Leases

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and 2023 totaled $6.1 million and $6.8 million, respectively, including short-term lease costs of $1.0 million and $0.4 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended March 31, 2024 and 2023. Interest expense on the finance leases liability totaled $0.5 million for both the three months ended March 31, 2024 and 2023.

Other information related to our leases was as follows:


(in thousands, except lease term and discount rate)	As of March 31, 2024			As of December 31, 2023

Balance Sheet Information
Operating Leases
Right-of-use assets	$	101,676		$	99,194
Other current liabilities	18,307			19,466
Operating lease liabilities	91,241			87,714
Finance Leases
Property and equipment, at cost	28,321			28,321
Accumulated depreciation	1,061			862
Property and equipment, net	27,260			27,459

Other liabilities	30,470			30,146
Weighted Average Remaining Lease Term
Operating leases	7.80 years			7.41 years
Finance leases	34.25 years			34.50 years
Weighted Average Discount Rate
Operating leases	4.94		%	4.43		%
Finance leases	7.10		%	7.10		%


	Three Months Ended March 31,
(in thousands)		2024		2023

Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	5,754	$	6,379
Operating cash flows from finance leases		213		—
Financing cash flows from finance leases		—		—
Right-of-use assets obtained in exchange for operating lease obligations		10,095		2,439
Right-of-use assets obtained in exchange for finance lease obligations		—		—

Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases

Remainder of 2024	$	18,349	$	1,089
2025	22,368		1,776
2026	20,497		1,824
2027	17,571		1,875
2028	14,219		1,926
Thereafter	39,303		90,124
Total future minimum lease payments	132,307		98,614
Less: Imputed interest	(22,759)		(68,144)
Total	$	109,548	$	30,470

Leases

Other information related to our leases was as follows:


(in thousands, except lease term and discount rate)	As of March 31, 2024			As of December 31, 2023

Balance Sheet Information
Operating Leases
Right-of-use assets	$	101,676		$	99,194
Other current liabilities	18,307			19,466
Operating lease liabilities	91,241			87,714
Finance Leases
Property and equipment, at cost	28,321			28,321
Accumulated depreciation	1,061			862
Property and equipment, net	27,260			27,459

Other liabilities	30,470			30,146
Weighted Average Remaining Lease Term
Operating leases	7.80 years			7.41 years
Finance leases	34.25 years			34.50 years
Weighted Average Discount Rate
Operating leases	4.94		%	4.43		%
Finance leases	7.10		%	7.10		%


	Three Months Ended March 31,
(in thousands)		2024		2023

Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	5,754	$	6,379
Operating cash flows from finance leases		213		—
Financing cash flows from finance leases		—		—
Right-of-use assets obtained in exchange for operating lease obligations		10,095		2,439
Right-of-use assets obtained in exchange for finance lease obligations		—		—

Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases

Remainder of 2024	$	18,349	$	1,089
2025	22,368		1,776
2026	20,497		1,824
2027	17,571		1,875
2028	14,219		1,926
Thereafter	39,303		90,124
Total future minimum lease payments	132,307		98,614
Less: Imputed interest	(22,759)		(68,144)
Total	$	109,548	$	30,470