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Commitment and Contingencies | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies The following table summarizes our non-cancelable contractual commitments as of December 31, 2022 (in thousands):
| Total |  | 2023 |  | 2024-2025 |  | 2026-2027 |  | Thereafter
Operating leases | $ | 157,097 |  |  | $ | 39,272 |  |  | $ | 63,226 |  |  | $ | 32,806 |  |  | $ | 21,793 |
Purchase commitments (2) | 947,953 |  |  | 234,317 |  |  | 494,759 |  |  | 218,877 |  |  | — |
Convertible notes (3) | 2,725,000 |  |  | — |  |  | — |  |  | 2,725,000 |  |  | — |
Total | $ | 3,830,050 |  |  | $ | 273,589 |  |  | $ | 557,985 |  |  | $ | 2,976,683 |  |  | $ | 21,793 |
(1) The operating lease obligation consists of obligations for real estate (2) The substantial majority of our purchase commitments are related to agreements with our data center hosting providers. (3) Convertible notes due 2026 and 2027. See Note 9, "Borrowings," of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for further discussion. We expect to meet our remaining commitment. Legal Matters In the normal course of business, we are subject to various legal matters. We accrue a liability when management believes that it is both probable that a liability has been incurred and that the amount of loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Legal costs related to such potential losses are expensed as incurred. In addition, recoveries are shown as a reduction in legal costs in the period in which they are realized. With respect to our outstanding matters, based on our current knowledge, we believe that the resolution of such matters will not, either individually or in aggregate, have a material adverse effect on our business or our consolidated financial statements. However, litigation is inherently uncertain, and the outcome of these matters cannot be predicted with certainty. Accordingly, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these matters. We are currently subject to a putative class action complaint and related derivative claims, which we believe is without merit and intend to vigorously defend against. See Part I, Item 3. "Legal Proceedings" for additional information regarding the class action complaint. Letters of Credit We had $20.6 million and $10.8 million of secured letters of credit outstanding as of December 31, 2022 and 2021, respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in restricted cash on our consolidated balance sheets

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