Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining lease terms ranging from less than one year up to six years. Certain leases include one or more options to renew. All of our leases qualify as operating leases.

The following table summarizes the components of lease expense for the three months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Operating lease cost	$	532	$	674
Short-term lease cost	137		20
Variable lease cost	120		150
Sublease income	—		(90)
Total lease cost	$	789	$	754

Cash payments against the operating lease liabilities totaled $857,000 and $860,000 for the three months ended March 31, 2024 and 2023, respectively. ROU assets obtained in exchange for lease obligations was $235,000 for the three months ended March 31, 2024. There was no ROU asset obtained in exchange for lease obligations for three months ended March 31, 2023.

The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands):

		March 31, 2024			December 31, 2023
Assets:
	Operating lease right-of-use assets	$	5,892		$	6,015
Liabilities:
	Operating lease liabilities	$	2,463		$	2,530
	Long-term operating lease liabilities	6,458			6,717
	Total operating lease liabilities	$	8,921		$	9,247
Weighted average remaining lease term (years)		5.04			5.26
Weighted average discount rate		4.3		%	4.3		%

Maturities of lease liabilities were as follows (in thousands):

Years ending December 31,
2024 (excluding the three months ended March 31, 2024)	$	2,044
2025	2,263
2026	1,457
2027	1,350
2028	1,350
Thereafter	1,575
Total lease payments	10,039
Less interest	(1,118)
Present value of operating lease liabilities	$	8,921