XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
The Company has operating leases for corporate offices and data centers (“colocation” leases), and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 7 years, some of which include options to extend the leases. The Company’s finance leases have remaining lease terms ranging from less than 1 year to 2 years. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from 1 year to 7 years. The Company’s sublease income was $0.4 million and $0.2 million for the three months ended September 30, 2023, and 2022, respectively. The Company’s sublease income was $1.0 million and $0.7 million for the nine months ended September 30, 2023 and 2022, respectively.
The components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
(in thousands)
Operating lease costs:
Operating lease cost$6,466 $9,336 $20,499 $23,578 
Variable lease cost4,024 1,456 11,391 8,723 
Total operating lease costs$10,490 $10,792 $31,890 $32,301 
Finance lease costs:
Amortization of assets under finance lease$3,544 $3,717 $10,786 $10,901 
Interest297 602 1,103 1,843 
Total finance lease costs$3,841 $4,319 $11,889 $12,744 
The short-term lease costs were not material for three and nine months ended September 30, 2023, and 2022. The Company did not recognize any material impairment on its operating lease right-of-use assets for either of the three and nine months ended September 30, 2023, and 2022.
As of September 30,As of December 31,
20232022
Weighted Average Remaining Lease Term (in years):
Operating leases3.624.09
Finance leases1.161.74
Weighted Average Discount Rate:
Operating leases5.78 %5.36 %
Finance leases4.69 %4.73 %
Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows:
Operating LeasesFinance Leases
(in thousands)
Remainder of 2023$8,066 $7,831 
202422,363 14,282 
202518,623 1,617 
202616,856 — 
20279,580 — 
Thereafter2,921 — 
Total future minimum lease payments$78,409 $23,730 
Less: imputed interest(7,592)(620)
Total liability$70,817 $23,110 
As of September 30, 2023, the Company has undiscounted commitments of $1.5 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the fourth quarter of 2023 with lease terms ranging from 2 to 3 years.
Leases Leases
The Company has operating leases for corporate offices and data centers (“colocation” leases), and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 7 years, some of which include options to extend the leases. The Company’s finance leases have remaining lease terms ranging from less than 1 year to 2 years. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from 1 year to 7 years. The Company’s sublease income was $0.4 million and $0.2 million for the three months ended September 30, 2023, and 2022, respectively. The Company’s sublease income was $1.0 million and $0.7 million for the nine months ended September 30, 2023 and 2022, respectively.
The components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
(in thousands)
Operating lease costs:
Operating lease cost$6,466 $9,336 $20,499 $23,578 
Variable lease cost4,024 1,456 11,391 8,723 
Total operating lease costs$10,490 $10,792 $31,890 $32,301 
Finance lease costs:
Amortization of assets under finance lease$3,544 $3,717 $10,786 $10,901 
Interest297 602 1,103 1,843 
Total finance lease costs$3,841 $4,319 $11,889 $12,744 
The short-term lease costs were not material for three and nine months ended September 30, 2023, and 2022. The Company did not recognize any material impairment on its operating lease right-of-use assets for either of the three and nine months ended September 30, 2023, and 2022.
As of September 30,As of December 31,
20232022
Weighted Average Remaining Lease Term (in years):
Operating leases3.624.09
Finance leases1.161.74
Weighted Average Discount Rate:
Operating leases5.78 %5.36 %
Finance leases4.69 %4.73 %
Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows:
Operating LeasesFinance Leases
(in thousands)
Remainder of 2023$8,066 $7,831 
202422,363 14,282 
202518,623 1,617 
202616,856 — 
20279,580 — 
Thereafter2,921 — 
Total future minimum lease payments$78,409 $23,730 
Less: imputed interest(7,592)(620)
Total liability$70,817 $23,110 
As of September 30, 2023, the Company has undiscounted commitments of $1.5 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the fourth quarter of 2023 with lease terms ranging from 2 to 3 years.