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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
5. Leases
Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease expense attributable to lease payments is recognized on a straight-line basis over the lease term and is part of allocated facilities costs based on employee headcount within the cost of revenue, research and development, sales and marketing, and general and administrative expense categories on the Company’s consolidated statements of operations. Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Depreciation expense attributable to finance leases is included in operating expenses on the Company’s consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying consolidated balance sheets. Finance leases are reported in property, plant and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company’s consolidated balance sheets.
The Company has entered into various operating lease agreements for office space and finance lease agreements for automobiles.
The Company previously sub-leased approximately 17,073 square feet of office space to a related party, Relay, Inc. (f/k/a Republic Wireless, Inc.) (“Relay”). The lease term under this non-cancellable lease expired in July 2022.
The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of December 31, 2023, non-cancelable leases expire on various dates between 2024 and 2043, some of which include options to extend the leases for up to 20 years.
The components of lease expense recorded in the consolidated statements of operations were as follows:
Year ended December 31,
202320222021
(In thousands)
Operating lease cost$15,655 $7,750 $6,818 
Sublease income— (206)(384)
Total net lease cost$15,655 $7,544 $6,434 
During the years ended December 31, 2023, 2022 and 2021, short-term operating lease expense was $0.6 million, $0.6 million, and $1.3 million, respectively.
Operating lease assets are recorded net of accumulated amortization of $20.3 million and $17.7 million as of December 31, 2023 and 2022, respectively.
Other supplemental information related to operating leases were as follows:
Year ended December 31,
202320222021
Weighted average remaining lease term (in years)19.302.122.95
Weighted average discount rate8.76 %4.58 %4.78 %

Maturities of operating lease liabilities were as follows:
As of December 31,
2023
(In thousands)
2024$23,313 
202522,277 
202621,722 
202722,122 
202822,462 
Thereafter378,808 
Total lease payments490,704 
Less: imputed interest(264,693)
Total lease obligations226,011 
Less: current obligations(5,463)
Long-term lease obligations$220,548 
New Corporate Headquarters
On August 1, 2023, the Company commenced a lease for a new corporate headquarters in Raleigh, North Carolina. The lease term will continue for a period of twenty (20) years (the “Initial Term”). The Company has the option to renew the Initial Term for two ten-year periods at a rental rate equal to 100% of the then-prevailing market rental rate for comparable buildings in the Raleigh, North Carolina, market. The Company relocated its corporate headquarters to the leased property during the third quarter of 2023.
Upon commencement of the lease, the Company recognized ROU assets of $156.0 million and operating lease liabilities of $223.1 million. The operating lease liabilities include $67.8 million of incentives provided by the landlord throughout development of the new corporate headquarters. Assets obtained through lease incentives are reported in property, plant and equipment, net, on the consolidated balance sheets. The Company also has recorded $2.5 million in security deposits and $1.0 million in escrow deposits to fund additional improvements. Deposits are reported as a component of other long-term assets on the Company’s consolidated balance sheets.
Leases
5. Leases
Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease expense attributable to lease payments is recognized on a straight-line basis over the lease term and is part of allocated facilities costs based on employee headcount within the cost of revenue, research and development, sales and marketing, and general and administrative expense categories on the Company’s consolidated statements of operations. Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Depreciation expense attributable to finance leases is included in operating expenses on the Company’s consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying consolidated balance sheets. Finance leases are reported in property, plant and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company’s consolidated balance sheets.
The Company has entered into various operating lease agreements for office space and finance lease agreements for automobiles.
The Company previously sub-leased approximately 17,073 square feet of office space to a related party, Relay, Inc. (f/k/a Republic Wireless, Inc.) (“Relay”). The lease term under this non-cancellable lease expired in July 2022.
The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of December 31, 2023, non-cancelable leases expire on various dates between 2024 and 2043, some of which include options to extend the leases for up to 20 years.
The components of lease expense recorded in the consolidated statements of operations were as follows:
Year ended December 31,
202320222021
(In thousands)
Operating lease cost$15,655 $7,750 $6,818 
Sublease income— (206)(384)
Total net lease cost$15,655 $7,544 $6,434 
During the years ended December 31, 2023, 2022 and 2021, short-term operating lease expense was $0.6 million, $0.6 million, and $1.3 million, respectively.
Operating lease assets are recorded net of accumulated amortization of $20.3 million and $17.7 million as of December 31, 2023 and 2022, respectively.
Other supplemental information related to operating leases were as follows:
Year ended December 31,
202320222021
Weighted average remaining lease term (in years)19.302.122.95
Weighted average discount rate8.76 %4.58 %4.78 %

Maturities of operating lease liabilities were as follows:
As of December 31,
2023
(In thousands)
2024$23,313 
202522,277 
202621,722 
202722,122 
202822,462 
Thereafter378,808 
Total lease payments490,704 
Less: imputed interest(264,693)
Total lease obligations226,011 
Less: current obligations(5,463)
Long-term lease obligations$220,548 
New Corporate Headquarters
On August 1, 2023, the Company commenced a lease for a new corporate headquarters in Raleigh, North Carolina. The lease term will continue for a period of twenty (20) years (the “Initial Term”). The Company has the option to renew the Initial Term for two ten-year periods at a rental rate equal to 100% of the then-prevailing market rental rate for comparable buildings in the Raleigh, North Carolina, market. The Company relocated its corporate headquarters to the leased property during the third quarter of 2023.
Upon commencement of the lease, the Company recognized ROU assets of $156.0 million and operating lease liabilities of $223.1 million. The operating lease liabilities include $67.8 million of incentives provided by the landlord throughout development of the new corporate headquarters. Assets obtained through lease incentives are reported in property, plant and equipment, net, on the consolidated balance sheets. The Company also has recorded $2.5 million in security deposits and $1.0 million in escrow deposits to fund additional improvements. Deposits are reported as a component of other long-term assets on the Company’s consolidated balance sheets.