The Company’s corporate headquarters are located in Boston, Massachusetts, pursuant to a lease of approximately 40,000 square feet that terminates on September 30, 2032. The initial term of the lease is for ten years. The Company has the option to extend the lease for two successive five-year terms which were not recognized in the initial liability and right-of-use asset, as the Company does not expect to exercise the extension. The Company has a right of first offer to lease additional office space that becomes available within the 281 Summer Street premises. In connection with the office lease, the Company provided a security deposit, in the form of a letter of credit, in the amount of $0.8 million in January 2022. This letter of credit will be auto-renewed annually, unless a 60 day notice is received from the landlord. An automatic extension can only be implemented through November 30, 2032. This letter of credit is irrevocable and does not have a cash requirement other than the amount already set forth. In the event of a default, the landlord must provide written notice of default before drawing from the letter of credit as a security deposit, or to remedy the amount owed.

The Company leases offices in Tokyo, Japan; Sydney, Australia; Chennai, India; Seoul, South Korea; London, England; Guadalajara, Mexico; Funchal, Portugal and Covilha, Portugal.

The Company’s rent expense was $4.1 million, $5.1 million, $4.3 million for the years ended December 31, 2023, 2022 and 2023, respectively.

The Company entered into one operating lease agreement in the current year, resulting in the recording of an initial liability and corresponding right-of-use asset of $0.3 million.

The weighted average remaining lease terms and discount rates were as follows:


	December 31,
	2023			2022			2021
Weighted average remaining lease term (years)	7.77			8.27			8.81
Weighted average discount rate		5.9	%		5.8	%		5.7	%

The weighted-average remaining non-cancelable lease term for the Company’s operating leases was 7.77 years at December 31, 2023. The weighted-average discount rate was 5.9% at December 31, 2023.

The Company’s operating leases expire at various dates through 2032. The following shows the undiscounted cash flows for the remaining years under operating leases at December 31, 2023:


Year Ending December 31,	Operating Lease Commitments
2024	$	4,774
2025		4,235
2026		3,981
2027		4,010
2028		3,802
2029 and thereafter		10,779
Total operating lease commitments		31,581
Less imputed interest		(9,737	)
Total lease liabilities	$	21,844

The Company’s discounted current operating lease liability and discounted non-current lease liability at December 31, 2023 were $4.5 million and $17.4 million, respectively.

In the fourth quarter of 2020 the Company subleased 100% of one of its London offices through the remaining lease term. For the years ended December 31, 2023, 2022 and 2021 the Company recognized rent income of $0.8 million, $0.8 million and $0.9 million, respectively, within operating expenses. Lease income relating to variable lease payments was immaterial.

The Company’s London sublease expires in December of 2024. The undiscounted cash inflows from the London sublease for the remaining year at December 31, 2023 was $0.9 million.