Commitments and Contingencies

Operating Commitments

The Company leases office space under non-cancellable operating lease agreements that expire at various dates and have contracts for other services under various non-cancellable agreements that expire in 2019. Effective December 2017, the Company entered into a lease for its current headquarters at 222 Broadway, New York, New York. The commencement date for the sublease is January 2018 and it expires in July 2029. In June 2018, the Company entered into an agreement to sublease its former headquarters at 1501 Broadway, New York, NY, with a commencement date of August 1, 2018 and an expiration date of January 31, 2025.

As of June 30, 2018, future minimum payment commitments required under the Company’s non-cancellable office space leases, including the lease for its current corporate headquarters (which the Company relocated to during the second quarter of 2018 at 222 Broadway, New York, NY), its former corporate headquarters (which the Company subleased as of June 2018 at 1501 Broadway, New York, New York) and for its previous corporate headquarters (which the Company subleases at 52W 23rd Street, New York, NY), co-location agreements and third-party licenses, net of aggregate future sublease income, for the next five years and thereafter are as follows:



Remaining 2018	$	3,223
2019	6,439
2020	6,487
2021	5,399
2022	4,922
Thereafter	18,127
Total minimum operating commitments	44,597
Less non-cancellable sublease income	(22,606		)
Total operating commitments	$	21,991

Total rent expense recorded within operating income in the condensed consolidated statements of operations for the three and six months ended June 30, 2018 is $1,034 and $2,171 respectively. Rent expense for the three and six months ended June 30, 2017 is $745 and $1,508, respectively. In addition, the Company recorded sublease expense for the three and six months ended June 30, 2018 of $604 and $1,039, respectively, and $409 and $850 for the three and six months ended June 30, 2017, respectively, and sublease income for the three and six months ended June 30, 2018 of $582 and $1,095, respectively, and $468 and $956 for the three and six months ended June 30, 2017, respectively. Sublease income and expense is recorded within other income (expense), net in the condensed consolidated statements of operations.

Letters of Credit

At June 30, 2018, the Company had the following outstanding letters of credit:



•	$450 related to its former headquarters at 52 W 23^rd St, New York, New York
•	$320 related to its office space in Mountain View, California
•	$2,332 related to its former headquarters at 1501 Broadway, New York, New York
•	$633 related to its current headquarters at 222 Broadway, New York, New York

Legal Contingencies

The Company is occasionally involved with various claims and litigation during the normal course of business. Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated. As of June 30, 2018 and December 31, 2017, no reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. Based upon the Company’s experience, current information and applicable law, it generally does not believe it is reasonably probable that any proceedings or possible related claims will have a material effect on its financial statements. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.