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Leases | 9 Months Ended
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Sep. 30, 2024
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 34 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, 2024 and 2023 totaled $5.4 million and $6.4 million, respectively, including short-term lease costs of $1.2 million for both the three months ended September 30, 2024 and 2023. Year-to-date September 30, 2024 and 2023 operating lease costs totaled $17.2 million and $19.7 million, respectively, including short-term lease costs of $3.9 million and $2.5 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended September 30, 2024 and 2023 and $0.6 million for both the nine months ended September 30, 2024 and 2023. Interest expense on the finance leases liability totaled $0.5 million for both the three months ended September 30, 2024 and 2023. Year-to-date interest expense on the finance leases liability totaled $1.6 million for both the nine months ended September 30, 2024 and 2023. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of September 30, 2024 |  | As of December 31, 2023
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 94,495 |  |  | $ | 99,194 |
Other current liabilities |  | 18,377 |  |  | 19,466 |
Operating lease liabilities |  | 83,846 |  |  | 87,714 |
Finance Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | 1,459 |  |  | 862 |
Property and equipment, net |  | 26,862 |  |  | 27,459 |
Other liabilities |  | 30,909 |  |  | 30,146 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.48 years |  | 7.41 years
Finance leases |  | 33.75 years |  | 34.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 4.99 | % |  | 4.43 | %
Finance leases |  | 7.10 | % |  | 7.10 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Supplemental Cash Flows Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,243 |  |  | $ | 6,740 |  |  | $ | 16,435 |  |  | $ | 19,448 |
Operating cash flows from finance leases |  | 438 |  |  | 213 |  |  | 864 |  |  | 213 |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | 2,764 |  |  | 1,736 |  |  | 12,859 |  |  | 4,175 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of September 30, 2024 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2024 |  | $ | 6,024 |  |  | $ | 438 |
2025 |  | 23,037 |  |  | 1,776 |
2026 |  | 20,992 |  |  | 1,824 |
2027 |  | 17,889 |  |  | 1,875 |
2028 |  | 14,582 |  |  | 1,926 |
Thereafter |  | 40,860 |  |  | 90,124 |
Total future minimum lease payments |  | 123,384 |  |  | 97,963 |
Less: Imputed interest |  | (21,161) |  |  | (67,054) |
Total |  | $ | 102,223 |  |  | $ | 30,909 |
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 34 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, 2024 and 2023 totaled $5.4 million and $6.4 million, respectively, including short-term lease costs of $1.2 million for both the three months ended September 30, 2024 and 2023. Year-to-date September 30, 2024 and 2023 operating lease costs totaled $17.2 million and $19.7 million, respectively, including short-term lease costs of $3.9 million and $2.5 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended September 30, 2024 and 2023 and $0.6 million for both the nine months ended September 30, 2024 and 2023. Interest expense on the finance leases liability totaled $0.5 million for both the three months ended September 30, 2024 and 2023. Year-to-date interest expense on the finance leases liability totaled $1.6 million for both the nine months ended September 30, 2024 and 2023. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of September 30, 2024 |  | As of December 31, 2023
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 94,495 |  |  | $ | 99,194 |
Other current liabilities |  | 18,377 |  |  | 19,466 |
Operating lease liabilities |  | 83,846 |  |  | 87,714 |
Finance Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | 1,459 |  |  | 862 |
Property and equipment, net |  | 26,862 |  |  | 27,459 |
Other liabilities |  | 30,909 |  |  | 30,146 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.48 years |  | 7.41 years
Finance leases |  | 33.75 years |  | 34.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 4.99 | % |  | 4.43 | %
Finance leases |  | 7.10 | % |  | 7.10 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Supplemental Cash Flows Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,243 |  |  | $ | 6,740 |  |  | $ | 16,435 |  |  | $ | 19,448 |
Operating cash flows from finance leases |  | 438 |  |  | 213 |  |  | 864 |  |  | 213 |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | 2,764 |  |  | 1,736 |  |  | 12,859 |  |  | 4,175 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of September 30, 2024 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2024 |  | $ | 6,024 |  |  | $ | 438 |
2025 |  | 23,037 |  |  | 1,776 |
2026 |  | 20,992 |  |  | 1,824 |
2027 |  | 17,889 |  |  | 1,875 |
2028 |  | 14,582 |  |  | 1,926 |
Thereafter |  | 40,860 |  |  | 90,124 |
Total future minimum lease payments |  | 123,384 |  |  | 97,963 |
Less: Imputed interest |  | (21,161) |  |  | (67,054) |
Total |  | $ | 102,223 |  |  | $ | 30,909 |

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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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