6. Operating Leases

The Company has various lease agreements for its offices and service delivery centers. The Company has determined that the risks and benefits related to the leased properties are retained by the lessors. Accordingly, these are accounted for as operating leases.

These lease agreements are for terms ranging from two to eleven years and, in most cases, provide for rental escalations ranging from 1.75% to 10%. Most of these agreements are renewable at the mutual consent of the parties to the contract.

The table below summarizes the amounts recognized in the condensed consolidated financial statements related to operating leases for the periods presented (in thousands):


	For the Three Months Ended March 31,
	2021		2020
Rent expense for long-term operating leases	$	388	$	443
Rent expense for short-term leases		49		172
Total rent expense	$	437	$	615

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of March 31, 2021 (in thousands):


Year	Amount
2021	$	1,568
2022		1,476
2023		1,172
2024		1,033
2025		1,049
2026 and thereafter		3,228
Total lease payments		9,526
Less: Interest		(2,443)
Net present value of lease liabilities	$	7,083

Current portion	$	1,017
Long-term portion		6,066
Total	$	7,083

The weighted average remaining lease terms and discount rates for all of our operating leases as of March 31, 2021 were as follows:


Weighted-average lease term remaining	63 months
Weighted-average discount rate	8.68	%