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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company's lease portfolio consists of real estate and co-location agreements in the United States and internationally. The real estate leases include leases for office space and have remaining lease terms of up to 6.6 years. Certain of these leases contain options that allow the Company to extend or terminate the lease agreement. The Company's co-location leases have remaining lease terms of up to 8.0 years. All of the Company's leases are classified as operating leases.
During the year ended December 31, 2023, the Company entered a lease agreement (the Lisbon Lease) for 6,000 square meter of office space in Lisbon, Portugal. The Lisbon Lease has an accounting lease term of 84 months plus an option to renew for 12 months at 100% market rate. At lease commencement, it was not reasonably certain the renewal option will be exercised. The total fixed payments per the terms of the Lisbon Lease are approximately $15.7 million plus the Company's share of operating costs for the maturity of the lease.
The components of lease cost related to the Company's operating leases included in the consolidated statements of operations were as follows:
Year Ended December 31,
202420232022
(in thousands)
Operating lease cost$49,476 $44,792 $36,332 
Total lease cost$49,476 $44,792 $36,332 
Variable lease cost and short-term lease cost for the years ended December 31, 2024, 2023, and 2022, were not material.
As of December 31, 2024, the Company had $44.7 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the consolidated balance sheet. These operating leases will commence between January 2025 and July 2026 and have an average lease term of 4.6 years.
As of December 31, 2024 and 2023, the weighted-average remaining term of the Company’s operating leases was 4.3 years and 4.9 years, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.9% and 4.6%, respectively.
Maturities of the operating lease liabilities as of December 31, 2024 are as follows:
December 31, 2024
(in thousands)
2025$55,045 
202646,164 
202741,669 
202823,135 
202914,549 
Thereafter14,330 
Total lease payments$194,892 
Less: Imputed interest$(19,000)
Total operating lease liabilities$175,892 
Leases Leases
The Company's lease portfolio consists of real estate and co-location agreements in the United States and internationally. The real estate leases include leases for office space and have remaining lease terms of up to 6.6 years. Certain of these leases contain options that allow the Company to extend or terminate the lease agreement. The Company's co-location leases have remaining lease terms of up to 8.0 years. All of the Company's leases are classified as operating leases.
During the year ended December 31, 2023, the Company entered a lease agreement (the Lisbon Lease) for 6,000 square meter of office space in Lisbon, Portugal. The Lisbon Lease has an accounting lease term of 84 months plus an option to renew for 12 months at 100% market rate. At lease commencement, it was not reasonably certain the renewal option will be exercised. The total fixed payments per the terms of the Lisbon Lease are approximately $15.7 million plus the Company's share of operating costs for the maturity of the lease.
The components of lease cost related to the Company's operating leases included in the consolidated statements of operations were as follows:
Year Ended December 31,
202420232022
(in thousands)
Operating lease cost$49,476 $44,792 $36,332 
Total lease cost$49,476 $44,792 $36,332 
Variable lease cost and short-term lease cost for the years ended December 31, 2024, 2023, and 2022, were not material.
As of December 31, 2024, the Company had $44.7 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the consolidated balance sheet. These operating leases will commence between January 2025 and July 2026 and have an average lease term of 4.6 years.
As of December 31, 2024 and 2023, the weighted-average remaining term of the Company’s operating leases was 4.3 years and 4.9 years, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.9% and 4.6%, respectively.
Maturities of the operating lease liabilities as of December 31, 2024 are as follows:
December 31, 2024
(in thousands)
2025$55,045 
202646,164 
202741,669 
202823,135 
202914,549 
Thereafter14,330 
Total lease payments$194,892 
Less: Imputed interest$(19,000)
Total operating lease liabilities$175,892