Leases

6 Months Ended

Jun. 30, 2020

Leases

Leases

Note 7 – Leases

The Company currently leases real estate space under non-cancelable operating lease agreements for its corporate headquarters in San Francisco, California and its operations in Toronto, Canada, Hyderabad, India, Foster City, California, Burlingame, California and Orlando, Florida. These operating leases have remaining lease terms ranging from 5 months to 7.42 years, some of which include the option to extend the lease, with the longest extension option being 6 years.

The Company does not include any of its renewal options when calculating its lease liability as the Company is not reasonably certain whether it will exercise these renewal options at this time. Rent expense for the three months

ended June 30, 2020 and 2019 was $1,712 and $653, respectively. Rent expense for the six months ended June 30, 2020 and 2019 was $2,883 and $2,004, respectively.

The future minimum lease payments to be paid under noncancelable leases in effect at June 30, 2020, are as follows:

	Operating
Year Ending December 31,	Leases
2020 (remaining 6 months)		3,422
2021		7,104
2022		7,015
2023		6,980
2024 and thereafter		27,667
Total lease payments	$	52,188
Less: imputed interest		(10,877)
Total	$	41,311

Supplemental information related to the Company’s leases for the six months ended June 30, 2020 is as follows:

	June 30, 2020
Weighted average remaining lease term	7.06	yrs
Weighted average discount rate	6.7	%

	Six Months Ended
	June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	1,320

		Three Months Ended		Six Months Ended
	June 30, 2020		June 30, 2020
Right of use assets obtained in exchange for new lease obligations:
Operating leases	$	73	$	407