Leases

3 Months Ended

Mar. 31, 2021

The Company’s operating leases are primarily for its corporate headquarters in San Mateo, California and Columbus, Ohio. Both operating leases include early termination options, and one of the leases includes renewal options for two successive five-year periods. The exercise of these options was not recognized as part of the ROU assets and lease liabilities, as the Company did not conclude, at the commencement date of the leases, that the exercise of renewal options or termination options was reasonably certain. In connection with one of the leases, a letter of credit was issued on behalf of the Company for the benefit of the landlord in the amount of $2.0 million. The letter of credit is secured by a certificate of deposit which is included in restricted cash on the condensed consolidated balance sheets.

As of March 31, 2021, future minimum non-cancelable lease payments are as follows:


	Operating Leases
Remainder of 2021	$	3,483
2022	5,221
2023	5,516
2024	2,567
2025	1,579
Thereafter	2,417
Total undiscounted lease payments	20,783
Less: Present value adjustment	(2,162)
Operating lease liabilities	$	18,621

As of March 31, 2021, the Company does not have any operating leases which are yet to commence.

As of March 31, 2021 the Company did not have any material finance leases. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance and parking fees, were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the three months ended March 31, 2020 and 2021. Operating lease expense was as follows:


	Three Months Ended March 31,
	2020		2021
Rent expense	$	1,269	$	1,528
Variable lease payments	$	355	$	299

Supplemental cash flow and noncash information related to the Company’s operating leases was as follows:


	Three Months Ended March 31,
	2020		2021
Cash flows from operating activities
Cash paid for amounts included in the measurement of lease liabilities	$	1,011	$	1,057

Supplemental cash flow and noncash information related to the Company’s operating leases was as follows:


			March 31,
			2021
Weighted average remaining lease term (in years)			4.37
Weighted average discount rate			5.09%