Leases (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Leases |
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| Schedule of lease cost and other information about leases |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
(in thousands) |
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2023 |
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2022 |
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2023 |
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2022 |
Lease cost: |
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Operating lease cost (1) |
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$ |
2,582 |
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$ |
2,747 |
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$ |
5,169 |
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$ |
5,625 |
Finance lease cost: |
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Depreciation of finance lease assets (2) |
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314 |
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330 |
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531 |
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|
702 |
Interest on finance lease liabilities (3) |
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43 |
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37 |
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66 |
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|
79 |
Short-term lease cost (1) |
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243 |
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277 |
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489 |
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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 |
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$ |
17 |
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$ |
37 |
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$ |
40 |
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$ |
72 |
Financing cash outflows from finance leases |
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$ |
515 |
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$ |
427 |
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$ |
1,028 |
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$ |
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. |
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| Schedule of weighted-average remaining lease terms and discount rates |
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) |
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13.8 |
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14.4 |
Weighted-average remaining lease term - finance leases (in years) |
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2.6 |
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2.0 |
Weighted-average discount rate - operating leases |
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4.5% |
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4.4% |
Weighted-average discount rate - finance leases |
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5.2% |
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3.7% |
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| Schedule of the future operating lease commitment under agreement |
Maturities of lease liabilities as of June 30, 2023 are as follows:
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June 30, 2023 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2023 (for remaining six months) |
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$ |
4,625 |
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$ |
2,022 |
2024 |
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8,581 |
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2,579 |
2025 |
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7,598 |
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2,150 |
2026 |
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6,782 |
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|
825 |
2027 |
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6,659 |
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— |
2028 |
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|
6,750 |
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— |
Thereafter |
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|
74,037 |
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— |
Total lease payments |
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|
115,032 |
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|
7,576 |
Less amount representing interest |
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(32,812) |
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|
(499) |
Present value of total lease payments |
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$ |
82,220 |
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$ |
7,077 |
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| Schedule of maturities of finance lease liabilities |
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June 30, 2023 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2023 (for remaining six months) |
|
$ |
4,625 |
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$ |
2,022 |
2024 |
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8,581 |
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2,579 |
2025 |
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7,598 |
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2,150 |
2026 |
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6,782 |
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|
825 |
2027 |
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6,659 |
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— |
2028 |
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|
6,750 |
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— |
Thereafter |
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|
74,037 |
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— |
Total lease payments |
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115,032 |
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|
7,576 |
Less amount representing interest |
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(32,812) |
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(499) |
Present value of total lease payments |
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$ |
82,220 |
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$ |
7,077 |
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