Leases

6 Months Ended

Jun. 30, 2023

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 seven 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 months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Operating lease cost	$	646	$	558	$	1,320	$	1,243
Short-term lease cost	20		—		40		—
Variable lease cost	166		170		316		391
Sublease income	(90)		(88)		(180)		(174)
Total lease cost	$	742	$	640	$	1,496	$	1,460

Cash payments against the operating lease liabilities totaled $1.7 million for each of the six months ended June 30, 2023 and 2022. There was no ROU assets obtained in exchange for lease obligations for six months ended June 30, 2023 and 2022.

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


		June 30, 2023			December 31, 2022
Assets:
	Operating lease right-of-use assets	$	6,292		$	7,440

Liabilities:
	Operating lease liabilities	$	2,395		$	2,972
	Long-term operating lease liabilities	7,493			8,326
	Total operating lease liabilities	$	9,888		$	11,298

Weighted average remaining lease term (years)		5.74			5.87
Weighted average discount rate		4.2		%	4.3		%

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


Years ending December 31,
2023 (excluding the three months ended June 30, 2023)	$	1,432
2024	2,152
2025	1,792
2026	1,387
2027	1,350
Thereafter	2,925
Total lease payments	11,038
Less interest	(1,150)
Present value of operating lease liabilities	$	9,888