Leases

12 Months Ended

Dec. 31, 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 to up to seven years. Certain leases include one or more options to renew. In addition, we sublease certain 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 years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Operating lease cost	$	2,349	$	2,316
Short-term lease cost	149		—
Variable lease cost	580		683
Sublease income	(271)		(353)
Total lease cost	$	2,807	$	2,646

Cash payments against the operating lease liabilities totaled $3.2 million for each of the years ended December 31, 2023 and 2022. ROU assets obtained in exchange for lease obligations was $602,000 and $1.7 million for the year ended December 31, 2023 and 2022, respectively.

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


		December 31,
		2023			2022
Assets:
	Operating lease right-of-use assets	$	6,015		$	7,440

Liabilities:
	Operating lease liabilities	$	2,530		$	2,972
	Long-term operating lease liabilities	6,717			8,326
	Total operating lease liabilities	$	9,247		$	11,298

Weighted average remaining lease term (years)		5.26			5.87
Weighted average discount rate		4.3		%	4.3		%

Maturities of remaining lease liabilities at December 31, 2023 were as follows (in thousands):


Years ending December 31,
2024	$	2,701
2025	1,900
2026	1,396
2027	1,350
2028	1,350
Thereafter	1,575
Total lease payments	10,272
Less interest	(1,025)
Present value of operating lease liabilities	$	9,247