| Leases |
The Company has various non-cancelable operating leases with various terms through September 2038 primarily for office space and office equipment.
The following table provides additional information about the Company’s leases:
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Year Ended December 31, |
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2022 |
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2021 |
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|
2020 |
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Lease costs: |
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Operating lease cost |
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$ |
32,834 |
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$ |
24,069 |
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$ |
19,510 |
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Finance lease costs: |
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Amortization of leased assets |
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30 |
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|
144 |
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|
102 |
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Interest on lease liabilities |
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1 |
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3 |
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2 |
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Short term lease costs: |
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Operating lease cost |
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|
598 |
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|
536 |
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|
1,906 |
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Finance lease costs: |
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Amortization of leased assets |
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9 |
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9 |
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11 |
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Interest on lease liabilities |
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1 |
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1 |
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1 |
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Sublease income |
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(488 |
) |
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(382 |
) |
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(450 |
) |
Lease cost – net |
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$ |
32,985 |
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$ |
24,380 |
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$ |
21,082 |
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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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$ |
25,569 |
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$ |
27,550 |
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$ |
18,586 |
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Operating cash flows from finance leases |
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|
41 |
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|
156 |
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|
117 |
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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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93,029 |
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11,714 |
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|
35,766 |
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Right-of-use assets obtained in exchange for new finance lease liabilities |
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— |
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— |
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|
132 |
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Weighted average discount rate (percent) |
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Operating leases |
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4.80 |
% |
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3.85 |
% |
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|
3.72 |
% |
Finance leases |
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3.22 |
% |
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|
3.16 |
% |
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|
3.01 |
% |
Weighted average remaining lease term (years) |
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Operating leases |
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8.5 |
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6.0 |
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|
6.2 |
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Finance leases |
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1.9 |
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2.7 |
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2.2 |
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Supplemental balance sheet information related to right-of-use assets and lease liabilities:
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As of December 31, |
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2022 |
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|
2021 |
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Right-of-use assets – operating leases – net |
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$ |
143,813 |
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$ |
84,778 |
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Right-of-use assets – finance leases – net |
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|
57 |
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|
96 |
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Total lease right-of-use assets – net |
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$ |
143,870 |
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$ |
84,874 |
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Current lease liabilities |
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Operating |
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$ |
22,744 |
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$ |
18,783 |
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Finance |
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|
35 |
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|
39 |
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Non-current lease liabilities |
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Operating |
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|
151,944 |
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|
74,386 |
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Finance |
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|
22 |
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|
|
57 |
|
Total lease liabilities |
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$ |
174,745 |
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$ |
93,265 |
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The estimated future minimum payments of operating and financing leases as of December 31, 2022:
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Finance Leases |
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Operating Leases |
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2023 |
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$ |
37 |
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$ |
30,415 |
|
2024 |
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|
18 |
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|
26,194 |
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2025 |
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|
4 |
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|
24,424 |
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2026 |
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— |
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|
23,049 |
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2027 |
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— |
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|
|
20,941 |
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Thereafter |
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— |
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|
95,271 |
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Total undiscounted future lease payments |
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$ |
59 |
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$ |
220,294 |
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Less imputed interest |
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(2 |
) |
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(45,606 |
) |
Present value lease liabilities |
|
$ |
57 |
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$ |
174,688 |
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Average annual sublease income for the next five years is $0.3 million. The Company has four leases with inception dates prior to December 31, 2022 that had not yet commenced as of December 31, 2022, for a total future estimated lease liability of $21.6 million.
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