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Operating Leases

12 Months Ended

Dec. 31, 2023

Operating Leases

Operating Leases

9.           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 three to eleven years and, in most cases, provide for rental escalations ranging from 1.75% to 15%. Most of these agreements are renewable at the mutual consent of the parties to the contract.

The Company recognizes an operating lease liability and right-of-use asset in compliance with current lease accounting standard ASC 842. The amount of right-of use asset is equal to the present value of the remaining lease payments discounted using the incremental borrowing rate of each respective country. Modifications, if any are recalculated and corresponding adjustments are made to the carrying values of both the lease liability and right-of-use assets.

A right-of-use asset is measured as the amount of the lease liability adjusted for the amount of deferred straight-line rent, prepaid rent and lease incentive allowances previously recognized.

​

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

​

​	​	​	​	​	​	​
​		Year Ended
​		December 31, 2023			December 31, 2022
​	​	​	​	​	​	​
Rent expense for long-term operating leases	​	$	1,252	​	$	1,336
Rent expense for short-term leases	​		305	​		502
Total rent expense	​	$	1,557	​	$	1,838

​

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 consolidated balance sheet as of December 31, 2023 (in thousands):

​

​	​	​	​
Year	​	Amount
​	​	​	​
2024	​	$	1,292
2025	​		1,316
2026	​		1,348
2027	​		1,344
2028	​	​	965
2029 and thereafter	​		869
Total lease payments	​		7,134
Less: Interest	​		(1,651)
Net present value of lease liabilities	​	$	5,483
​	​	​	​
Current portion	​	$	782
Long-term portion	​		4,701
Total	​	$	5,483

​

The weighted average remaining lease terms and discount rates for all of our operating leases as of December 31, 2023 were as follows:

​

​	​	​	​
Weighted-average lease term remaining		63 months	​
Weighted-average discount rate		9.45%	​

​

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- References

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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