v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to December 2033, some of which include one or more options to extend the leases up to June 2033. Additionally, some lease contracts include termination options within the next five years.
Supplemental balance sheet information related to lease liabilities at December 31, 2022 and 2021 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20222021
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,240 $216,898 
Total right-of-use assets$200,240 $216,898 
Lease liabilities:
Operating leasesOperating lease liabilities$45,099 $39,927 
Operating lease liabilities, noncurrent204,305 220,146 
Total lease liabilities$249,404 $260,073 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20222021
Operating lease expense$55,483 $51,330 
Short-term lease expense4,956 4,165 
Variable lease expense5,309 7,518 
Sublease income(13,011)(19,957)
Total lease expense, net$52,737 $43,056 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing. Finance lease costs were not material for the years ended December 31, 2022 and 2021.
Maturities of operating lease liabilities as of December 31, 2022 were as follows (in thousands):
As of December 31, 2022
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2023$58,843 $18,458 $40,385 
202454,672 16,593 38,079 
202550,910 14,356 36,554 
202639,173 13,748 25,425 
202727,548 14,423 13,125 
Thereafter82,738 43,231 39,507 
Total undiscounted liabilities313,884 120,809 193,075 
Less: Leases not yet commenced(8,446)— (8,446)
Less: Imputed interest(56,034)— (56,034)
Total operating lease liabilities$249,404 $120,809 $128,595 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2022 and 2021 was 6.5 and 6.9 years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2022 and 2021 was 6.25% and 6.03%, respectively.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2022 and 2021 (in thousands):
Years Ended December 31,
20222021
Cash paid for operating lease liabilities$53,772 $49,228 
Lease liabilities arising from obtaining right-of-use assets
$28,169 $34,606 
As of December 31, 2022, the Company has additional operating leases for office space that have not yet commenced with future lease obligations of $8.4 million. These operating leases will commence in 2023 with lease terms of up to ten years.
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to December 2033, some of which include one or more options to extend the leases up to June 2033. Additionally, some lease contracts include termination options within the next five years.
Supplemental balance sheet information related to lease liabilities at December 31, 2022 and 2021 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20222021
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,240 $216,898 
Total right-of-use assets$200,240 $216,898 
Lease liabilities:
Operating leasesOperating lease liabilities$45,099 $39,927 
Operating lease liabilities, noncurrent204,305 220,146 
Total lease liabilities$249,404 $260,073 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20222021
Operating lease expense$55,483 $51,330 
Short-term lease expense4,956 4,165 
Variable lease expense5,309 7,518 
Sublease income(13,011)(19,957)
Total lease expense, net$52,737 $43,056 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing. Finance lease costs were not material for the years ended December 31, 2022 and 2021.
Maturities of operating lease liabilities as of December 31, 2022 were as follows (in thousands):
As of December 31, 2022
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2023$58,843 $18,458 $40,385 
202454,672 16,593 38,079 
202550,910 14,356 36,554 
202639,173 13,748 25,425 
202727,548 14,423 13,125 
Thereafter82,738 43,231 39,507 
Total undiscounted liabilities313,884 120,809 193,075 
Less: Leases not yet commenced(8,446)— (8,446)
Less: Imputed interest(56,034)— (56,034)
Total operating lease liabilities$249,404 $120,809 $128,595 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2022 and 2021 was 6.5 and 6.9 years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2022 and 2021 was 6.25% and 6.03%, respectively.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2022 and 2021 (in thousands):
Years Ended December 31,
20222021
Cash paid for operating lease liabilities$53,772 $49,228 
Lease liabilities arising from obtaining right-of-use assets
$28,169 $34,606 
As of December 31, 2022, the Company has additional operating leases for office space that have not yet commenced with future lease obligations of $8.4 million. These operating leases will commence in 2023 with lease terms of up to ten years.