Leases

12 Months Ended

Dec. 31, 2024

The Company’s material operating leases consist of office space. The Company’s leases generally have remaining terms of one to 14 years, some of which include one or more options to extend the leases up to 10 years. Additionally, some lease contracts include termination options. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods.

The components of lease cost, excluding the immaterial impact from sublease income, were as follows (in millions):


	Year Ended December 31,
	2022		2023		2024
Operating lease cost	$	77	$	58	$	53
Short-term lease cost	2		6		4

Variable lease cost	17		16		17

Lease cost, net	$	96	$	80	$	74

Lease costs are classified within operations and support, product development, sales and marketing, and general and administrative expenses on the consolidated statements of operations.

Lease costs, net do not include lease impairments due to restructuring. Refer to Note 17. Restructuring for additional information.

Weighted-average lease term and discount rate were as follows:


	December 31,
	2023		2024
Weighted-average remaining lease term (years)	5.3		7.2
Weighted-average discount rate	7.2	%	7.3	%

Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2024 (in millions):


Year Ending December 31,	Amount(1)
2025	$	83
2026	69
2027	—
2028	32
2029	43
Thereafter	181
Total lease payments	408
Less: Imputed interest	(109)
Present value of lease liabilities	299
Less: Current portion of lease liabilities	(63)
Total long-term lease liabilities	$	236

(1)Amounts are net of tenant improvement allowances.