Lessee Leases

3 Months Ended

Mar. 31, 2022

The Company has operating leases for office buildings, data centers, office equipment, and vehicles. The Company’s leases have initial terms of one to 12 years. As of March 31, 2022, the Company did not have any additional material operating leases that were entered into, but not yet commenced.

The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the Condensed Consolidated Balance Sheets was as follows:


	March 31, 2022

	(In thousands)
Remaining nine months of 2022	$	11,244
2023	11,459
2024	9,859
2025	6,909
2026	6,457
Thereafter	10,882
Total operating lease payments	56,810
Present value adjustment	(7,728)
Total operating lease liabilities (1)	$	49,082

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(1) Amount consists of a current and long-term portion of operating lease liabilities of $11.8 million and $37.3 million, respectively. The current portion of the operating lease liabilities is included in accrued liabilities in the Condensed Consolidated Balance Sheets.

Operating lease costs were $4.1 million and $3.7 million for the three months ended March 31, 2022 and 2021, respectively. Short-term lease costs and variable lease costs were immaterial for the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022, the Company recorded an impairment of operating lease right-of-use assets of $1.8 million in connection with restructuring activities for optimization of certain leased facilities. The impairment charge was recorded to selling, general, and administrative expenses on the Company’s Condensed Consolidated Statements of Operations.

The following table summarizes supplemental cash flow information related to the Company’s operating leases for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	4,193	$	3,972
Right-of-use assets obtained in exchange for new lease liabilities	$	497	$	541

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases as of March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
Weighted-average remaining lease term, years	5.2		5.2
Weighted-average discount rate, %	5.6	%	5.5	%