(18) Commitments and Contingencies

The following table summarizes the Company’s lease and debt obligations at December 31, 2017 (in thousands):

	Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years		Total
	(in thousands)
Debt obligations ⁽¹⁾	$	—	$	—	$	115,000	$	—	$	115,000
Operating leases ⁽²⁾		2,716		4,027		3,192		19		9,954
	$	2,716	$	4,027	$	118,192	$	19	$	124,954

(1)	The debt obligation balance excludes $25.5 million of debt discount capitalized on our balance sheet and shown net of our debt obligations.

(2)	Operating leases include total future minimum rent payments under non-cancelable operating lease agreements.

(a) Leases

The Company leases office space in Pasadena, California; San Francisco, California; Burlington, Massachusetts; Colchester, England; Maidenhead, England; Lansing, Michigan; Orlando, Florida; Norsborg, Sweden and Beijing, China under operating leases and recognizes escalating rent expense on a straight-line basis over the expected lease term.

In December 2016, we entered into a new lease for our executive offices in Burlington, Massachusetts that will increase our future minimum lease payments beginning in June 2017 by $7.1 million over the next four years.

In January 2017, as a result of the acquisition of IDV, the Company inherited leases for IDV’s executive offices in Lansing, Michigan and sales office in Orlando, Florida which will expire over the next seven years and will account for $1.3 million in minimum lease payments.

In June 2017, the Company entered into a new lease for its offices in Beijing, China that will increase its future minimum lease payments beginning in July 2017 by $0.6 million over the next two years.

In June 2017, the Company entered into a new lease for its offices in Maidenhead, England that will increase its future minimum lease payments beginning in July 2017 by $0.2 million over the next four years.

Future minimum lease payments under non-cancelable capital and operating leases in effect at December 31, 2017 are as follows (in thousands):

	Operating
2018	$	2,716
2019		2,102
2020		1,925
2021		1,894
2022 and thereafter		1,317
Total minimum lease payments	$	9,954

(b) Rent

Rent expense for the years ended December 31, 2017, 2016 and 2015 was $2.5 million, $1.6 million and $1.7 million, respectively.

Rent expense of $38,000, 44,000 and $50,000 for the years ended December 31, 2017, 2016 and 2015, respectively, was paid to the former owner of Vocal who is no longer an employee of the Company.

Deferred rent expense at December 31, 2017 and 2016 was $0.5 million and $0.1 million, respectively, and was recorded in accrued expenses.

In the normal course of business, the Company has been subjected to various unasserted claims. The Company does not believe these will have a material adverse impact to the financial statements.

(d) Employee Contracts

The Company has entered into employment contracts with certain of the Company’s executive officers which provide for at-will employment. However, under the provisions of the contracts, the Company would incur severance obligations of up to twelve months of the executive’s annual base salary for certain events, such as involuntary terminations.