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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | NOTE 13—LEASES The Company leases office space, data center facilities, and equipment used in connection with its operations under various operating leases, many of which contain escalation clauses. ROU assets represent the Company’s right to use the underlying assets for the lease term and lease liabilities represent the present value of the Company’s obligation to make payments arising from leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over the lease term using the Company’s incremental borrowing rates on the lease commencement date or January 1, 2019 for leases that commenced prior to that date. The Company combines the lease and non-lease components of lease payments in determining ROU assets and related lease liabilities. If the lease includes one or more options to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain the Company will exercise the options. Lease expense is recognized on a straight-line basis over the term of the lease. Leases with an initial term of twelve months or less (“short-term leases”) are not recorded on the accompanying consolidated balance sheet. Variable lease payments consist primarily of common area maintenance, utilities, and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Leases |  | Balance Sheet Classification |  | December 31, 2023 |  | December 31, 2022
|  |  |  | (In thousands)
Assets: |  |  |  |  |  |
Right-of-use assets |  | Other non-current assets |  | $ | 95,660 |  |  | $ | 93,661 |
Liabilities: |  |  |  |  |  |
Current lease liabilities |  | Accrued expenses and other current liabilities |  | $ | 16,389 |  |  | $ | 14,495 |
Long-term lease liabilities |  | Other long-term liabilities |  | 98,475 |  |  | 97,410 |
Total lease liabilities |  |  |  | $ | 114,864 |  |  | $ | 111,905 |
Lease Cost |  | Income Statement Classification |  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
|  |  |  | (In thousands)
Fixed lease cost |  | Cost of revenue |  | $ | 1,567 |  |  | $ | 1,618 |
Fixed lease cost |  | General and administrative expense |  | 20,485 |  |  | 22,356 |
Total fixed lease cost(a) |  |  |  | 22,052 |  |  | 23,974 |
Variable lease cost |  | Cost of revenue |  | 880 |  |  | 682 |
Variable lease cost |  | General and administrative expense |  | 3,175 |  |  | 2,383 |
Total variable lease cost |  |  |  | 4,055 |  |  | 3,065 |
Net lease cost |  |  |  | $ | 26,107 |  |  | $ | 27,039 |
______________________ (a)Includes approximately $1.5 million and $2.6 million of short-term lease cost, and $0.5 million and $0.3 million of sublease income, for the years ended December 31, 2023 and December 31, 2022, respectively. Maturities of lease liabilities as of December 31, 2023(a):
|  | (In thousands)
2024 |  | $ | 21,710 |
2025 |  | 19,771 |
2026 |  | 16,688 |
2027 |  | 13,632 |
2028 |  | 12,964 |
After 2028 |  | 51,231 |
Total |  | 135,996 |
Less: Interest |  | (19,682) |
Less: Tenant improvement receivables |  | (1,450) |
Present value of lease liabilities |  | $ | 114,864 |
______________________ (a)Operating lease payments exclude $28.1 million of legally binding minimum lease payments for leases signed but not yet commenced. The following are the weighted average assumptions used for lease term and discount rate:
|  | December 31, 2023 |  | December 31, 2022
Remaining lease term |  | 8.1 years |  | 9.1 years
Discount rate |  | 3.76 | % |  | 3.54 | %
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
|  | (In thousands)
Other information: |  |  |  |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | 14,799 |  |  | $ | 10,431 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 21,188 |  |  | $ | 20,318 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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