Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Components of Lease Expense |
The components of lease expense are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Operating lease expense | $ | 18,247 | | | $ | 21,671 | | | $ | 36,380 | | | $ | 43,146 | | | Variable lease expense | 5,231 | | | 6,080 | | | 10,753 | | | 12,372 | | | Sublease income | (1,975) | | | — | | | (2,885) | | | — | | | Total operating lease expense | $ | 21,503 | | | $ | 27,751 | | | $ | 44,248 | | | $ | 55,518 | |
|
| Schedule of Supplemental Cash Flow Information Related To Leases |
Supplemental cash flow information related to leases is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | Operating cash outflows from operating leases | $ | 22,466 | | | $ | 18,327 | | | $ | 43,722 | | | $ | 35,320 | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | | | Operating leases | $ | 2,885 | | | $ | 9,352 | | | $ | 2,885 | | | $ | 11,909 | | | Decrease in operating lease right-of-use assets due to impairment (See Note 15 for details) | $ | 10,656 | | | $ | — | | | $ | 11,232 | | | $ | 3,790 | |
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): | | | | | | | | | | | | | | As of | | | June 30, 2024 | | December 31, 2023 | | Operating lease right-of-use assets | $ | 338,422 | | | $ | 371,444 | | | | | | Operating lease liability, current (included in Accrued liabilities) | $ | 74,070 | | | $ | 68,099 | | Operating lease liability, non-current | 553,375 | | | 586,174 | | Total operating lease liability | $ | 627,445 | | | $ | 654,273 | | | | | | Weighted-average remaining term for operating leases (in years) | 7.5 | | 7.9 | | Weighted-average discount rate for operating leases | 3.96 | % | | 3.94 | % |
|
| Schedule of Future Lease Payments under Operating Leases |
Future lease payments under operating leases excluding any sublease income from sublease arrangements as of June 30, 2024 are as follows (in thousands): | | | | | | | Year Ending December 31, | Operating Leases | | 2024 (remaining 6 months) | $ | 46,136 | | | 2025 | 99,185 | | | 2026 | 100,833 | | | 2027 | 99,840 | | | 2028 | 100,017 | | | Thereafter | 282,510 | | | Total future lease payments | 728,521 | | | Less: imputed interest | (97,817) | | | Less: expected tenant improvement allowance | (3,259) | | Total (1) | $ | 627,445 | |
(1) Total lease liabilities include liabilities related to operating leases right-of-use assets which were included in the impairment charges as part of the Company’s restructuring efforts reflected in Note 15 to the condensed consolidated financial statements.
|