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Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases LeasesThe Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.
The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space.
Supplemental balance sheet information
As of
March 31, 2023December 31, 2022
Operating Lease
Operating lease right-of-use assets$52,782 $55,347 
Operating lease liabilities - Current
$14,095 $14,978 
Operating lease liabilities - Non-current
45,655 48,155 
    Total operating lease liabilities$59,750 $63,133 
Finance Lease
Property and equipment, gross$1,922 $2,499 
Accumulated depreciation(1,358)(1,999)
    Property and equipment, net$564 $500 
Finance lease liabilities - Current
$176 $164 
Finance lease liabilities - Non-current
407 355 
   Total finance lease liabilities$583 $519 
Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets.
The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows:
Three months ended March 31,
Lease cost20232022
Finance lease:
Amortization of right-of-use assets$38 $38 
Interest on lease liabilities20 14 
58 52 
Operating lease(a)
4,883 6,043 
Variable lease costs1,007 1,121 
Total lease cost$5,948 $7,216 
(a) Includes short-term leases, which are immaterial.
Supplemental cash flow and other information related to leases are as follows:
Three months ended March 31,
20232022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases$5,453 $6,005 
Operating cash outflows for finance leases$20 $14 
Financing cash outflows for finance leases$43 $39 
Right-of-use assets obtained in exchange for new operating lease liabilities$1,213 $3,834 
Right-of-use assets obtained in exchange for new finance lease liabilities$99 $50 
Weighted average remaining lease term (in years)
Finance lease2.9 years2.1 years
Operating lease5.8 years5.6 years
Weighted average discount rate
Finance lease14.0%14.6%
Operating lease7.0%7.0%
The Company modified certain of its operating leases, resulting in a decrease of its lease liabilities by $3,094 and an increase of its lease liabilities by $367, during the three months ended March 31, 2023 and 2022, respectively, with a corresponding adjustment to ROU assets.
As of March 31, 2023 and December 31, 2022, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.
Maturities of lease liabilities as of March 31, 2023 were as follows:
Operating LeasesFinance Leases
2023 (April 1 - December 31)$13,501 $190 
202415,228 191 
202510,387 142 
20269,295 115 
20276,765 104 
2028 and thereafter19,429 14 
Total lease payments74,605 756 
Less: Imputed interest14,855 173 
Present value of lease liabilities$59,750 $583 
Maturities of lease liabilities as of December 31, 2022 were as follows:
Operating LeasesFinance Leases
2023$18,711 $228 
202414,846 162 
202510,037 114 
20268,941 88 
20276,474 79 
2028 and thereafter19,624 — 
Total lease payments78,633 671 
Less: Imputed interest15,500 152 
Present value of lease liabilities$63,133 $519 
Leases LeasesThe Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.
The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space.
Supplemental balance sheet information
As of
March 31, 2023December 31, 2022
Operating Lease
Operating lease right-of-use assets$52,782 $55,347 
Operating lease liabilities - Current
$14,095 $14,978 
Operating lease liabilities - Non-current
45,655 48,155 
    Total operating lease liabilities$59,750 $63,133 
Finance Lease
Property and equipment, gross$1,922 $2,499 
Accumulated depreciation(1,358)(1,999)
    Property and equipment, net$564 $500 
Finance lease liabilities - Current
$176 $164 
Finance lease liabilities - Non-current
407 355 
   Total finance lease liabilities$583 $519 
Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets.
The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows:
Three months ended March 31,
Lease cost20232022
Finance lease:
Amortization of right-of-use assets$38 $38 
Interest on lease liabilities20 14 
58 52 
Operating lease(a)
4,883 6,043 
Variable lease costs1,007 1,121 
Total lease cost$5,948 $7,216 
(a) Includes short-term leases, which are immaterial.
Supplemental cash flow and other information related to leases are as follows:
Three months ended March 31,
20232022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases$5,453 $6,005 
Operating cash outflows for finance leases$20 $14 
Financing cash outflows for finance leases$43 $39 
Right-of-use assets obtained in exchange for new operating lease liabilities$1,213 $3,834 
Right-of-use assets obtained in exchange for new finance lease liabilities$99 $50 
Weighted average remaining lease term (in years)
Finance lease2.9 years2.1 years
Operating lease5.8 years5.6 years
Weighted average discount rate
Finance lease14.0%14.6%
Operating lease7.0%7.0%
The Company modified certain of its operating leases, resulting in a decrease of its lease liabilities by $3,094 and an increase of its lease liabilities by $367, during the three months ended March 31, 2023 and 2022, respectively, with a corresponding adjustment to ROU assets.
As of March 31, 2023 and December 31, 2022, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.
Maturities of lease liabilities as of March 31, 2023 were as follows:
Operating LeasesFinance Leases
2023 (April 1 - December 31)$13,501 $190 
202415,228 191 
202510,387 142 
20269,295 115 
20276,765 104 
2028 and thereafter19,429 14 
Total lease payments74,605 756 
Less: Imputed interest14,855 173 
Present value of lease liabilities$59,750 $583 
Maturities of lease liabilities as of December 31, 2022 were as follows:
Operating LeasesFinance Leases
2023$18,711 $228 
202414,846 162 
202510,037 114 
20268,941 88 
20276,474 79 
2028 and thereafter19,624 — 
Total lease payments78,633 671 
Less: Imputed interest15,500 152 
Present value of lease liabilities$63,133 $519