XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases
 
4.
Leases
The Company rents certain office facilities and equipment under
non-cancelable
operating leases. As of March 31, 2023, approximately 96,000 square feet of office space is utilized for our sales and recruiting offices, delivery centers, and corporate headquarters. All of our leases are classified as operating leases. The average initial lease term is 4.9 years. Several leases have an option to renew, at our sole discretion, for an additional term. Our present lease terms range from less than one year to 4 years, with a weighted average of 3.1 years. Leases with an initial term of twelve months or less are not recorded on the balance sheet.
The following table summarizes the balance sheet classification of the lease assets and related lease liabilities:
 
    
March 31, 2023
     
December 31, 2022
  
               
    
(in thousands)
  
Assets:
                  
Long-term operating lease
right-of-use
assets
    $ 3,504      $ 3,886  
    
 
 
     
 
 
  
Liabilities:
                  
Short-term operating lease liability
    $ 1,470      $ 1,504  
Long-term operating lease liability
      1,974        2,294  
    
 
 
     
 
 
  
Total Liabilities
    $ 3,444      $ 3,798  
    
 
 
     
 
 
  
Future minimum rental payments for office facilities and equipment under the Company’s noncancelable operating leases are as follows:
 
    
Amount as of

March 31, 2023
  
    
(in thousands)
  
2023 (for remainder of year)
    $ 1,219  
2024
      947  
2025
      679  
2026
      663  
2027
      157  
Thereafter
      —    
    
 
 
  
Total
    $ 3,665  
Less: Imputed interest
      (221 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 3,444  
    
 
 
  
 
The weighted average discount rate used to calculate the present value of future lease payments was 3.8%.
We recognize rent expense for these leases on a straight-line basis over the lease term. Rental expense for the three months ended March 31, 2023 and 2022 totaled $0.4 million and $0.4 million, respectively.
Total cash paid for lease liabilities for the three months ended March 31, 2023 and 2022 totaled $0.4 million and $0.4 million, respectively.
New leases entered into during the three months ended March 31, 2023 and 2022 totaled $0 and $0.5 million, respectively, and are considered non cash transactions.