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v3.23.3

Leases | 9 Months Ended
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Sep. 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 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 September 30, 2023 and 2022 totaled $6.4 million and $6.6 million, respectively, including short-term lease costs of $1.2 million and $0.4 million, respectively. Year-to-date September 30, 2023 and 2022 operating lease costs totaled $19.7 million and $19.8 million, respectively, including short-term lease costs of $2.5 million and $1.1 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for the three months ended September 30, 2023 and $0.6 million for the nine months ended September 30, 2023. Interest expense on the finance leases liability totaled $0.5 million for the three months ended September 30, 2023 and $1.6 million for the nine months ended September 30, 2023. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of September 30, 2023 |  | As of December 31, 2022
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 103,428 |  |  | $ | 117,869 |
Other current liabilities |  | 20,369 |  |  | 19,599 |
Operating lease liabilities |  | 91,458 |  |  | 106,866 |
Financing Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | 663 |  |  | 69 |
Property and equipment, net |  | 27,658 |  |  | 28,252 |
Other current liabilities |  | — |  |  | 426 |
Other liabilities |  | 29,828 |  |  | 28,063 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.56 years |  | 8.22 years
Finance leases |  | 34.38 years |  | 35.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 4.36 | % |  | 4.34 | %
Finance leases |  | 7.07 | % |  | 7.10 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 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 |  | $ | 6,740 |  |  | $ | 6,246 |  |  | $ | 19,448 |  |  | $ | 18,502 |
Operating cash flows from finance leases |  | 213 |  |  | — |  |  | 213 |  |  | — |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | 1,736 |  |  | 2,133 |  |  | 4,175 |  |  | 3,596 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2023 |  | $ | 7,538 |  |  | $ | 213 |
2024 |  | 25,093 |  |  | 1,302 |
2025 |  | 20,437 |  |  | 1,776 |
2026 |  | 18,336 |  |  | 1,824 |
2027 |  | 15,742 |  |  | 1,875 |
Thereafter |  | 46,031 |  |  | 92,050 |
Total future minimum lease payments |  | 133,177 |  |  | 99,040 |
Less: Imputed interest |  | (21,350) |  |  | (69,212) |
Total |  | $ | 111,827 |  |  | $ | 29,828 |
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 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 September 30, 2023 and 2022 totaled $6.4 million and $6.6 million, respectively, including short-term lease costs of $1.2 million and $0.4 million, respectively. Year-to-date September 30, 2023 and 2022 operating lease costs totaled $19.7 million and $19.8 million, respectively, including short-term lease costs of $2.5 million and $1.1 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for the three months ended September 30, 2023 and $0.6 million for the nine months ended September 30, 2023. Interest expense on the finance leases liability totaled $0.5 million for the three months ended September 30, 2023 and $1.6 million for the nine months ended September 30, 2023. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of September 30, 2023 |  | As of December 31, 2022
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 103,428 |  |  | $ | 117,869 |
Other current liabilities |  | 20,369 |  |  | 19,599 |
Operating lease liabilities |  | 91,458 |  |  | 106,866 |
Financing Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | 663 |  |  | 69 |
Property and equipment, net |  | 27,658 |  |  | 28,252 |
Other current liabilities |  | — |  |  | 426 |
Other liabilities |  | 29,828 |  |  | 28,063 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.56 years |  | 8.22 years
Finance leases |  | 34.38 years |  | 35.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 4.36 | % |  | 4.34 | %
Finance leases |  | 7.07 | % |  | 7.10 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 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 |  | $ | 6,740 |  |  | $ | 6,246 |  |  | $ | 19,448 |  |  | $ | 18,502 |
Operating cash flows from finance leases |  | 213 |  |  | — |  |  | 213 |  |  | — |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | 1,736 |  |  | 2,133 |  |  | 4,175 |  |  | 3,596 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2023 |  | $ | 7,538 |  |  | $ | 213 |
2024 |  | 25,093 |  |  | 1,302 |
2025 |  | 20,437 |  |  | 1,776 |
2026 |  | 18,336 |  |  | 1,824 |
2027 |  | 15,742 |  |  | 1,875 |
Thereafter |  | 46,031 |  |  | 92,050 |
Total future minimum lease payments |  | 133,177 |  |  | 99,040 |
Less: Imputed interest |  | (21,350) |  |  | (69,212) |
Total |  | $ | 111,827 |  |  | $ | 29,828 |

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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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