Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
Operating Leases
The Company has operating leases primarily consisting of office space with remaining lease terms of less than one year to six years, subject to certain renewal options as applicable.
Leases with an initial term of twelve months or less are not recorded on the balance sheet, and the Company does not separate lease and non-lease components of contracts. There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space.
Our lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived an imputed rate, which was used in a portfolio approach to discount its real estate lease liabilities. The Company used estimated incremental borrowing rates for all active leases.
The table below presents certain information related to lease costs for the Company’s operating leases (amounts in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Operating lease expense $ 402  $ 479  $ 1,308  $ 1,188 
Short-term lease expense 206 96 508 216
Total lease cost $ 608  $ 575  $ 1,816  $ 1,404 
The following table presents the weighted average remaining lease term and the weighted average discount rate related to operating leases:
September 30, 2023 December 31, 2022
Weighted average remaining lease term (in years) - operating leases 4.1 4.7
Weighted average discount rate - operating leases 6.26  % 6.19  %
The following table presents the maturities of lease liabilities (amounts in thousands):
Years Ended December 31, Operating
2023 (remaining) $ 483 
2024 1,713 
2025 1,424 
2026 1,067 
2027 970 
2028 and thereafter 710 
Total minimum lease payments 6,367 
Less effects of discounting (753)
Present value of future minimum lease payments $ 5,614