Leases

6 Months Ended

Jun. 30, 2022

The Company has operating leases for corporate offices and data centers ("colocation leases"), and finance leases for networking equipment. The Company's leases have remaining lease terms ranging from less than 1 year to 8 years, some of which include options to extend the leases. The Company also subleases a portion of its corporate office spaces. The Company's subleases have an average remaining lease terms of 2.25 years. The Company's sublease income was $0.2 million for both the three months ended June 30, 2022, and 2021. The Company's sublease income was $0.5 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively.

The Company's components of lease cost were as follows:


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(in thousands)
Operating lease cost:
Operating lease cost	$	6,631	$	6,452	$	13,499	$	12,804
Variable lease cost	3,463		1,460		6,182		2,818
Total operating lease costs	$	10,094	$	7,912	$	19,681	$	15,622

Finance lease cost:
Amortization of assets under finance lease	$	3,818	$	1,250	$	7,080	$	2,484
Interest	650		405		1,241		735
Total finance lease costs	$	4,468	$	1,655	$	8,321	$	3,219

Other information related to leases was as follows:


	As of June 30,		As of As of December 31,
	2022		2021
Weighted Average Remaining Lease Term (in years):
Operating leases	4.32		4.41
Finance leases	2.10		2.23

Weighted Average Discount Rate:
Operating leases	5.21	%	5.20	%
Finance leases	4.75	%	4.86	%

Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows:


	Operating Leases		Finance Leases
	(in thousands)
Remainder of 2022	$	12,043	$	16,588
2023	20,660		25,332
2024	16,723		13,973
2025	15,782		1,463
2026	15,373		—
Thereafter	11,696		—
Total future minimum lease payments	$	92,277	$	57,356
Less: imputed interest	(11,001)		(2,789)
Total liability	$	81,276	$	54,567

As of June 30, 2022, the Company had undiscounted commitments of $1.1 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in 2022 with lease terms of 3 years.

Leases

The Company's components of lease cost were as follows:


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(in thousands)
Operating lease cost:
Operating lease cost	$	6,631	$	6,452	$	13,499	$	12,804
Variable lease cost	3,463		1,460		6,182		2,818
Total operating lease costs	$	10,094	$	7,912	$	19,681	$	15,622

Finance lease cost:
Amortization of assets under finance lease	$	3,818	$	1,250	$	7,080	$	2,484
Interest	650		405		1,241		735
Total finance lease costs	$	4,468	$	1,655	$	8,321	$	3,219

Other information related to leases was as follows:


	As of June 30,		As of As of December 31,
	2022		2021
Weighted Average Remaining Lease Term (in years):
Operating leases	4.32		4.41
Finance leases	2.10		2.23

Weighted Average Discount Rate:
Operating leases	5.21	%	5.20	%
Finance leases	4.75	%	4.86	%

Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows:


	Operating Leases		Finance Leases
	(in thousands)
Remainder of 2022	$	12,043	$	16,588
2023	20,660		25,332
2024	16,723		13,973
2025	15,782		1,463
2026	15,373		—
Thereafter	11,696		—
Total future minimum lease payments	$	92,277	$	57,356
Less: imputed interest	(11,001)		(2,789)
Total liability	$	81,276	$	54,567