Leases

6 Months Ended

Jun. 30, 2022

The Company has entered into various non-cancelable operating leases for its facilities expiring between 2022 and 2030. Certain lease agreements contain an option for the Company to renew a lease for a term of up to five years or an option to terminate a lease early within one year. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis.

Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.

The components of lease cost recognized within the Company’s condensed consolidated statements of operations were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost(1)	$	6,028	$	4,764	$	11,265	$	9,520

Short-term lease cost	2,155		662		3,324		1,454

1)Includes non-cash lease expense of $5.3 million and $4.1 million for the three months ended June 30, 2022 and 2021, respectively, and $9.7 million and $8.1 million for the six months ended June 30, 2022 and 2021, respectively.

Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):


	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in measurement of lease liabilities	$	11,682	$	9,603
Operating lease assets obtained in exchange for new lease liabilities	13,129		—

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):


	Amount
Remainder of 2022	$	13,168
2023	22,901
2024	13,322
2025	8,772
2026	6,693
2027 and beyond	17,622
Total lease payments	$	82,478
Less: imputed interest	(8,350)
Present value of lease liabilities	$	74,128

As of June 30, 2022, the Company had two additional operating leases that had not yet commenced, which are excluded from the table above. The operating leases will commence in fiscal year 2022 and have total undiscounted future payments of $10.8 million with a weighted-average lease term of 6.3 years.

In July 2022, the Company entered into an agreement to extend its New York headquarters lease and lease new floors within the same building. The Company expects delivery of the new floors in phases from 2022 to 2025, with the leases expiring in June 2033. The minimum commitment in connection with this lease is $182.3 million, which has been excluded from the table above as the lease has yet to commence.

Weighted average remaining lease term and discount rate for the Company’s operating leases are as follows:


	June 30, 2022
Weighted-average remaining lease term (years)	4.6
Weighted-average discount rate	4.46	%