Leases

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	2	$	2	$	4	$	5
Operating lease cost	1,802		1,482		3,464		2,940
Short-term lease cost	395		305		870		629
Variable lease cost	78		75		151		151
Total lease cost	$	2,277	$	1,864	$	4,489	$	3,725

Rent expense for the three and six months ended June 30, 2024 and 2023 was immaterial.

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	June 30, 2024			December 31, 2023
2024	$	3,181	*		$	5,825
2025	5,794				4,842
2026	4,372				3,443
2027	2,734				1,887
2028	1,536				786
Thereafter	1,860				962
Total minimum lease payments	$	19,477			$	17,745
Less imputed interest	(1,512)				(1,143)
Total operating lease liabilities	$	17,965			$	16,602
*Period ended June 30, 2024 represents the remaining six months of 2024.

Future Lease Commencements

As of June 30, 2024, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $2.5 million. These operating leases will commence in fiscal year 2024 with lease terms of 2 to 3 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	June 30, 2024			December 31, 2023
Other non-current assets	$	17,763			$	16,279
Accrued liabilities	5,686				5,295
Other long-term liabilities	12,279				11,307
Total operating lease liabilities	$	17,965			$	16,602
Weighted Average Remaining Lease Term	3.97 years				3.76 years
Weighted Average Discount Rate	4.39		%		4.05		%

Supplemental cash flow information related to leases was as follows:

	Six Months Ended June 30,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,175	$	2,639

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 June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	2	$	2	$	4	$	5
Operating lease cost	1,802		1,482		3,464		2,940
Short-term lease cost	395		305		870		629
Variable lease cost	78		75		151		151
Total lease cost	$	2,277	$	1,864	$	4,489	$	3,725

Rent expense for the three and six months ended June 30, 2024 and 2023 was immaterial.

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	June 30, 2024			December 31, 2023
2024	$	3,181	*		$	5,825
2025	5,794				4,842
2026	4,372				3,443
2027	2,734				1,887
2028	1,536				786
Thereafter	1,860				962
Total minimum lease payments	$	19,477			$	17,745
Less imputed interest	(1,512)				(1,143)
Total operating lease liabilities	$	17,965			$	16,602
*Period ended June 30, 2024 represents the remaining six months of 2024.

Future Lease Commencements

As of June 30, 2024, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $2.5 million. These operating leases will commence in fiscal year 2024 with lease terms of 2 to 3 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	June 30, 2024			December 31, 2023
Other non-current assets	$	17,763			$	16,279
Accrued liabilities	5,686				5,295
Other long-term liabilities	12,279				11,307
Total operating lease liabilities	$	17,965			$	16,602
Weighted Average Remaining Lease Term	3.97 years				3.76 years
Weighted Average Discount Rate	4.39		%		4.05		%

Supplemental cash flow information related to leases was as follows:

	Six Months Ended June 30,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,175	$	2,639