| Leases |
The Company has non-cancelable operating leases with various terms through August 2034 primarily for office space and office equipment.
The lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Lease costs: |
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Operating lease cost |
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$ |
7,734 |
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$ |
5,906 |
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$ |
23,344 |
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$ |
18,015 |
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Finance lease costs: |
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Amortization of leased assets |
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7 |
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39 |
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23 |
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124 |
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Interest on lease liabilities |
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— |
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1 |
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1 |
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3 |
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Short term lease costs: |
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Operating lease cost |
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152 |
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146 |
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431 |
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384 |
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Finance lease costs: |
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Amortization of leased assets |
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2 |
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3 |
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6 |
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7 |
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Interest on lease liabilities |
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— |
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— |
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1 |
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1 |
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Sublease income |
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(122 |
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(113 |
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(319 |
) |
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(292 |
) |
Lease cost – net |
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$ |
7,773 |
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$ |
5,982 |
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$ |
23,487 |
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$ |
18,242 |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
18,419 |
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$ |
19,615 |
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Operating cash flows from finance leases |
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31 |
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134 |
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Non-cash related activities |
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Right-of-use assets obtained in exchange for new operating lease liabilities |
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63,882 |
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2,294 |
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Weighted average discount rate (percent) |
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Operating leases |
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4.62 |
% |
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3.75 |
% |
Finance leases |
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3.20 |
% |
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3.10 |
% |
Weighted average remaining lease term (years) |
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Operating leases |
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7.6 |
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6.0 |
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Finance leases |
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2.1 |
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2.7 |
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Supplemental balance sheet information related to Lease right-of-use assets:
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September 30, 2022 |
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December 31, 2021 |
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Right-of-use assets – operating leases – net |
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$ |
135,217 |
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$ |
84,778 |
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Right-of-use assets – finance leases – net |
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66 |
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96 |
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Total lease right-of-use assets – net |
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$ |
135,283 |
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$ |
84,874 |
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Supplemental balance sheet information related to lease liabilities:
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September 30, 2022 |
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December 31, 2021 |
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Current lease liabilities |
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Operating |
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$ |
19,114 |
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$ |
18,783 |
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Finance |
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36 |
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39 |
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Non-current lease liabilities |
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Operating |
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135,040 |
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74,386 |
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Finance |
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30 |
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57 |
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Total lease liabilities |
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$ |
154,220 |
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$ |
93,265 |
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The estimated future minimum payments of operating and financing leases as of September 30, 2022:
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Finance Leases |
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Operating Leases |
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The remainder of 2022 |
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$ |
10 |
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$ |
4,721 |
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2023 |
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37 |
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27,064 |
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2024 |
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18 |
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25,346 |
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2025 |
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4 |
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23,411 |
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2026 |
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— |
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22,063 |
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Thereafter |
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— |
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84,516 |
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Total undiscounted future lease payments |
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$ |
69 |
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$ |
187,121 |
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Less imputed interest |
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(3 |
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(32,967 |
) |
Present value lease liabilities |
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$ |
66 |
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$ |
154,154 |
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Average annual sublease income for the next six years is expected to be $0.3 million. The Company has two leases with inception dates prior to September 30, 2022 that have not yet commenced as of September 30, 2022, for a total future estimated lease liability of $45.7 million.
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