Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2022 and 2021 are as follows (in thousands):
  Three Months Ended
June 30,		 Six Months Ended
June 30,
  2022 2021 2022 2021
Operating lease cost $ 335  $ 348  $ 664  $ 696 
Variable lease cost 80  58  154  115 
Total lease cost $ 415  $ 406  $ 818  $ 811 
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
  Six Months Ended
June 30,
2022 2021
Cash paid for amounts included in the measurement of lease liabilities and right of use assets:    
Operating cash flow from operating leases $ 523  $ 720 
 
Right of use assets obtained in exchange for lease obligations:
Operating leases $ 18  $ 288 
Increases to right of use assets resulting from lease modifications:
Operating leases $ 1,050  $ — 
Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows:
  As of June 30,
  2022 2021
 
 
Years
Years
Weighted average remaining lease term: 7.1 6.5
  Rate Rate
Weighted average discount rate: 7.1% 7.7%
Future maturities of lease liabilities as of June 30, 2022 are as follows (in thousands):
 
Operating
Leases
2022 $ 596 
2023 1,159 
2024 1,064 
2025 1,033 
2026 998 
2027 and thereafter
 2,841 
Total undiscounted lease payments 7,691 
Less: Imputed interest (2,494)
Total lease liabilities $ 5,197