v3.24.2
LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES
NOTE 7. LEASES
Expense
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Fixed lease costs$5,271 $4,495 $9,533 $10,261 
Short-term lease costs410 696 953 1,477 
Variable lease costs1,763 2,186 3,372 4,160 
$7,444 $7,377 $13,858 $15,898 
Right of use assets and lease liabilities
(in thousands)June 30, 2024December 31, 2023
Right of use assets
$68,293 $64,198 
Operating lease liabilities
$15,254 $15,000 
Long-term operating lease liabilities$70,202 $66,901 
Weighted-average remaining lease term and discount rate for the Company’s leases were:
June 30, 2024December 31, 2023
Weighted-average remaining lease term6.4 years6.8 years
Weighted-average discount rate (1)
4.6 %4.0 %
(1) The rates implicit in the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.
Maturities of lease liabilities:
(in thousands)June 30, 2024
Remainder of 2024$7,954 
202518,784 
202614,384 
202713,387 
202812,813 
202910,099 
Thereafter21,650 
Total lease payments99,071 
Less: imputed interest (1)
(13,615)
$85,456 
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event.
Cash flow information
Six Months Ended
June 30,
(in thousands)20242023
Cash paid for operating leases, net of tenant improvement allowances$9,493 $10,540 
Right of use assets recognized for new leases and amendments (non-cash)$12,290 $1,465