| Leases |
6. Leases
The following table presents lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three and six months ended June 30, 2023 and 2022, respectively.
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Lease cost: |
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Operating lease cost (1) |
|
$ |
2,582 |
|
$ |
2,747 |
|
$ |
5,169 |
|
$ |
5,625 |
Finance lease cost: |
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|
|
Depreciation of finance lease assets (2) |
|
|
314 |
|
|
330 |
|
|
531 |
|
|
702 |
Interest on finance lease liabilities (3) |
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|
43 |
|
|
37 |
|
|
66 |
|
|
79 |
Short-term lease cost (1) |
|
|
243 |
|
|
277 |
|
|
489 |
|
|
528 |
Sublease income (1) |
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(267) |
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(89) |
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(534) |
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(89) |
Total lease cost |
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$ |
2,915 |
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$ |
3,302 |
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$ |
5,721 |
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$ |
6,845 |
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Other information: |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash outflows from operating leases |
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$ |
1,516 |
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$ |
1,139 |
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$ |
2,852 |
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$ |
2,319 |
Operating cash outflows from finance leases |
|
$ |
17 |
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$ |
37 |
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$ |
40 |
|
$ |
72 |
Financing cash outflows from finance leases |
|
$ |
515 |
|
$ |
427 |
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$ |
1,028 |
|
$ |
907 |
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(1) |
Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
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(2) |
Included in Depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
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(3) |
Included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of June 30, 2023 and 2022, respectively:
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June 30, |
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2023 |
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2022 |
Weighted-average remaining lease term - operating leases (in years) |
|
13.8 |
|
14.4 |
Weighted-average remaining lease term - finance leases (in years) |
|
2.6 |
|
2.0 |
Weighted-average discount rate - operating leases |
|
4.5% |
|
4.4% |
Weighted-average discount rate - finance leases |
|
5.2% |
|
3.7% |
Maturities of lease liabilities as of June 30, 2023 are as follows:
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June 30, 2023 |
(in thousands) |
|
Operating Leases |
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Finance Leases |
2023 (for remaining six months) |
|
$ |
4,625 |
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$ |
2,022 |
2024 |
|
|
8,581 |
|
|
2,579 |
2025 |
|
|
7,598 |
|
|
2,150 |
2026 |
|
|
6,782 |
|
|
825 |
2027 |
|
|
6,659 |
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— |
2028 |
|
|
6,750 |
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— |
Thereafter |
|
|
74,037 |
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— |
Total lease payments |
|
|
115,032 |
|
|
7,576 |
Less amount representing interest |
|
|
(32,812) |
|
|
(499) |
Present value of total lease payments |
|
$ |
82,220 |
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$ |
7,077 |
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