Leases

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating lease cost	$	536	$	548	$	1,597	$	1,868
Short-term lease cost	137		26		408		66
Variable lease cost	154		194		370		510
Sublease income	—		(90)		—		(270)
Total lease cost	$	827	$	678	$	2,375	$	2,174

Cash payments against the operating lease liabilities totaled $2.5 million for each of the nine months ended September 30, 2024 and 2023. ROU assets obtained in exchange for lease obligations was $1.3 million for the nine months ended September 30, 2024. ROU assets obtained in exchange for lease obligations was $512,000 for the nine months ended September 30, 2023.

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


		September 30, 2024			December 31, 2023
Assets:
	Operating lease right-of-use assets	$	6,080		$	6,015

Liabilities:
	Operating lease liabilities	$	2,624		$	2,530
	Long-term operating lease liabilities	6,225			6,717
	Total operating lease liabilities	$	8,849		$	9,247

Weighted average remaining lease term (years)		4.61			5.26
Weighted average discount rate		4.8		%	4.3		%

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


Years ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$	713
2025	2,584
2026	1,811
2027	1,465
2028	1,465
Thereafter	1,681
Total lease payments	9,719
Less interest	(870)
Present value of operating lease liabilities	$	8,849