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LEASES
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
LEASES LEASES
The Company determines whether a contract is or contains a lease at inception. At the lease commencement date, the Company records a liability for the lease obligation and a corresponding asset representing the right to use the underlying asset over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are recognized in expense using a straight-line basis for all asset classes. Variable lease payments are expensed as incurred, which primarily include maintenance costs, services provided by the lessor, and other charges reimbursed to the lessor. 
The Company leases office space, data center facilities, printers, and equipment with remaining lease terms ranging from one year to twelve years, some of which contain renewal or purchase options. The exercise of these options is at the Company’s sole discretion. The Company has entered into sublease agreements for unoccupied leased office space and records sublease income netted against rent expense. Additionally, the Company is required to maintain a standby letter of credit in the amount of $1.0 million to satisfy the requirements of a certain lease agreement.
Certain of the Company’s leases contain lease and non-lease components. The Company has elected the practical expedient under ASC 842-10-15-37 for all asset classes which allows companies to account for lease and non-lease components as a single lease component.
Certain Company leases do not contain an implicit rate of return, therefore an incremental borrowing rate was determined. The Company assessed which rate would be most reflective of a reasonable rate the Company would be able to borrow based on asset class and lease term.
Finance lease right-of-use assets of $21.3 million are included in property, equipment, and capitalized software, net on the consolidated balance sheet.
The following table presents components of lease expense for the three and six months ended June 30, 2021 and June 30, 2020 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Finance lease cost
Amortization of right-of-use assets$937 $1,261 $1,874 $1,753 
Interest on lease liabilities208 274 427 381 
Operating lease cost2,216 2,545 4,430 5,263 
Variable lease cost255 373 603 776 
Sublease income(131)(213)(344)(344)
Total lease cost$3,485 $4,240 $6,990 $7,829 
Supplemental cash flow information related to leases for the six months ended June 30, 2021 and June 30, 2020 are as follows (in thousands):
Six Months Ended
June 30,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$3,293 $5,075 
Operating cash flows for financing leases430 472 
Financing cash flows for financing leases2,414 1,331 
Right-of-use assets obtained in exchange for lease liabilities(1):
Operating leases$676 $(8,017)
Finance leases— 10,785 
______________________________________
(1)During the second quarter of 2020, the Company executed an amendment to an existing lease agreement resulting in the reclassification of certain lease components from an operating lease to a finance lease. As such, the Company recorded an adjustment to reduce the operating lease liability and the corresponding operating lease right-of-use asset and increase the finance lease liability and corresponding finance lease right-of-use asset.
Supplemental balance sheet information related to leases as of June 30, 2021 and December 31, 2020 are as follows:
June 30,
2021		December 31,
2020
Weighted average remaining lease term:
Operating leases4 years4 years
Financing leases8 years8 years
Weighted average discount rate:
Operating leases4.1 %4.1 %
Financing leases3.0 %3.0 %
LEASES LEASES
The Company determines whether a contract is or contains a lease at inception. At the lease commencement date, the Company records a liability for the lease obligation and a corresponding asset representing the right to use the underlying asset over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are recognized in expense using a straight-line basis for all asset classes. Variable lease payments are expensed as incurred, which primarily include maintenance costs, services provided by the lessor, and other charges reimbursed to the lessor. 
The Company leases office space, data center facilities, printers, and equipment with remaining lease terms ranging from one year to twelve years, some of which contain renewal or purchase options. The exercise of these options is at the Company’s sole discretion. The Company has entered into sublease agreements for unoccupied leased office space and records sublease income netted against rent expense. Additionally, the Company is required to maintain a standby letter of credit in the amount of $1.0 million to satisfy the requirements of a certain lease agreement.
Certain of the Company’s leases contain lease and non-lease components. The Company has elected the practical expedient under ASC 842-10-15-37 for all asset classes which allows companies to account for lease and non-lease components as a single lease component.
Certain Company leases do not contain an implicit rate of return, therefore an incremental borrowing rate was determined. The Company assessed which rate would be most reflective of a reasonable rate the Company would be able to borrow based on asset class and lease term.
Finance lease right-of-use assets of $21.3 million are included in property, equipment, and capitalized software, net on the consolidated balance sheet.
The following table presents components of lease expense for the three and six months ended June 30, 2021 and June 30, 2020 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Finance lease cost
Amortization of right-of-use assets$937 $1,261 $1,874 $1,753 
Interest on lease liabilities208 274 427 381 
Operating lease cost2,216 2,545 4,430 5,263 
Variable lease cost255 373 603 776 
Sublease income(131)(213)(344)(344)
Total lease cost$3,485 $4,240 $6,990 $7,829 
Supplemental cash flow information related to leases for the six months ended June 30, 2021 and June 30, 2020 are as follows (in thousands):
Six Months Ended
June 30,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$3,293 $5,075 
Operating cash flows for financing leases430 472 
Financing cash flows for financing leases2,414 1,331 
Right-of-use assets obtained in exchange for lease liabilities(1):
Operating leases$676 $(8,017)
Finance leases— 10,785 
______________________________________
(1)During the second quarter of 2020, the Company executed an amendment to an existing lease agreement resulting in the reclassification of certain lease components from an operating lease to a finance lease. As such, the Company recorded an adjustment to reduce the operating lease liability and the corresponding operating lease right-of-use asset and increase the finance lease liability and corresponding finance lease right-of-use asset.
Supplemental balance sheet information related to leases as of June 30, 2021 and December 31, 2020 are as follows:
June 30,
2021		December 31,
2020
Weighted average remaining lease term:
Operating leases4 years4 years
Financing leases8 years8 years
Weighted average discount rate:
Operating leases4.1 %4.1 %
Financing leases3.0 %3.0 %