Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.22.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
NOTE 11 – COMMITMENTS AND CONTINGENCIES
Operating Leases
The Company leases various office spaces under non-cancellable operating leases expiring through 2029. Rent expense for years ended December 31, 2021, 2020 and 2019 was $2.7 million, $2.5 million, and $2.3 million, respectively.
The future minimum lease payments under operating leases as of December 31, 2021 for the next five years is as follows:
 
(in ‘000)
  
Amount
 
2022
  
$
 2,924
 
2023
  
 
 1,904
 
2024
  
 
 1,495
 
2025
  
 
 1,170
 
2026
  
 
 958
 
Thereafter
  
 
 3,412
 
 
  
 
 
 
Total
  
$
11,863
 
 
  
 
 
 
Capital Leases
The Company has capital lease obligations in the Netherlands for hardware and software leases.
The future minimum lease payments under capital leases as of December 31, 2021 for the next five years is as follows:
 
(in ‘000)
  
Amount
 
2022
  
$
 207
 
2023
  
 
 143
 
2024
  
 
 119
 
2025
  
 
 26
 
2026
  
 
 —
  
 
 
  
 
 
 
Total minimum lease payments
  
$
495
 
Interest expense
  
 
 (40
) 
 
  
 
 
 
Total
  
$
455
 
 
  
 
 
 
Off-Balance-Sheet
Credit Exposures
The Company has standby letters of credit and bank guarantees of $0.4
 million
as of December 31, 2021 and 2020, respectively. These contingent liabilities are secured by highly liquid instruments included in restricted cash.
Purchase Obligations
The Company has vendor commitments primarily relating to carrier and open purchase obligations that the Company incurs in the ordinary course of business. As of December 31, 2021, the purchase commitments were as follows:
 
(in ‘000)
  
Amount
 
2022
  
$
21,144
 
2023
  
 
9,446
 
2024
  
 
1,245
 
2025
  
 
1,245
 
2026
  
 
—  
 
Thereafter
  
 
—  
 
 
  
 
 
 
Total
  
$
33,080
 
 
  
 
 
 
Legal Proceedings
From time to time, the Company is involved in litigation arising out of the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of the Company’s subsidiaries are a party or of which any of the Company or the Company’s subsidiaries’ property is subject.