Leases

12 Months Ended

Dec. 31, 2022

The following tables provide the components of lease expense included within the Consolidated Statement of Comprehensive Income(Loss) for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Operating lease cost	$	4,701	$	1,764	$	1,600
Short-term lease cost	898		720		349
Finance lease cost:
Amortization of right-of-use assets	163		—		—
Interest on lease liabilities	16		—		—
Sublease income	—		—		(74)
Total	$	5,778	$	2,484	$	1,875

The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of December 31, 2022 and 2021:


	Year Ended
	December 31, 2022	December 31, 2021
Operating and Finance lease weighted average remaining lease term (in years):
Operating leases	5.3	4.2
Finance leases	4.0	—


	Year Ended
	December 31, 2022		December 31, 2021
Operating and Finance lease weighted average discount rate:
Operating leases	4.9	%	5.2	%
Finance leases	2.2	%	—	%

As of December 31, 2022, the Company’s future maturities of operating and finance lease liabilities were as follows:


Years ending December 31	Operating Leases		Finance Leases
2023	$	4,706	$	409
2024	3,572		409
2025	3,238		409
2026	2,610		282
2027	1,062		162
2028 and thereafter	3,474		—
Total undiscounted lease liabilities	18,662		1,671
Less: imputed interest	(2,279)		(166)
Net lease liabilities	$	16,383	$	1,505

The following table provides supplemental cash flow information related to leases for the ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,454	$	1,856	$	991
Operating cash flows from finance leases	242		—		—

Right-of-use assets obtained in exchange for new operating lease liabilities	6,773		14,293		486
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,134	$	—	$	—

In the years ended December 31, 2022 and 2021, the Company recorded an impairment losses related to the right of use asset of $0.4 million and $0.1 million, respectively.

In the three months ended March 31, 2020 the Company ceased to use the premises underlying one lease and vacated the real estate. As a result, the Company recorded an impairment loss related to the right of use asset of $0.9 million. In the three months ended June 30, 2020, the Company completed negotiations with the landlord to settle the remaining operating lease liability of $0.9 million by issuing a promissory note for $0.1 million, bearing an annual interest rate of 4.0%, and which was due on December 31, 2021 and was paid in the year ended December 31, 2021. The Company recorded a gain of $0.8 million in “Other income (expense), net” in the consolidated statements of operations for the settlement of the operating lease liability.

In the three months ended June 30, 2020 the Company ceased to use its New York City headquarters at 55 Broadway, which were subject to two leases, and vacated the real estate. As a result, the Company recorded an impairment loss related to the right of use asset of $5.3 million. The Company had an operating use liability of $5.8 million with respect to these leases, excluding $0.6 million in accounts payable. In the three months ended September 30, 2020, the Company completed negotiations with the landlord to settle the remaining amounts due of $6.4 million for a cash payment of $1.5 million. The Company recorded a gain of $4.9 million in “Other income (expense), net” in the consolidated statements of operations for the settlement of the operating lease.