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Leases
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases
4. Leases
The Company took possession of a data center leased space in the first quarter of 2024, with lease payments – net of leasehold incentives – totaling $95.4 million over a seven year lease term. In September, 2024, the Company de-recognized $70.3 million of both the right-of-use assets and lease liabilities associated with this data center lease due to an early termination. The early termination did not have a material impact on the results of operations during the three and nine months ended September 30, 2024.
Sublease
On February 7, 2024, the Company executed a lease assignment as sub-lessee pursuant to which the Company subleased approximately 133,137 square feet of office space in San Mateo, California for a lease term of approximately four years (the “2024 Sub-Lessee Agreement”). Concurrent with the execution of the 2024 Sub-Lessee Agreement, the Company executed a sublease as sub-lessor pursuant to which it subleased approximately 61,773 square feet of its San Mateo, California corporate headquarters to the sub-lessee for a lease term of approximately three years (the “2024 Sub-Lessor Agreement”).
The total lease payments due by the Company over the sublease term under the 2024 Sub-Lessee Agreement are $38.9 million and the Company took possession of the assigned space in April 2024. The total lease payments due to the Company over the sublease term under the 2024 Sub-Lessor Agreement are approximately $13.0 million and the Company provided possession to the sub-lessee in April 2024.
Leases
4. Leases
The Company took possession of a data center leased space in the first quarter of 2024, with lease payments – net of leasehold incentives – totaling $95.4 million over a seven year lease term. In September, 2024, the Company de-recognized $70.3 million of both the right-of-use assets and lease liabilities associated with this data center lease due to an early termination. The early termination did not have a material impact on the results of operations during the three and nine months ended September 30, 2024.
Sublease
On February 7, 2024, the Company executed a lease assignment as sub-lessee pursuant to which the Company subleased approximately 133,137 square feet of office space in San Mateo, California for a lease term of approximately four years (the “2024 Sub-Lessee Agreement”). Concurrent with the execution of the 2024 Sub-Lessee Agreement, the Company executed a sublease as sub-lessor pursuant to which it subleased approximately 61,773 square feet of its San Mateo, California corporate headquarters to the sub-lessee for a lease term of approximately three years (the “2024 Sub-Lessor Agreement”).
The total lease payments due by the Company over the sublease term under the 2024 Sub-Lessee Agreement are $38.9 million and the Company took possession of the assigned space in April 2024. The total lease payments due to the Company over the sublease term under the 2024 Sub-Lessor Agreement are approximately $13.0 million and the Company provided possession to the sub-lessee in April 2024.