Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended March 31,
(in thousands)	2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	2	$	3
Interest on lease liabilities	—		—
Operating lease cost	1,662		1,458
Short-term lease cost	475		324
Variable lease cost	73		76
Total lease cost	$	2,212	$	1,861

Rent expense for the three months ended March 31, 2024 and 2023 was immaterial.

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	March 31, 2024			December 31, 2023
2024	$	4,749	*		$	5,825
2025	5,499				4,842
2026	4,065				3,443
2027	2,414				1,887
2028	1,222				786
Thereafter	1,787				962
Total minimum lease payments	$	19,736			$	17,745
Less imputed interest	(1,514)				(1,143)
Total operating lease liabilities	$	18,222			$	16,602
*Period ended March 31, 2024 represents the remaining nine months of 2024.

Future Lease Commencements

As of March 31, 2024, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $2.4 million. These operating leases will commence in fiscal year 2024 with lease terms of 3 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	March 31, 2024			December 31, 2023
Other non-current assets	$	17,972			$	16,279
Accrued liabilities	5,693				5,295
Other long-term liabilities	12,529				11,307
Total operating lease liabilities	$	18,222			$	16,602
Weighted Average Remaining Lease Term	4.04 years				3.76 years
Weighted Average Discount Rate	4.30		%		4.05		%

Supplemental Cash Flow information related to leases was as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,550	$	1,304

Leases

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended March 31,
(in thousands)	2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	2	$	3
Interest on lease liabilities	—		—
Operating lease cost	1,662		1,458
Short-term lease cost	475		324
Variable lease cost	73		76
Total lease cost	$	2,212	$	1,861

Rent expense for the three months ended March 31, 2024 and 2023 was immaterial.

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	March 31, 2024			December 31, 2023
2024	$	4,749	*		$	5,825
2025	5,499				4,842
2026	4,065				3,443
2027	2,414				1,887
2028	1,222				786
Thereafter	1,787				962
Total minimum lease payments	$	19,736			$	17,745
Less imputed interest	(1,514)				(1,143)
Total operating lease liabilities	$	18,222			$	16,602
*Period ended March 31, 2024 represents the remaining nine months of 2024.

Future Lease Commencements

As of March 31, 2024, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $2.4 million. These operating leases will commence in fiscal year 2024 with lease terms of 3 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	March 31, 2024			December 31, 2023
Other non-current assets	$	17,972			$	16,279
Accrued liabilities	5,693				5,295
Other long-term liabilities	12,529				11,307
Total operating lease liabilities	$	18,222			$	16,602
Weighted Average Remaining Lease Term	4.04 years				3.76 years
Weighted Average Discount Rate	4.30		%		4.05		%

Supplemental Cash Flow information related to leases was as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,550	$	1,304