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v3.23.2

Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Leases We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have remaining lease terms of 1 year to 35 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Condensed Consolidated Statements of Operations for the three months ended June 30, 2023 and 2022 totaled $6.5 million and $6.7 million, respectively, including short-term lease costs of $0.9 million and $0.3 million, respectively. Year-to-date June 30, 2023 and 2022 operating lease costs totaled $13.3 million and $13.2 million, respectively, including short-term lease costs of $1.3 million and $0.7 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for the three months ended June 30, 2023 and $0.4 million for the six months ended June 30, 2023. Interest expense on the finance leases liability totaled $0.5 million for the three months ended June 30, 2023 and $1.0 million for the six months ended June 30, 2023. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of June 30, 2023 |  | As of December 31, 2022
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 109,114 |  |  | $ | 117,869 |
Other current liabilities |  | 20,069 |  |  | 19,599 |
Operating lease liabilities |  | 96,357 |  |  | 106,866 |
Financing Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | 464 |  |  | 69 |
Property and equipment, net |  | 27,857 |  |  | 28,252 |
Other current liabilities |  | — |  |  | 426 |
Other liabilities |  | 29,515 |  |  | 28,063 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.91 years |  | 8.22 years
Finance leases |  | 35.00 years |  | 35.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 4.34 | % |  | 4.34 | %
Finance leases |  | 7.10 | % |  | 7.10 | %
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Supplemental Cash Flows Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,329 |  |  | $ | 6,198 |  |  | $ | 12,708 |  |  | $ | 12,256 |
Operating cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | — |  |  | 1,232 |  |  | 2,439 |  |  | 1,463 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of June 30, 2023 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2023 |  | $ | 13,580 |  |  | $ | 426 |
2024 |  | 25,099 |  |  | 1,302 |
2025 |  | 20,422 |  |  | 1,776 |
2026 |  | 18,355 |  |  | 1,824 |
2027 |  | 15,819 |  |  | 1,875 |
Thereafter |  | 45,398 |  |  | 92,050 |
Total future minimum lease payments |  | 138,673 |  |  | 99,253 |
Less: Imputed interest |  | (22,247) |  |  | (69,738) |
Total |  | $ | 116,426 |  |  | $ | 29,515 |
Leases | Leases We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have remaining lease terms of 1 year to 35 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Condensed Consolidated Statements of Operations for the three months ended June 30, 2023 and 2022 totaled $6.5 million and $6.7 million, respectively, including short-term lease costs of $0.9 million and $0.3 million, respectively. Year-to-date June 30, 2023 and 2022 operating lease costs totaled $13.3 million and $13.2 million, respectively, including short-term lease costs of $1.3 million and $0.7 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for the three months ended June 30, 2023 and $0.4 million for the six months ended June 30, 2023. Interest expense on the finance leases liability totaled $0.5 million for the three months ended June 30, 2023 and $1.0 million for the six months ended June 30, 2023. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of June 30, 2023 |  | As of December 31, 2022
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 109,114 |  |  | $ | 117,869 |
Other current liabilities |  | 20,069 |  |  | 19,599 |
Operating lease liabilities |  | 96,357 |  |  | 106,866 |
Financing Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | 464 |  |  | 69 |
Property and equipment, net |  | 27,857 |  |  | 28,252 |
Other current liabilities |  | — |  |  | 426 |
Other liabilities |  | 29,515 |  |  | 28,063 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.91 years |  | 8.22 years
Finance leases |  | 35.00 years |  | 35.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 4.34 | % |  | 4.34 | %
Finance leases |  | 7.10 | % |  | 7.10 | %
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Supplemental Cash Flows Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,329 |  |  | $ | 6,198 |  |  | $ | 12,708 |  |  | $ | 12,256 |
Operating cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | — |  |  | 1,232 |  |  | 2,439 |  |  | 1,463 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of June 30, 2023 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2023 |  | $ | 13,580 |  |  | $ | 426 |
2024 |  | 25,099 |  |  | 1,302 |
2025 |  | 20,422 |  |  | 1,776 |
2026 |  | 18,355 |  |  | 1,824 |
2027 |  | 15,819 |  |  | 1,875 |
Thereafter |  | 45,398 |  |  | 92,050 |
Total future minimum lease payments |  | 138,673 |  |  | 99,253 |
Less: Imputed interest |  | (22,247) |  |  | (69,738) |
Total |  | $ | 116,426 |  |  | $ | 29,515 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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