Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Leases    The Company has operating and finance leases for office space, retail, data centers, and certain office equipment with expiration dates ranging through 2028 with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. At March 31, 2023, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases			Financing Leases		Total
	(in thousands)
2023	3,048		112	112		3,160
2024	2,947			133		3,080
2025	2,185			19		2,204
2026	1,375					1,375
2027	621			—		621
Thereafter	1,120			—		1,120
Total	11,296			264		11,560
Less: present value discount*	(1,444)			(12)		(1,456)
Present value of lease liabilities	9,852			252		10,104
Less: current portion of lease liabilities	(3,307)
Total long-term lease liabilities	$	6,545		$	252	$	6,797
* The discount rate used was the incremental borrowing rates respective to the country where the assets are located.

    The Company's net assets recorded under operating and finance leases were $9.5 million and $9.6 million as of March 31, 2023, and December 31, 2022, respectively. The lease cost is recognized in our condensed consolidated statements of income in the category of general and administrative and is summarized as follows:

	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Operating Lease Cost	$	1,066	$	991
Finance Lease Cost:
Amortization of Lease Assets	40		48
Interest on Lease Liabilities	4		7
Finance Lease Cost	44		55
Sublease Income	(24)		(23)
Total Net Lease Cost	$	1,086	$	1,023

    Other information about lease amounts recognized in our condensed consolidated statement of income is summarized as follows:

	March 31, 2023
Weighted Average Lease Term - Operating Leases	3.95 years
Weighted Average Lease Term - Finance Leases	1.83 years
Weighted Average Discount Rate - Operating Leases	8.2	%
Weighted Average Discount Rate - Finance Leases	5.4	%

    At March 31, 2023, our lease liability of $10.1 million does not include certain arrangements, which are primarily airport leases that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $19.4 million as follows:

Year	Commitments
	(in thousands)
2023 (Remaining nine months)	$	3,924
2024	15,497
Thereafter	$	—
Total	$	19,421

    Finance leases range from three to five years and are primarily for office equipment. Rental expense for office and airport facilities and certain equipment subject to operating leases for the three months ended March 31, 2023 and 2022 was $11.9 million and $7.3 million, respectively.

Leases

Leases    The Company has operating and finance leases for office space, retail, data centers, and certain office equipment with expiration dates ranging through 2028 with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. At March 31, 2023, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases			Financing Leases		Total
	(in thousands)
2023	3,048		112	112		3,160
2024	2,947			133		3,080
2025	2,185			19		2,204
2026	1,375					1,375
2027	621			—		621
Thereafter	1,120			—		1,120
Total	11,296			264		11,560
Less: present value discount*	(1,444)			(12)		(1,456)
Present value of lease liabilities	9,852			252		10,104
Less: current portion of lease liabilities	(3,307)
Total long-term lease liabilities	$	6,545		$	252	$	6,797
* The discount rate used was the incremental borrowing rates respective to the country where the assets are located.

    The Company's net assets recorded under operating and finance leases were $9.5 million and $9.6 million as of March 31, 2023, and December 31, 2022, respectively. The lease cost is recognized in our condensed consolidated statements of income in the category of general and administrative and is summarized as follows:

	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Operating Lease Cost	$	1,066	$	991
Finance Lease Cost:
Amortization of Lease Assets	40		48
Interest on Lease Liabilities	4		7
Finance Lease Cost	44		55
Sublease Income	(24)		(23)
Total Net Lease Cost	$	1,086	$	1,023

    Other information about lease amounts recognized in our condensed consolidated statement of income is summarized as follows:

	March 31, 2023
Weighted Average Lease Term - Operating Leases	3.95 years
Weighted Average Lease Term - Finance Leases	1.83 years
Weighted Average Discount Rate - Operating Leases	8.2	%
Weighted Average Discount Rate - Finance Leases	5.4	%

    At March 31, 2023, our lease liability of $10.1 million does not include certain arrangements, which are primarily airport leases that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $19.4 million as follows:

Year	Commitments
	(in thousands)
2023 (Remaining nine months)	$	3,924
2024	15,497
Thereafter	$	—
Total	$	19,421

    Finance leases range from three to five years and are primarily for office equipment. Rental expense for office and airport facilities and certain equipment subject to operating leases for the three months ended March 31, 2023 and 2022 was $11.9 million and $7.3 million, respectively.