Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Leases

    The Company has operating and finance leases for office space, retail, data centers, and certain office equipment with expiration dates ranging through 2028 with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. At September 30, 2023, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases		Financing Leases		Total
	(in thousands)
2023	929		36		965
2024	2,931		133		3,064
2025	2,191		19		2,210
2026	1,378				1,378
2027	624		—		624
Thereafter	1,106		—		1,106
Total	9,159		188		9,347
Less: present value discount*	(1,133)		(7)		(1,140)
Present value of lease liabilities	8,026		181		8,207
Less: current portion of lease liabilities	(2,739)				(2,739)
Total long-term lease liabilities	$	5,287	$	181	$	5,468
* The discount rate used was the incremental borrowing rates respective to the country where the assets are located.

    The Company's net assets recorded under operating and finance leases were $7.7 million and $9.6 million as of September 30, 2023, and December 31, 2022, respectively. The lease cost is recognized in our condensed consolidated statements of income in the category of general and administrative and is summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Operating Lease Cost	$	963	$	1,001	$	3,092	$	2,980
Finance Lease Cost:
Amortization of Lease Assets	32		41		106		135
Interest on Lease Liabilities	2		5		9		18
Finance Lease Cost	34		46		115		153
Sublease Income	(47)		(23)		(71)		(69)
Total Net Lease Cost	$	950	$	1,024	$	3,136	$	3,064

    Other information about lease amounts recognized in our condensed consolidated statement of income is summarized as follows:

	September 30, 2023
Weighted Average Lease Term - Operating Leases	3.79 years
Weighted Average Lease Term - Finance Leases	1.39 years
Weighted Average Discount Rate - Operating Leases	8.2	%
Weighted Average Discount Rate - Finance Leases	5.4	%

    At September 30, 2023, our lease liability of $8.2 million does not include certain arrangements, which are primarily airport leases that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $23.6 million as follows:

Year	Commitments
	(in thousands)
2023 (Remaining three months)	$	4,015
2024	8,947
Thereafter	$	10,685
Total	$	23,647

    Finance leases range from three to five years and are primarily for office equipment. Rental expense for office and airport facilities and certain equipment subject to operating leases for the nine months ended September 30, 2023 and 2022 was $17.2 million and $11.9 million, respectively.

Leases

Leases

    The Company has operating and finance leases for office space, retail, data centers, and certain office equipment with expiration dates ranging through 2028 with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. At September 30, 2023, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases		Financing Leases		Total
	(in thousands)
2023	929		36		965
2024	2,931		133		3,064
2025	2,191		19		2,210
2026	1,378				1,378
2027	624		—		624
Thereafter	1,106		—		1,106
Total	9,159		188		9,347
Less: present value discount*	(1,133)		(7)		(1,140)
Present value of lease liabilities	8,026		181		8,207
Less: current portion of lease liabilities	(2,739)				(2,739)
Total long-term lease liabilities	$	5,287	$	181	$	5,468
* The discount rate used was the incremental borrowing rates respective to the country where the assets are located.

    The Company's net assets recorded under operating and finance leases were $7.7 million and $9.6 million as of September 30, 2023, and December 31, 2022, respectively. The lease cost is recognized in our condensed consolidated statements of income in the category of general and administrative and is summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Operating Lease Cost	$	963	$	1,001	$	3,092	$	2,980
Finance Lease Cost:
Amortization of Lease Assets	32		41		106		135
Interest on Lease Liabilities	2		5		9		18
Finance Lease Cost	34		46		115		153
Sublease Income	(47)		(23)		(71)		(69)
Total Net Lease Cost	$	950	$	1,024	$	3,136	$	3,064

    Other information about lease amounts recognized in our condensed consolidated statement of income is summarized as follows:

	September 30, 2023
Weighted Average Lease Term - Operating Leases	3.79 years
Weighted Average Lease Term - Finance Leases	1.39 years
Weighted Average Discount Rate - Operating Leases	8.2	%
Weighted Average Discount Rate - Finance Leases	5.4	%

    At September 30, 2023, our lease liability of $8.2 million does not include certain arrangements, which are primarily airport leases that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $23.6 million as follows:

Year	Commitments
	(in thousands)
2023 (Remaining three months)	$	4,015
2024	8,947
Thereafter	$	10,685
Total	$	23,647

    Finance leases range from three to five years and are primarily for office equipment. Rental expense for office and airport facilities and certain equipment subject to operating leases for the nine months ended September 30, 2023 and 2022 was $17.2 million and $11.9 million, respectively.