Leases

9 Months Ended

Sep. 30, 2021

The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, France, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining lease terms ranging from less than one year up to nine years. Certain leases include one or more options to renew. In addition, we sublease real estate to a third party. All of our leases qualify as operating leases.

The following table summarizes the components of lease expense for the three and nine months ended September 30, 2021 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	735	$	1,011	$	2,537	$	3,423
Short-term lease cost	—		6		12		19
Variable lease cost	207		227		754		779
Sublease income	(84)		(84)		(252)		(252)
Total lease cost	$	858	$	1,160	$	3,051	$	3,969

For the nine months ended September 30, 2021 and 2020, cash payments against the operating lease liabilities totaled $3.3 million and $3.1 million, respectively. ROU assets obtained in exchange for lease obligations was $1.8 million and $3.2 million for nine months ended September 30, 2021 and 2020, respectively.

The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands):


		September 30, 2021			December 31, 2020
Assets:
	Operating lease right-of-use assets	$	8,005		$	8,541

Liabilities:
	Operating lease liabilities	$	3,482		$	3,587
	Long-term operating lease liabilities	9,721			10,774
	Total operating lease liabilities	$	13,203		$	14,361

Weighted average remaining lease term (years)		6.68			7.28
Weighted average discount rate		3.4		%	3.6		%

Maturities of lease liabilities were as follows (in thousands):


Years ending December 31,
2021 (excluding the nine months ended September 30, 2021)	$	1,015
2022	3,203
2023	2,125
2024	1,426
2025	1,350
Thereafter	5,625
Total lease payments	14,744
Less interest	(1,541)
Present value of operating lease liabilities	$	13,203