

1,939

 

Thereafter

 

 

5,605

 

Total lease payments

 

$

22,517

 

Less: imputed interest

 

 

(3,666

)

Present value of lease liabilities

 

$

18,851