v3.23.2
Leases
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases LeasesThe Company's lease portfolio consists of real estate and co-location agreements in the United States and internationally. The real estate leases include leases for office space and have remaining lease terms of up to 8.1 years. Certain of these leases contain options that allow the Company to extend or terminate the lease agreement. The Company's co-location leases have remaining lease terms of up to 8.3 years. All of the Company's leases are classified as operating leases.
The components of lease cost related to the Company's operating leases included in the condensed consolidated statements of operations were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(in thousands)
Operating lease cost$10,864 $9,496 $21,925 $18,106 
Total lease cost$10,864 $9,496 $21,925 $18,106 
Variable lease cost and short-term lease cost for the three and six months ended June 30, 2023 and June 30, 2022 were not material.
As of June 30, 2023, the Company had $43.1 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the condensed consolidated balance sheets. These operating leases will commence between July 2023 and July 2026 and have an average lease term of 3.5 years.
As of June 30, 2023, the weighted-average remaining term of the Company’s operating leases was 5.1 years and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.3%.
Maturities of the operating lease liabilities as of June 30, 2023 are as follows:
June 30, 2023
(in thousands)
2023 (remaining six months)$21,106 
202436,322 
202528,734 
202625,094 
202721,310 
Thereafter26,645 
Total lease payments$159,211 
Less: Imputed interest$(16,853)
Total operating lease liabilities$142,358 
Leases LeasesThe Company's lease portfolio consists of real estate and co-location agreements in the United States and internationally. The real estate leases include leases for office space and have remaining lease terms of up to 8.1 years. Certain of these leases contain options that allow the Company to extend or terminate the lease agreement. The Company's co-location leases have remaining lease terms of up to 8.3 years. All of the Company's leases are classified as operating leases.
The components of lease cost related to the Company's operating leases included in the condensed consolidated statements of operations were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(in thousands)
Operating lease cost$10,864 $9,496 $21,925 $18,106 
Total lease cost$10,864 $9,496 $21,925 $18,106 
Variable lease cost and short-term lease cost for the three and six months ended June 30, 2023 and June 30, 2022 were not material.
As of June 30, 2023, the Company had $43.1 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the condensed consolidated balance sheets. These operating leases will commence between July 2023 and July 2026 and have an average lease term of 3.5 years.
As of June 30, 2023, the weighted-average remaining term of the Company’s operating leases was 5.1 years and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.3%.
Maturities of the operating lease liabilities as of June 30, 2023 are as follows:
June 30, 2023
(in thousands)
2023 (remaining six months)$21,106 
202436,322 
202528,734 
202625,094 
202721,310 
Thereafter26,645 
Total lease payments$159,211 
Less: Imputed interest$(16,853)
Total operating lease liabilities$142,358