Leases

9 Months Ended

Sep. 30, 2022

The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, 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 eight 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, 2022 and 2021 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Operating lease cost	$	510	$	735	$	1,753	$	2,537
Short-term lease cost	—		—		—		12
Variable lease cost	137		207		528		754
Sublease income	(89)		(84)		(263)		(252)
Total lease cost	$	558	$	858	$	2,018	$	3,051

For the nine months ended September 30, 2022 and 2021, cash payments against the operating lease liabilities totaled $2.4 million and $3.3 million, respectively. ROU assets obtained in exchange for lease obligations was $0 and $1.8 million for nine months ended September 30, 2022 and 2021, respectively.

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


		September 30, 2022			December 31, 2021
Assets:
	Operating lease right-of-use assets	$	5,799		$	7,700

Liabilities:
	Operating lease liabilities	$	2,332		$	3,180
	Long-term operating lease liabilities	7,723			9,111
	Total operating lease liabilities	$	10,055		$	12,291

Weighted average remaining lease term (years)		6.60			6.68
Weighted average discount rate		3.3		%	3.6		%

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


Years ending December 31,
2022 (excluding the nine months ended September 30, 2022)	$	687
2023	2,110
2024	1,421
2025	1,350
2026	1,350
Thereafter	4,275
Total lease payments	11,193
Less interest	(1,138)
Present value of operating lease liabilities	$	10,055