v3.23.1
Leases
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases Leases
Our lease portfolio primarily consists of operating leases for office space and our leases have remaining lease terms of less than 1 year to 7 years. Certain of these leases have free or escalating rent payment provisions. We recognize lease expense on a straight-line basis over the terms of the leases, although actual cash payment obligations under certain of these agreements fluctuate over the terms of the agreements. Most leases include options to renew, and the exercise of these options is at our discretion.

In August 2022, we executed and commenced the sublease of our office space located in Santa Clara, California, which will run through the remaining term of the primary lease, March 31, 2029. This sublease is expected to generate approximately $13.5 million in sublease income over the sublease term. Sublease income is recorded on a straight-line basis as a reduction of lease expense in our Condensed Consolidated Statements of Comprehensive Loss.

Total operating lease expenses were $1.9 million for the three months ended March 31, 2023 and 2022 and sublease income was immaterial for the three months ended March 31, 2023 and 2022.


Supplemental information related to our leases are as follows (dollars in thousands):
Three Months Ended
March 31,
20232022
Cash paid for amounts included in the measurement of operating lease liabilities$2,102 $1,953 
March 31, 2023December 31, 2022
Weighted-average remaining lease term of operating leases5.5 years5.7 years
Weighted-average discount rate used to recognize operating lease right-of-use-assets5.6 %5.6 %
As of March 31, 2023, maturities of our operating lease liabilities are as follows (in thousands):
Year ending December 31,
2023 (remainder)$6,385 
20248,404 
20258,610 
20267,396 
20276,773 
Thereafter8,201 
Total lease payments (1)
$45,769 
Less imputed interest(6,592)
Total$39,177 
____________
(1)Noncancellable sublease income for the remainder of 2023 and the years ending December 31, 2024, 2025, 2026, 2027 and thereafter of $1.3 million, $2.1 million, $2.2 million, $2.2 million, $2.3 million, and $2.8 million, respectively, are not included in the table above.