Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Note 6. Leases

Operating Leases

The Company leases its office facilities, located in Concord, California and Amersfoort, the Netherlands, and certain equipment and automobiles under non-cancelable operating leases with initial terms in excess of one year that require the Company to pay operating costs, property taxes, insurance and maintenance. The operating leases expire at various dates through 2030, with certain of the leases providing for renewal options, provisions for adjusting future lease payments based on the consumer price index, and the right to terminate the lease early. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company recorded the lease right-of-use asset and obligation at the present value of lease payments over the lease term. The rates implicit in the Company’s leases are generally not readily determinable. The Company must estimate its incremental borrowing rate to discount the lease payments to present value. Operating lease assets also include lease incentives.

Supplemental cash flow information related to operating leases is as follows (dollars in thousands):

	Three Months Ended
	March 31,
	2025		2024
Cash payments for operating leases	$	692	$	968
Right-of-use assets obtained in exchange for operating lease obligations		1,287		140

	March 31, 2025			December 31, 2024
Weighted-average remaining lease term	4.3 years			4.8 years
Weighted-average discount rate		8.9	%		8.6	%

Future minimum non-cancelable payments under operating leases as of March 31, 2025, were as follows (in thousands):

	Operating Leases
2025	$	2,978
2026		3,514
2027		3,806
2028		3,292
2029		3,346
Thereafter		846
Total future lease payments	$	17,782
Less imputed interest		3,309
Present value of lease liabilities (1)	$	14,473

(1) Lease liabilities include those operating leases that we plan to sublease as a part of our facilities consolidation restructuring efforts.

The operating lease expense for the three months ended March 31, 2025 and 2024, were as follows (in thousands):

	Three Months Ended
	March 31,
	2025		2024
Operating lease expense	$	965	$	964

As of March 31, 2025, the Company had no leases that have not yet commenced.