Lessee Leases

9 Months Ended

Sep. 30, 2022

The Company has operating leases for office buildings, data centers, office equipment, and vehicles. The Company’s leases have initial terms of one to 12 years. As of September 30, 2022, the Company did not have any additional material operating leases that were entered into, but not yet commenced.

The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the Condensed Consolidated Balance Sheets was as follows:


	September 30, 2022

	(In thousands)
Remaining three months of 2022	$	3,279
2023	13,089
2024	12,041
2025	9,250
2026	8,723
Thereafter	14,306
Total operating lease payments	60,688
Present value adjustment	(8,168)
Total operating lease liabilities (1)	$	52,520

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(1) Amount consists of a current and long-term portion of operating lease liabilities of $10.7 million and $41.9 million, respectively. The current portion of the operating lease liabilities is included in accrued liabilities in the Condensed Consolidated Balance Sheets.

Operating lease costs were $4.0 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $12.8 million and $11.1 million for the nine months ended September 30, 2022 and 2021, respectively. Short-term lease costs and variable lease costs were immaterial for the three and nine months ended September 30, 2022 and 2021. During the three and nine months ended September 30, 2022, the Company recorded impairment and abandonment charges to operating lease right-of-use assets of $0.3 million and $5.4 million, respectively, in connection with restructuring activities for optimization of certain leased facilities. The impairment and abandonment charges were recorded to selling, general, and administrative expenses on the Company’s Condensed Consolidated Statements of Operations.

The following table summarizes supplemental cash flow information related to the Company’s operating leases for the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
	2022		2021

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	13,178	$	11,774
Right-of-use assets obtained in exchange for new lease liabilities	$	12,177	$	2,804

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Weighted-average remaining lease term, years	5.2		5.2
Weighted-average discount rate, %	5.6	%	5.5	%