Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.4
Leases
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company leases property and equipment under lease agreements, which have terms between one and six years. Certain of these arrangements include rental escalation clauses, renewal options and termination options that are factored into the determination of lease payments, when appropriate.
As of December 31, 2022, all material operating leases had commenced. The Company's operating lease cost was $4.6 million for the year ended December 31, 2022 and recognized in Cost of sharing, exclusive of depreciation, or in operating expenses within the consolidated statements of operations, based on the underlying nature of the leased asset. The Company also recognized an immaterial amount of variable and short-term lease costs for the year ended December 31, 2022. As of and for the years ended December 31, 2022 and 2021, finance leases were not a material component of the Company's lease portfolio.
The Company's operating lease balances were as follows (in thousands):
Location in the Consolidated Balance Sheet
December 31, 2022
Operating lease assets Other assets $ 4,283 
Current operating lease liabilities Other current liabilities 3,186 
Non-current operating lease liabilities Other liabilities 1,324 

The following table presents the supplemental cash flow information (in thousands):
Year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: $ 5,183 
Lease assets obtained in exchange for new lease obligations 3,604 
The following table reconciles the undiscounted cash flows for future maturities of the Company's operating lease liabilities to the consolidated balance sheets (in thousands):
December 31, 2022
2023
$ 3,467 
2024
733 
2025
365 
2026
325 
2027
43 
Thereafter — 
Total lease payments $ 4,933 
Less: interest expense $ (423)
Present value of lease liabilities $ 4,510 
At December 31, 2021, prior to the adoption of the new lease accounting standard, future minimum lease payments under non-cancelable operating leases were as follows: $4.4 million in 2022, $2.0 million in 2023, $0.1 million in 2024, $0.1 million in 2025, and $0.1 million in 2026.

The following table presents supplemental information used to calculate the present value of operating lease liabilities:

December 31, 2022
Weighted average remaining lease term (in years) 1.74
Weighted average interest rate 9.39  %