Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases

We lease office space, data centers and office equipment under non-cancelable operating leases with various expiration dates through 2026. In August 2014, we signed a lease for office space in Tysons, Virginia, where we relocated our headquarters to in February 2016. We have subsequently entered into amendments to this lease to provide us with additional office space. In March 2020, we entered into an amendment to the lease for our corporate headquarters, which provides for additional office space, additional parking spaces and additional tenant improvement allowance. The lease term ends in 2026, includes a five-year renewal option and a cumulative tenant improvement allowance of $11.8 million, including the tenant improvement allowance within the March 2020 lease amendment.

Supplemental information related to leases is presented in the table below (in thousands, except weighted-average term and discount rate):

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020		2019
Operating lease cost	$	2,188		$	1,835		$	4,233	$	3,638
Cash paid for amounts included in the measurement of operating lease liabilities	2,469			2,020			4,728		3,928
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	625			792			6,647		2,251
	June 30, 2020			December 31, 2019
Weighted-average remaining lease term — operating leases	5.4 years			5.7 years
Weighted-average discount rate — operating leases	3.8		%	4.0		%

Maturities of lease liabilities are as follows (in thousands):

Year Ended December 31,	Operating Leases(1)
Remainder of 2020	$	5,410
2021	10,643
2022	9,320
2023	8,551
2024	7,771
2025 and thereafter	11,026
Total lease payments	52,721
Less: imputed interest(2)	5,037
Present value of lease liabilities	$	47,684

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(1)Operating lease payments exclude $2.8 million of legally binding minimum lease payments for leases executed but not yet commenced and includes $0.6 million for options to extend lease terms that were reasonably certain of being exercised.

(2)Imputed interest was calculated using the incremental borrowing rate applicable for each lease.

We did not have any finance leases or subleases as of June 30, 2020 or December 31, 2019. Our lease agreements do not contain any material residual value guarantees, restrictive covenants or variable lease payments. Short-term lease costs were immaterial for the three and six months ended June 30, 2020 and 2019.