Leases

9 Months Ended

Sep. 30, 2020

LeasesWe have various non-cancelable operating leases for our corporate offices in California, Colorado, Illinois, Massachusetts, Michigan, New York and Texas in the United States and Australia, Brazil, Canada, the Czech Republic, France, Germany, Japan, Singapore, Ukraine, the United Arab Emirates, and the United Kingdom. These leases expire at various times through 2029. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

Lease Costs

The following lease costs were included in our condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	2,657	$	1,943	$	7,501	$	4,961
Short-term lease cost	253		339		1,260		1,053
Variable lease cost	1,084		511		2,710		1,294
Total lease cost	$	3,994	$	2,793	$	11,471	$	7,308

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of September 30, 2020 (in thousands):


Remainder of 2020	$	3,344
2021	12,965
2022	12,300
2023	10,546
2024	9,723
2025	8,948
Thereafter	10,175
Total minimum lease payments	68,001
Less imputed interest	(9,634)
Present value of future minimum lease payments	58,367
Less current obligations under leases (1)	(10,341)
Long-term lease obligations	$	48,026

(1) Included in accrued expenses and other current liabilities in our condensed consolidated balance sheets.

In addition to the leases included on our condensed consolidated balance sheet as of September 30, 2020, we have five leases that have been executed but not yet commenced as of September 30, 2020 with lease terms that range from two to eight years. As of September 30, 2020, we have either not gained access to, not begun construction on, or are underway with construction, but do not have control of the underlying assets. We anticipate that these operating leases will commence during the next 12 months. We expect to pay approximately $65.8 million in minimum rent payments related to these leases, $16.8 million of which will be paid over the next 24 months.

In October 2019, we entered into a new operating lease agreement for space located in Irvine, California that will eventually replace our existing corporate headquarters. We currently expect that the new leased facility will be available for occupancy in the first quarter 2021, at which point we will cease the use of our existing corporate headquarters. It is management’s current intent to sublease our existing headquarters. As of September 30, 2020, operating lease liabilities related to our existing corporate headquarters were approximately $12.6M.