Leases (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Leases [Abstract] |
|
| Schedule of Components of Lease Expense |
The components of lease expense are as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
Operating lease cost(1) |
|
$ |
11,381 |
|
|
$ |
9,691 |
|
|
$ |
21,647 |
|
|
$ |
21,908 |
|
|
Variable lease cost |
|
|
4,541 |
|
|
|
3,331 |
|
|
|
7,493 |
|
|
|
5,529 |
|
|
Net operating lease cost |
|
$ |
15,922 |
|
|
$ |
13,022 |
|
|
$ |
29,140 |
|
|
$ |
27,437 |
|
(1) Operating lease cost is presented net of sublease income. Sublease income for the three and six months ended June 30, 2021 was $0.2 million. Sublease income for the three and six months ended June 30, 2020 was $0.9 million and $1.7 million, respectively.
|
| Schedule of Supplemental Cash Flow Information Related To Leases |
Supplemental cash flow information related to leases is as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash outflows from operating leases |
|
$ |
11,755 |
|
|
$ |
5,733 |
|
|
$ |
27,979 |
|
|
$ |
15,184 |
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases |
|
$ |
41,038 |
|
|
$ |
3,566 |
|
|
$ |
46,536 |
|
|
$ |
2,771 |
|
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate):
|
|
|
As of |
|
|
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
Operating lease right-of-use assets |
|
$ |
298,949 |
|
|
$ |
266,197 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability, current (included in accrued liabilities) |
|
$ |
34,007 |
|
|
$ |
35,647 |
|
|
Operating lease liability, non-current |
|
|
336,948 |
|
|
|
307,936 |
|
|
Total operating lease liability |
|
$ |
370,955 |
|
|
$ |
343,583 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term: |
|
|
|
|
|
|
|
|
|
Operating leases (in years) |
|
8.8 |
|
|
9.05 |
|
|
Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
4.33 |
% |
|
|
4.60 |
% |
|
| Schedule of Future Lease Payments under Operating Leases |
Future lease payments under operating leases as of June 30, 2021 are as follows (in thousands):
|
Year Ending December 31, |
|
Operating Leases |
|
|
2021 (remaining 6 months) |
|
$ |
23,604 |
|
|
2022 |
|
|
49,456 |
|
|
2023 |
|
|
53,703 |
|
|
2024 |
|
|
52,637 |
|
|
2025 |
|
|
52,403 |
|
|
Thereafter |
|
|
241,637 |
|
|
Total future lease payments |
|
|
473,440 |
|
|
Less: imputed interest |
|
|
(81,286 |
) |
|
Less: expected tenant improvement allowance |
|
|
(21,199 |
) |
|
Total |
|
$ |
370,955 |
|
|