The Company leases its office facilities, located in Concord, California and Amersfoort, the Netherlands, and certain equipment and automobiles under non-cancelable operating leases with initial terms in excess of one year that require the Company to pay operating

costs, property taxes, insurance and maintenance. The operating leases expire at various dates through 2030, with certain of the leases providing for renewal options, provisions for adjusting future lease payments based on the consumer price index, and the right to terminate the lease early. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company recorded the lease right-of-use asset and obligation at the present value of lease payments over the lease term. The rates implicit in the Company’s leases are generally not readily determinable. The Company must estimate its incremental borrowing rate to discount the lease payments to present value. Operating lease assets also include lease incentives.

The Company reduced its office space and ceased using approximately 15,000 square feet of rentable area of corporate office building during the third quarter of 2023. The Company recognized a loss of $1.7 million related to this facilities consolidation in the twelve months ended December 31, 2023 included in “Restructuring” on the Company’s consolidated statement of operations.

Supplemental cash flow information related to operating leases is as follows (dollars in thousands):


	Year Ended
	December 31,
	2024		2023		2022
Cash payments for operating leases	$	3,684	$	4,188	$	3,345
Right-of-use assets obtained in exchange for operating lease obligations		231		1,476		1,401



	December 31, 2024			December 31, 2023
Weighted-average remaining lease term	4.8 years			5.4 years
Weighted-average discount rate		8.6	%		8.5	%

Future minimum non-cancelable payments under operating leases as of December 31, 2024, were as follows (in thousands):


	Operating Leases
2025	$	3,309
2026		3,160
2027		3,454
2028		3,272
2029		3,328
Thereafter		844
Total future lease payments	$	17,367
Less imputed interest		3,429
Present value of lease liabilities (1)	$	13,938

(1) Lease liabilities include those operating leases that we plan to sublease as a part of our facilities consolidation restructuring efforts. See Note 7 for additional information.

During the years ended December 31, 2024, 2023 and 2022, the Company recorded operating lease expenses of $3.9 million, $3.5 million and $3.2 million, respectively. As of December 31, 2024, the Company had no leases that have not yet commenced.