Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Leases

As of June 30, 2024, we leased office space, data centers and office equipment under non-cancelable operating leases with various expiration dates through 2030. 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. The lease term ends in 2026, includes a five-year renewal option and a cumulative tenant improvement allowance of $12.1 million.

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,
	2024			2023			2024		2023
Operating lease cost	$	2,977		$	2,871		$	5,953	$	5,621
Cash paid for amounts included in the measurement of operating lease liabilities	3,530			3,434			6,751		6,796
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	272			188			2,915		4,115
	June 30, 2024			December 31, 2023
Weighted-average remaining lease term — operating leases	3.0 years			3.0 years
Weighted-average discount rate — operating leases	5.3		%	4.9		%

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

Year Ended December 31,	Operating Leases(1)
Remainder of 2024	$	7,093
2025	12,598
2026	7,827
2027	2,500
2028	1,841
2029 and thereafter	1,904
Total lease payments	33,763
Less: imputed interest(2)	3,626
Present value of lease liabilities	$	30,137

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(1)Excludes $6.4 million of legally binding minimum lease payments for leases executed but not yet commenced. There are no options to extend lease terms that were reasonably certain of being exercised included in these balances.

(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, 2024 or December 31, 2023. 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, 2024 and 2023.