Leases

6 Months Ended

Jun. 30, 2019

LEASES

The Company has various non-cancelable operating leases for its offices and its data centers. These arrangements have remaining lease terms ranging from 1 to 12 years. Certain lease agreements contain renewal options, termination rights, rent abatement, and/or escalation clauses with renewal terms that can extend the lease term from one to 5 years or more.

The components of lease cost related to the Company's operating leases were as follows (in thousands):



	Three months ended			Six months ended
	June 30, 2019			June 30, 2019
Operating lease cost	$	3,822		$	7,632
Sublease income	(875		)	(1,685		)
Net lease cost	$	2,947		$	5,947

Supplemental balance sheet information related to the Company's operating leases was as follows (in thousands, except lease term and discount rate):



	June 30,			January 1,
	2019			2019
Operating lease right-of-use assets	$	79,838		$	80,544
Operating lease liabilities (current and non-current)	86,310			82,544
Weighted-average remaining lease term	5 years			5 years
Weighted-average incremental borrowing rate	3.3		%	3.3		%

Maturities of the Company's operating lease liabilities at June 30, 2019 were as follows (in thousands):



2019	$	2,952
2020	16,146
2021	16,108
2022	16,512
2023	16,387
Thereafter	26,128
Total lease payments	$	94,233
Less: Imputed interest ⁽¹⁾	(7,923		)
Present value of operating lease liabilities	$	86,310
⁽¹⁾Calculated using the incremental borrowing rate for each lease.

As previously disclosed in the Company’s 2018 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments for the Company's operating leases at December 31, 2018, on an undiscounted basis, were as follows (in thousands):



	Operating Leases
2019	$	11,576
2020	14,162
2021	14,277
2022	14,823
2023	14,710
Thereafter	17,961
Total minimum lease payments	$	87,509