Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

LEASES

The Company has non-cancelable operating leases for its headquarters in New York and its offices in London, Hong Kong, Shanghai, and various other locations and data centers. The Company does not have renewal options, other than a three-year renewal option for its lease in Hong Kong, which was not included in the determination of the related lease asset and liability. The Company also subleases a portion of its office space in London through the end of the lease term. Finally, the Company has finance leases for computer hardware.

	Year Ended December 31, 2019
	(dollars in thousands)
Lease Cost
Operating lease cost	$	20,579
Short-term lease cost	58
Finance lease cost - amortization of leased assets	548
Finance lease cost - imputed interest on lease liabilities	94
Less: Sublease income	(1,522)
Net Lease Cost	$	19,757

	Year Ended December 31, 2019
	(dollars in thousands)
Supplemental Lease Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	18,669
Operating cash flows for finance leases	$	7
Finance cash flows for finance leases	$	611
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	126,007
Finance leases	$	1,702

	December 31, 2019
Lease Term and Discount Rate
Weighted average remaining lease term
Operating leases	9.3 years
Finance leases	2.1 years
Weighted average discount rate
Operating leases	7.9	%
Finance leases	7.9	%

	Operating Leases		Finance Leases
	(dollars in thousands)
Maturity of Lease Liabilities
2020	$	22,610	$	618
2021	21,108		618
2022	19,918		—
2023	19,192		—
2024	15,353		—
Thereafter	82,234		—
Total Lease Payments	180,415		1,236
Imputed interest	(52,372)		(58)
Total Lease Liabilities	$	128,043	$	1,178

As of December 31, 2019, the Company has pledged collateral related to its lease obligations of $6.2 million, which is included within investments in the consolidated balance sheets.

	Operating Leases
	(dollars in thousands)
Sublease Rent Payments Receivable
2020	$	1,972
2021	1,578
2022	1,578
2023	1,235
2024	—
Thereafter	—
Total Sublease Rent Payments Receivable	$	6,363

Prior to Adoption of ASC 842

Prior to adoption of ASC 842 on January 1, 2019, the Company accounted for leases under ASC 840, and had the following future minimum lease payments as of December 31, 2018. Future minimum lease payments for capital leases were not material as of December 31, 2018.

	Operating Leases
	(dollars in thousands)
2019	$	16,516
2020	23,324
2021	21,826
2022	19,807
2023	19,095
Thereafter	97,587
Total Payments	$	198,155

Prior to the adoption of ASC 842, the Company recorded rent expense on a straight-line basis of $19.5 million, and $17.8 million, for the years ended December 31, 2018 and 2017, respectively, within general, administrative and other expenses in the consolidated statements of comprehensive income (loss).