Leases

6 Months Ended

Jun. 30, 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 June 30, 2023, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases		Financing Leases		Total
	(in thousands)
2023	1,958		71		2,029
2024	2,979		133		3,112
2025	2,221		19		2,240
2026	1,394				1,394
2027	637		—		637
Thereafter	1,141		—		1,141
Total	10,330		223		10,553
Less: present value discount*	(1,304)		(9)		(1,313)
Present value of lease liabilities	9,026		214		9,240
Less: current portion of lease liabilities	(3,024)				(3,024)
Total long-term lease liabilities	$	6,002	$	214	$	6,216
* 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 $8.7 million and $9.6 million as of June 30, 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Operating Lease Cost	$	1,063	$	989	$	2,129	$	1,980
Finance Lease Cost:
Amortization of Lease Assets	34		46		74		94
Interest on Lease Liabilities	3		6		7		13
Finance Lease Cost	37		52		81		107
Sublease Income	—		(23)		(24)		(46)
Total Net Lease Cost	$	1,100	$	1,018	$	2,186	$	2,041

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

	June 30, 2023
Weighted Average Lease Term - Operating Leases	1.62 years
Weighted Average Lease Term - Finance Leases	3.89 years
Weighted Average Discount Rate - Operating Leases	5.4	%
Weighted Average Discount Rate - Finance Leases	8.2	%

    At June 30, 2023, our lease liability of $9.2 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 $8.9 million as follows:

Year	Commitments
	(in thousands)
2023 (Remaining six months)	$	5,208
2024	3,214
Thereafter	$	516
Total	$	8,938

    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 six months ended June 30, 2023 and 2022 was $10.3 million and $18.6 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 June 30, 2023, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases		Financing Leases		Total
	(in thousands)
2023	1,958		71		2,029
2024	2,979		133		3,112
2025	2,221		19		2,240
2026	1,394				1,394
2027	637		—		637
Thereafter	1,141		—		1,141
Total	10,330		223		10,553
Less: present value discount*	(1,304)		(9)		(1,313)
Present value of lease liabilities	9,026		214		9,240
Less: current portion of lease liabilities	(3,024)				(3,024)
Total long-term lease liabilities	$	6,002	$	214	$	6,216
* 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 $8.7 million and $9.6 million as of June 30, 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Operating Lease Cost	$	1,063	$	989	$	2,129	$	1,980
Finance Lease Cost:
Amortization of Lease Assets	34		46		74		94
Interest on Lease Liabilities	3		6		7		13
Finance Lease Cost	37		52		81		107
Sublease Income	—		(23)		(24)		(46)
Total Net Lease Cost	$	1,100	$	1,018	$	2,186	$	2,041

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

	June 30, 2023
Weighted Average Lease Term - Operating Leases	1.62 years
Weighted Average Lease Term - Finance Leases	3.89 years
Weighted Average Discount Rate - Operating Leases	5.4	%
Weighted Average Discount Rate - Finance Leases	8.2	%

    At June 30, 2023, our lease liability of $9.2 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 $8.9 million as follows:

Year	Commitments
	(in thousands)
2023 (Remaining six months)	$	5,208
2024	3,214
Thereafter	$	516
Total	$	8,938

    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 six months ended June 30, 2023 and 2022 was $10.3 million and $18.6 million, respectively.