Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

Note 4 — Leases

The Company has operating leases for office space and finance leases for certain equipment under non-cancelable agreements with various expiration dates through May 2030. Certain office leases include the option to extend the term between one to seven years and certain office leases include the option to terminate the lease upon written notice within one year after lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

During 2021, the Company entered into a sublease agreement through the end of the original lease term with a third-party for two floors of its Manila office space and extended its lease for a portion of its Yokohama office space through May 2024.

Supplemental income statement information related to leases was as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Operating lease cost	$	2,853	$	2,924	$	5,794	$	6,031
Finance lease cost:
Amortization of leased assets		107		163		266		351
Interest on lease liabilities		7		25		18		56
Total finance lease cost		114		188		284		407
Sublease income		(1,287)		(895)		(2,385)		(1,787)
Net lease cost	$	1,680	$	2,217	$	3,693	$	4,651

Supplemental balance sheet information related to leases was as follows:

	June 30, 2021		December 31, 2020
	(in thousands)
Operating leases:
ROU assets	$	25,290	$	29,798
Operating lease liabilities	$	10,008	$	10,797
Operating lease liabilities, net of current portion		21,408		25,975
Total operating lease liabilities	$	31,416	$	36,772
Finance leases:
Property and equipment	$	2,870	$	2,880
Accumulated depreciation		(2,226)		(1,963)
Property and equipment, net	$	644	$	917
Other current liabilities	$	356	$	608
Other long-term liabilities		—		63
Total finance lease liabilities	$	356	$	671

Lease term and discount rate information was as follows:

	For the Six Months Ended June 30,
	2021			2020
Weighted-average remaining lease term (in years):
Operating lease		5.7		5.8
Finance lease		0.5		1.4
Weighted-average discount rate:
Operating lease		6.2	%	6.4	%
Finance lease		6.5	%	7.5	%

Maturities of lease liabilities were as follows as of June 30, 2021:

	Operating Leases		Operating Sublease		Finance Leases		Total
	(in thousands)
Remainder of 2021	$	6,291	$	(2,460)	$	300	$	4,131
2022		9,412		(2,538)		64		6,938
2023		4,447		(623)		—		3,824
2024		3,042		—		—		3,042
2025		2,991		—		—		2,991
Thereafter		11,344		—		—		11,344
Total lease payments		37,527		(5,621)		364		32,270
Less: interest		(6,111)		—		(8)		(6,119)
Total	$	31,416	$	(5,621)	$	356	$	26,151