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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.

The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease.

The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
Finance lease:
Depreciation on underlying ROU assets$83 $39 $150 $77 
Interest on lease liabilities45 18 81 38 
128 57 231 115 
Operating lease (1)
5,743 5,449 11,093 10,332 
Variable lease costs1,105 1,157 2,089 2,164 
Total lease cost$6,976 $6,663 $13,413 $12,611 
(1) Includes short-term leases, which are immaterial.
Supplemental cash flow and other information related to leases are as follows:
Six months ended June 30,
20242023
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases$9,645$10,829 
Operating cash outflows for finance leases$81$38 
Financing cash outflows for finance leases$132$80 
ROU assets obtained in exchange for new operating lease liabilities$16,445$10,929 
ROU assets obtained in exchange for new finance lease liabilities$581$91 
Weighted average remaining lease term (in years)
Finance lease3.2 years2.7 years
Operating lease5.1 years5.6 years
Weighted average discount rate
Finance lease15.0 %14.0 %
Operating lease7.9 %7.3 %
As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. The Company modified certain of its operating leases, resulting in an increase of its lease liabilities by $3,377 and a decrease of its lease liabilities by $2,466, during the six months ended June 30, 2024 and 2023, respectively, with a corresponding adjustment to ROU assets.

As of June 30, 2024 and December 31, 2023, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.
Maturities of lease liabilities as of June 30, 2024 were as follows:
Operating LeasesFinance Leases
2024 (July 1 - December 31)$10,503 $238 
202520,810 442 
202620,037 401 
202717,655 330 
202814,335 204 
2029 and thereafter15,233 43 
Total lease payments98,573 1,658 
Less: Imputed interest18,757 407 
Present value of lease liabilities$79,816 $1,251 
Leases Leases
The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.

The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease.

The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
Finance lease:
Depreciation on underlying ROU assets$83 $39 $150 $77 
Interest on lease liabilities45 18 81 38 
128 57 231 115 
Operating lease (1)
5,743 5,449 11,093 10,332 
Variable lease costs1,105 1,157 2,089 2,164 
Total lease cost$6,976 $6,663 $13,413 $12,611 
(1) Includes short-term leases, which are immaterial.
Supplemental cash flow and other information related to leases are as follows:
Six months ended June 30,
20242023
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases$9,645$10,829 
Operating cash outflows for finance leases$81$38 
Financing cash outflows for finance leases$132$80 
ROU assets obtained in exchange for new operating lease liabilities$16,445$10,929 
ROU assets obtained in exchange for new finance lease liabilities$581$91 
Weighted average remaining lease term (in years)
Finance lease3.2 years2.7 years
Operating lease5.1 years5.6 years
Weighted average discount rate
Finance lease15.0 %14.0 %
Operating lease7.9 %7.3 %
As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. The Company modified certain of its operating leases, resulting in an increase of its lease liabilities by $3,377 and a decrease of its lease liabilities by $2,466, during the six months ended June 30, 2024 and 2023, respectively, with a corresponding adjustment to ROU assets.

As of June 30, 2024 and December 31, 2023, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.
Maturities of lease liabilities as of June 30, 2024 were as follows:
Operating LeasesFinance Leases
2024 (July 1 - December 31)$10,503 $238 
202520,810 442 
202620,037 401 
202717,655 330 
202814,335 204 
2029 and thereafter15,233 43 
Total lease payments98,573 1,658 
Less: Imputed interest18,757 407 
Present value of lease liabilities$79,816 $1,251