Commitments and contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | Commitments and Contingencies Commitments Leases We are party to various contractual commitments mainly related to our offices as well as hosting services. During the three month ended September 30, 2018 we entered into additional operating lease agreements, relating to the rental of a new office and an additional data center, resulting in additional commitments of $14.3 million and $11.7 million, respectively, over 6 years and 5 years, respectively. Except for what has been mentioned above, there have been no significant changes in future payment obligations for these contractual commitments from what was disclosed in Note 22 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. Certain of these arrangements have free rent periods or escalating rent payment provisions, and we recognize rent expense under such arrangements on a straight-line basis. Rent expenses relating to our offices totaled $8.9 million and $9.5 million for the three-month period ended September 30, 2017 and 2018, respectively and $26.3 million and $28.6 million for the nine-month period ended September 30, 2017 and 2018, respectively. Hosting costs totaled $13.1 million and $14.1 million for the three-month period ended September 30, 2017 and 2018, respectively and $44.2 million and $38.9 million for the nine-month period ended September 30, 2017 and 2018, respectively. Revolving Credit Facilities, Credit Line Facilities and Bank Overdrafts As mentioned in Note 10, we are party to one RCF with a syndicate of banks which allow us to draw up to €350.0 million ($405.2 million). As of September 30, 2018, there was no amount drawn on the RCF. This credit facility is unsecured and contains customary events of default and contains covenants, including compliance with a total net debt to Adjusted EBITDA ratio and restrictions on incurring additional indebtedness. As of September 30, 2018, we were in compliance with the required leverage ratio. Contingencies Changes in provisions during the presented periods are summarized below:
The amount of the provisions represent management’s best estimate of the future outflow. As of September 30, 2018, provisions are mainly in relation to employee-related litigations and other operating provisions. |