Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
The Company’s operating leases are primarily for office space, service facility centers and equipment under operating lease arrangements that expire at various dates over the next ten years. The Company’s leases do not contain any restrictive covenants. The Company’s office leases generally contain renewal options for periods ranging from one to five years. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term, and payments associated with the option years are excluded from lease payments. The Company’s office leases do not contain any material residual value guarantees. The Company’s equipment leases generally do not contain renewal options.
Payments due under the Company’s operating leases include fixed payments as well as variable payments. For the Company’s office leases, variable payments include amounts for the Company’s proportionate share of operating expenses, utilities, property taxes, insurance, common area maintenance and other facility-related expenses. For the Company’s equipment leases, variable payments may consist of sales taxes, property taxes and other fees.
The components of lease costs for the three months ended March 31, 2022 and 2021 are as follows (in thousands):
  Three Months Ended
March 31,
  2022 2021
Operating lease cost $ 329  $ 348 
Variable lease cost 74  57 
Total lease cost $ 403  $ 405 
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
  Three Months Ended
March 31,
2022 2021
Cash paid for amounts included in the measurement of lease liabilities and right of use assets:    
Operating cash flow from operating leases $ 359  $ 375 
 
Right of use assets obtained in exchange for lease obligations:
Operating leases $ —  $ 281 
Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows:
  As of March 31,
  2022 2021
 
 
Years
Years
Weighted average remaining lease term: 6.2 6.6
  Rate Rate
Weighted average discount rate: 7.6% 7.7%
Future maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):
 
Operating
Leases
2022 $ 869 
2023 1,065 
2024 1,060 
2025 1,029 
2026 941 
2027 and thereafter
 1,783 
Total undiscounted lease payments 6,747 
Less: Imputed interest (2,374)
Total lease liabilities $ 4,373