N-able Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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6. Leases
- Leases
We lease our offices and do not own any real estate. Our corporate headquarters is located in Burlington, Massachusetts. We lease office space domestically and internationally in various locations for our operations, including facilities located in Austin, Texas; Bucharest, Romania; Dundee, United Kingdom; Edinburgh, United Kingdom; Emmeloord, Netherlands; Lisbon, Portugal; Manila, Philippines; Minsk, Belarus; Morrisville, North Carolina; Ottawa, Canada; Sydney, Australia; Utrecht, Netherlands; Warsaw, Poland; Uster, Switzerland; and Vienna, Austria. Our leases are all classified as operating and have remaining terms of less thanone year to 8.4 years.
The components of operating lease costs for the years ended December 31, 2023 and 2022 were as follows:
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (in thousands) | ||
| Operating lease costs | $6,804 | $6,888 |
| Variable lease costs(1) | 1,120 | 1,293 |
| Short-term lease costs | 221 | 299 |
| Sublease income received | (488) | — |
| Total lease costs | $7,657 | $8,480 |
(1) Primarily includes common area maintenance and other service charges for leases in which we pay a proportionate share of those costs as we have elected to not separate lease and non-lease components for our office leases.
Maturities of our operating lease liabilities as of December 31, 2023 were as follows:
| December 31, 2023 | |
|---|---|
| (in thousands) | |
| 2024 | $8,119 |
| 2025 | 6,764 |
| 2026 | 6,735 |
| 2027 | 5,665 |
| 2028 | 5,365 |
| Thereafter | 13,438 |
| Total minimum lease payments | 46,086 |
| Less: imputed interest | (6,579) |
| Present value of operating lease liabilities | $39,507 |
As of December 31, 2023, the weighted-average remaining lease term of our operating leases was 6.9 years and the weighted-average discount rate used in the calculation of our lease liabilities was 4.7%.
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