Leases

6 Months Ended

Jun. 30, 2024

The Company adopted ASC 842 as of January 1, 2022, on a modified retrospective basis with no cumulative adjustment to equity as of the adoption date. The Company has presented financial results and applied its accounting policies for the period beginning January 1, 2022 under ASC 842. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Since January 1, 2022, the Company’s operating leases, excluding those with terms less than 12 months, have been discounted and recorded as assets and liabilities on the Company’s Condensed Consolidated Statement of Financial Position. The Company primarily has non-cancellable operating leases for

office spaces across various countries. We categorize leases as either operating or finance leases at the commencement date of the respective lease.

The components of lease costs are as follows:


	For the Three Months Ended				For the Six Months Ended
(Dollars in Thousands)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Operating lease expense	$	2,675	$	2,135	$	5,543	$	4,061
Variable lease expense	607		1,166		1,162		1,603
Short-term lease expense	53		207		126		412
Total lease expense	$	3,335	$	3,508	$	6,831	$	6,076

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:


	For the Six Months Ended
(Dollars in Thousands)	June 30, 2024		June 30, 2023
Operating cash flow information:
Operating cash flow from operating leases	$	3,327	$	3,464
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	4,103		2,055

Weighted-average remaining lease term and discount rate for our operating leases are as follows:


	As of June 30, 2024		As of December 31, 2023
Weighted-average remaining lease term	11.60		11.94
Weighted-average discount rate	6.22	%	6.22	%

Future minimum lease payments for the Company’s operating leases as of June 30, 2024, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
Rest of 2024	$	3,986
2025	9,077
2026	8,372
2027	7,833
2028	6,957
2029 and beyond	60,012
Total lease payments	96,237
Less: Imputed interest	31,956
Present value of lease liabilities	$	64,281