Leases (Tables)
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9 Months Ended |
Sep. 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 September 30, |
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Nine Months Ended September 30, |
(in thousands) |
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2023 |
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2022 |
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2023 |
|
2022 |
Lease cost: |
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Operating lease cost (1) |
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$ |
2,614 |
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$ |
2,641 |
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$ |
7,783 |
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$ |
8,266 |
Finance lease cost: |
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Depreciation of finance lease assets (2) |
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620 |
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|
244 |
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1,151 |
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|
946 |
Interest on finance lease liabilities (3) |
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83 |
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32 |
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|
149 |
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|
111 |
Short-term lease cost (1) |
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219 |
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304 |
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708 |
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|
832 |
Sublease income (1) |
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(266) |
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(267) |
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(800) |
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(356) |
Total lease cost |
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$ |
3,270 |
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$ |
2,954 |
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$ |
8,991 |
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$ |
9,799 |
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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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$ |
1,921 |
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$ |
1,385 |
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$ |
4,773 |
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$ |
3,704 |
Operating cash outflows from finance leases |
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$ |
38 |
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$ |
24 |
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$ |
78 |
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$ |
96 |
Financing cash outflows from finance leases |
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$ |
577 |
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$ |
379 |
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$ |
1,605 |
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$ |
1,286 |
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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 September 30, 2023 and 2022, respectively:
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September 30, |
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2023 |
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2022 |
Weighted-average remaining lease term - operating leases (in years) |
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13.7 |
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14.2 |
Weighted-average remaining lease term - finance leases (in years) |
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2.4 |
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1.8 |
Weighted-average discount rate - operating leases |
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4.6% |
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4.5% |
Weighted-average discount rate - finance leases |
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5.3% |
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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 September 30, 2023 are as follows:
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September 30, 2023 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2023 (for remaining three months) |
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$ |
2,674 |
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$ |
1,415 |
2024 |
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|
8,826 |
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2,584 |
2025 |
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8,061 |
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2,150 |
2026 |
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6,840 |
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819 |
2027 |
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6,651 |
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— |
2028 |
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6,746 |
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— |
Thereafter |
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|
74,037 |
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— |
Total lease payments |
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|
113,835 |
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|
6,968 |
Less amount representing interest |
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(31,953) |
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|
(461) |
Present value of total lease payments |
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$ |
81,882 |
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$ |
6,507 |
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| Schedule of maturities of finance lease liabilities |
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September 30, 2023 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2023 (for remaining three months) |
|
$ |
2,674 |
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$ |
1,415 |
2024 |
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8,826 |
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2,584 |
2025 |
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8,061 |
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2,150 |
2026 |
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6,840 |
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819 |
2027 |
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6,651 |
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— |
2028 |
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|
6,746 |
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— |
Thereafter |
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|
74,037 |
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— |
Total lease payments |
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113,835 |
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|
6,968 |
Less amount representing interest |
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(31,953) |
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(461) |
Present value of total lease payments |
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$ |
81,882 |
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$ |
6,507 |
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