General form of registration statement for all companies including face-amount certificate companies

Leases

v3.22.2
Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases
7.
Leases
The Company has operating leases primarily for its offices and warehouses, including the lease for its office headquarters in San Francisco, CA. The lease commenced in February 2019, with an original term of approximately 8 years and an option to renew for an additional 5 years. Lease payments are made monthly and are subject to annual increases of approximately 3%.
The Company’s operating leases have remaining lease terms between 1 and 6 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. The components of lease expense included in the Company’s statements of operations for the years ended December 31, 2020 and 2021 include operating lease expense of $6.9 million and $7.4 million respectively, and variable lease expense $0.7 million and $0.6 million respectively. Variable lease expenses are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses and are classified as lease expense due to the Company’s election to not separate lease and
non-lease
components.
 
Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2020 and 2021 was $6.6 million and $6.8 million and was included in net cash used in operating activities in the Company’s statements of cash flows. There were no new operating lease
right-of-use
assets obtained in exchange for new operating lease liabilities during the years ended December 31, 2020 and 2021.
Maturities of operating lease liabilities were as follows (in thousands):
 
Year Ended December 31,
  
Operating
Lease
 
2022
   $ 6,823  
2023
     6,546  
2024
     5,881  
2025
     5,371  
2026
     5,523  
Thereafter
     4,367  
    
 
 
 
Total undiscounted lease payments
     34,511  
Less: Imputed interest
     (10,932
    
 
 
 
Present value of lease liabilities
     23,579  
Less: Operating lease liabilities, current
     3,550  
    
 
 
 
Operating lease liabilities, noncurrent
   $ 20,029  
    
 
 
 
The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of December 31, 2020 and 2021 were 6.1 years and 5.3 years, respectively, and 15.3% as of December 31, 2020 and 2021.