v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
Operating Leases
The Company has operating leases primarily for office space. Operating lease right-of-use assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Right-of-use assets also include adjustments related to prepaid or deferred lease payments and lease incentives. In calculating the present value of the lease payments, the Company utilizes its incremental borrowing rate, as the rates implicit in the leases were not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.
The components of operating lease costs were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease costs$140 $3,127 $273 $5,002 
Sublease income— (52)— (104)
Total operating lease costs, net$140 $3,075 $273 $4,898 
As part of the 2023 Restructuring Plan, the Company closed certain offices in April 2023 to align with the geographic distribution of its employees, resulting in the acceleration of $3.9 million in amortization of right-of-use assets for the six months ended June 30, 2023.
As of June 30, 2024, the Company's operating leases had a weighted-average remaining lease term of 1.8 years and a weighted-average discount rate of 4.6%.
As of June 30, 2024, maturities of operating lease liabilities were as follows (in thousands):
Operating Leases
The remainder of 2024$1,036 
20252,117 
2026372 
Total future operating lease payments3,525 
Less: Imputed interest(129)
Total operating lease liabilities$3,396 
Operating lease liabilities, current$1,973 
Operating lease liabilities, noncurrent1,423 
Total operating lease liabilities$3,396