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Leases
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Lease Portfolio Overview
The Company’s operating lease obligations consist of various leases for office space in areas that include, among others, Austin, Texas; Boston, Massachusetts; Dallas, Texas; Trevose, Pennsylvania; Amsterdam, Netherlands; Barcelona, Spain; Limassol, Cyprus; Munich, Germany; Belgrade, Serbia; and Prague, Czech Republic. The company has lease terms which expire at various times through 2028. Certain leases include extension options, rent escalations, and non-cancellable terms.
The Company categorizes leases at commencement as either operating or finance leases. The Company has operating leases for data centers and facilities and finance leases for certain equipment. The leases have remaining lease terms of less than a year to 4 years, some of which include options to extend the leases for up to 10 years. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. Variable costs, which are based on actual usage, are not included in the measurement of ROUAs and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. Amortization expense of the ROUA for finance leases is recognized on a straight-line basis over the lease term and interest expense for finance leases is recognized based on the effective interest method using an incremental borrowing rate.
The Company made an accounting policy election to not recognize a lease liability or right-of-use asset on its consolidated balance sheet for leases with an initial term of twelve months or less, and
instead recognizes such lease payments in the consolidated statements of operations and comprehensive income (loss) on a straight-line basis over the lease term.
The components of lease expense were as follows:
Year Ended December 31,
20242023
Operating lease cost$5,262 $4,523 
Short-term lease cost954 1,631 
Variable lease cost4,609 5,491 
Total lease cost$10,825 $11,645 
Year Ended December 31,
20242023
Amortization of lease assets$816 $2,282 
Interest on lease liabilities24 83 
Total finance lease cost$840 $2,365 
Weighted-average remaining lease term and discount rate were as follows:
As of December 31,
20242023
Weighted-average remaining lease term (in years)
     Operating leases2.73.6
     Finance leases0.81.1
Weighted-average discount rate
     Operating leases5.8 %5.3 %
     Finance leases7.2 %5.0 %
Future minimum amounts payable as of December 31, 2024 were as follows:
Year Ending December 31,Operating LeasesFinance
Leases
20255,149 194 
20264,285 — 
20272,370 — 
2028 and thereafter878 — 
Total lease payments12,682 194 
Less: imputed interest(411)(5)
Total lease liabilities$12,271 $189 
As of December 31, 2024 the Company had one additional operating lease with future lease payments of $430 that had not yet commenced in Barcelona, Spain. The lease commenced in January 2025. As of December 31, 2024, the Company had no finance leases that had not yet commenced.
Rent expense related to the Company’s office facilities was $6,216, $5,195, and $5,064 for the years ended December 31, 2024, 2023, and 2022, respectively.
Leases Leases
Lease Portfolio Overview
The Company’s operating lease obligations consist of various leases for office space in areas that include, among others, Austin, Texas; Boston, Massachusetts; Dallas, Texas; Trevose, Pennsylvania; Amsterdam, Netherlands; Barcelona, Spain; Limassol, Cyprus; Munich, Germany; Belgrade, Serbia; and Prague, Czech Republic. The company has lease terms which expire at various times through 2028. Certain leases include extension options, rent escalations, and non-cancellable terms.
The Company categorizes leases at commencement as either operating or finance leases. The Company has operating leases for data centers and facilities and finance leases for certain equipment. The leases have remaining lease terms of less than a year to 4 years, some of which include options to extend the leases for up to 10 years. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. Variable costs, which are based on actual usage, are not included in the measurement of ROUAs and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. Amortization expense of the ROUA for finance leases is recognized on a straight-line basis over the lease term and interest expense for finance leases is recognized based on the effective interest method using an incremental borrowing rate.
The Company made an accounting policy election to not recognize a lease liability or right-of-use asset on its consolidated balance sheet for leases with an initial term of twelve months or less, and
instead recognizes such lease payments in the consolidated statements of operations and comprehensive income (loss) on a straight-line basis over the lease term.
The components of lease expense were as follows:
Year Ended December 31,
20242023
Operating lease cost$5,262 $4,523 
Short-term lease cost954 1,631 
Variable lease cost4,609 5,491 
Total lease cost$10,825 $11,645 
Year Ended December 31,
20242023
Amortization of lease assets$816 $2,282 
Interest on lease liabilities24 83 
Total finance lease cost$840 $2,365 
Weighted-average remaining lease term and discount rate were as follows:
As of December 31,
20242023
Weighted-average remaining lease term (in years)
     Operating leases2.73.6
     Finance leases0.81.1
Weighted-average discount rate
     Operating leases5.8 %5.3 %
     Finance leases7.2 %5.0 %
Future minimum amounts payable as of December 31, 2024 were as follows:
Year Ending December 31,Operating LeasesFinance
Leases
20255,149 194 
20264,285 — 
20272,370 — 
2028 and thereafter878 — 
Total lease payments12,682 194 
Less: imputed interest(411)(5)
Total lease liabilities$12,271 $189 
As of December 31, 2024 the Company had one additional operating lease with future lease payments of $430 that had not yet commenced in Barcelona, Spain. The lease commenced in January 2025. As of December 31, 2024, the Company had no finance leases that had not yet commenced.
Rent expense related to the Company’s office facilities was $6,216, $5,195, and $5,064 for the years ended December 31, 2024, 2023, and 2022, respectively.