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Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases
4.
Leases
The Company rents certain office facilities and equipment under noncancelable operating leases. As of March 31, 2024, 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 4.5 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 5.5 years with a weighted average of 3.8 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, 2024
     
December 31, 2023
  
    
(in thousands)
  
Assets:
      
Long-term operating lease
right-of-use
assets
    $ 4,790      $ 5,106  
  
 
 
     
 
 
  
Liabilities:
      
Short-term operating lease liability
    $ 1,242      $ 1,236  
Long-term operating lease liability
      3,517        3,843  
  
 
 
     
 
 
  
Total Liabilities
    $ 4,759      $ 5,079  
  
 
 
     
 
 
  
Future minimum rental payments for office facilities and equipment under the Company’s noncancelable operating leases are as follows:
 
    
Amount as of

March 31, 2024
  
    
(in thousands)
  
2024 (for remainder of year)
    $ 1,111  
2025
      1,471  
2026
      1,470  
2027
      789  
2028
      259  
Thereafter
      196  
  
 
 
  
Total
    $ 5,296  
Less: Imputed interest
      (537 ) 
  
 
 
  
Present value of operating lease liabilities
    $ 4,759  
  
 
 
  
The weighted average discount rate used to calculate the present value of future lease payments was 5.4%.
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, 2024 and 2023 totaled $0.4 million and $0.4 million, respectively.
Total cash paid for lease liabilities for the three months ended March 31, 2024 and 2023 totaled $0.4 million and $0.4 million, respectively.
There were
no
new leases entered into during the three months ended March 31, 2024 and 2023. New leases are considered
non-cash
transactions.