Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases Leases
We lease office space under noncancelable operating leases with original terms ranging from one to 11 years and vehicles under noncancelable finance leases with terms of four years. Generally, the operating leases require a fixed minimum rent with contractual minimum rent increases over the lease term. The components of lease expense were as follows:

Three Months Ended June 30, Six Months Ended June 30,
Lease Cost Classification 2022 2021 2022 2021
Operating lease cost
Operating lease cost(1)
Cost of revenue $ 3,703  $ 2,381  $ 6,083  $ 4,705 
Operating lease cost(1)
Operating expenses 1,796  1,595  3,487  2,712 
Total operating lease cost $ 5,499  $ 3,976  $ 9,570  $ 7,417 
Finance lease cost
Amortization of right-of-use assets Cost of revenue $ 184  $ 140  $ 367  $ 196 
Interest on lease liabilities Cost of revenue 23  21  48  30 
Total finance lease cost $ 207  $ 161  $ 415  $ 226 

(1) Includes lease expense with initial terms of twelve months or less of $1,047 and $434 for the three months ended June 30, 2022 and 2021, respectively, and $1,423 and $726 for the six months ended June 30, 2022 and 2021, respectively.
Lease Liabilities Other Leases Total Lease Obligations
Maturity of Lease Liabilities Operating Financing Operating
2022, excluding the six months ended June 30, 2022
$ 10,238  $ 340  $ 1,538  $ 12,116 
2023 19,050  667  476  20,193 
2024 15,812  581  188  16,581 
2025 11,741  258  128  12,127 
2026 10,621  15  10,641 
Thereafter 6,434  —  —  6,434 
Total lease payments $ 73,896  $ 1,861  $ 2,335  $ 78,092 
Less: Interest(1)
6,523  134 
Present value of lease liabilities $ 67,373  $ 1,727 

(1) Includes interest on operating leases of $2,547 and financing lease of $76 within the next twelve months.

Lease Term and Discount Rate June 30, 2022 December 31, 2021
Weighted-average remaining operating lease term (years)
4.3 4.8
Weighted-average remaining finance lease term (years)
2.9 3.2
Weighted-average discount rate for operating leases
4.4  % 4.4  %
Weighted-average discount rate for finance leases
5.4  % 5.4  %

Six Months Ended June 30,
Supplemental Cash Flow Information 2022 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases $ 9,567  $ 7,654 
Operating cash flows from finance leases 48  42 
Financing cash flows from finance leases 284  122 
Right-of-use assets obtained in exchange for lease liabilities
Operating leases $ 1,745  $ 6,139 
Finance leases 477  768 
Leases Leases
We lease office space under noncancelable operating leases with original terms ranging from one to 11 years and vehicles under noncancelable finance leases with terms of four years. Generally, the operating leases require a fixed minimum rent with contractual minimum rent increases over the lease term. The components of lease expense were as follows:

Three Months Ended June 30, Six Months Ended June 30,
Lease Cost Classification 2022 2021 2022 2021
Operating lease cost
Operating lease cost(1)
Cost of revenue $ 3,703  $ 2,381  $ 6,083  $ 4,705 
Operating lease cost(1)
Operating expenses 1,796  1,595  3,487  2,712 
Total operating lease cost $ 5,499  $ 3,976  $ 9,570  $ 7,417 
Finance lease cost
Amortization of right-of-use assets Cost of revenue $ 184  $ 140  $ 367  $ 196 
Interest on lease liabilities Cost of revenue 23  21  48  30 
Total finance lease cost $ 207  $ 161  $ 415  $ 226 

(1) Includes lease expense with initial terms of twelve months or less of $1,047 and $434 for the three months ended June 30, 2022 and 2021, respectively, and $1,423 and $726 for the six months ended June 30, 2022 and 2021, respectively.
Lease Liabilities Other Leases Total Lease Obligations
Maturity of Lease Liabilities Operating Financing Operating
2022, excluding the six months ended June 30, 2022
$ 10,238  $ 340  $ 1,538  $ 12,116 
2023 19,050  667  476  20,193 
2024 15,812  581  188  16,581 
2025 11,741  258  128  12,127 
2026 10,621  15  10,641 
Thereafter 6,434  —  —  6,434 
Total lease payments $ 73,896  $ 1,861  $ 2,335  $ 78,092 
Less: Interest(1)
6,523  134 
Present value of lease liabilities $ 67,373  $ 1,727 

(1) Includes interest on operating leases of $2,547 and financing lease of $76 within the next twelve months.

Lease Term and Discount Rate June 30, 2022 December 31, 2021
Weighted-average remaining operating lease term (years)
4.3 4.8
Weighted-average remaining finance lease term (years)
2.9 3.2
Weighted-average discount rate for operating leases
4.4  % 4.4  %
Weighted-average discount rate for finance leases
5.4  % 5.4  %

Six Months Ended June 30,
Supplemental Cash Flow Information 2022 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases $ 9,567  $ 7,654 
Operating cash flows from finance leases 48  42 
Financing cash flows from finance leases 284  122 
Right-of-use assets obtained in exchange for lease liabilities
Operating leases $ 1,745  $ 6,139 
Finance leases 477  768