Leases

6 Months Ended

Jun. 30, 2024

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 six years. Certain leases include one or more options to renew. All of our leases qualify as operating leases.

The following table summarizes the components of lease expense for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost	$	529	$	646	$	1,061	$	1,320
Short-term lease cost	134		20		271		40
Variable lease cost	96		166		216		316
Sublease income	—		(90)		—		(180)
Total lease cost	$	759	$	742	$	1,548	$	1,496

Cash payments against the operating lease liabilities totaled $1.7 million for each of the six months ended June 30, 2024 and 2023, respectively. ROU assets obtained in exchange for lease obligations was $646,000 for the six months ended June 30, 2024. There was no ROU asset obtained in exchange for lease obligations for six months ended June 30, 2023.

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


		June 30, 2024			December 31, 2023
Assets:
	Operating lease right-of-use assets	$	5,873		$	6,015

Liabilities:
	Operating lease liabilities	$	2,389		$	2,530
	Long-term operating lease liabilities	6,342			6,717
	Total operating lease liabilities	$	8,731		$	9,247

Weighted average remaining lease term (years)		4.93			5.26
Weighted average discount rate		4.6		%	4.3		%

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


Years ending December 31,
2024 (excluding the six months ended June 30, 2024)	$	1,311
2025	2,183
2026	1,530
2027	1,464
2028	1,463
Thereafter	1,679
Total lease payments	9,630
Less interest	(899)
Present value of operating lease liabilities	$	8,731