v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases for corporate offices and data centers (“colocation” leases), and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 5 years, some of which include options to extend the leases. The Company’s finance leases have remaining lease terms less than 1 year. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from less than 1 year to 5 years. The Company’s sublease income was $0.2 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively.
The components of lease cost were as follows:
Three months ended March 31,
20252024
(in thousands)
Operating lease costs:
Operating lease cost$6,582 $6,606 
Variable lease cost4,973 4,247 
Total operating lease costs$11,555 $10,853 
Finance lease costs:
Amortization of assets under finance lease$3,018 $3,595 
Interest12 162 
Total finance lease costs$3,030 $3,757 
The short-term lease costs were not material for either of the three months ended March 31, 2025 and 2024. The Company did not recognize any material impairment on its operating lease right-of-use assets for either of the three months ended March 31, 2025 and 2024.
As of March 31, 2025As of December 31, 2024
Weighted Average Remaining Lease Term (in years):
Operating leases2.662.84
Finance leases0.220.32
Weighted Average Discount Rate:
Operating leases6.35 %6.36 %
Finance leases4.71 %4.67 %
Future minimum lease payments under non-cancellable leases as of March 31, 2025 were as follows:
Operating LeasesFinance Leases
(in thousands)
Remaining 2025$23,665 $621 
202624,834 — 
202715,384 — 
20284,018 — 
20291,842 — 
Thereafter441 — 
Total future minimum lease payments$70,184 $621 
Less: imputed interest(5,528)(4)
Total liability$64,656 $617 
As of March 31, 2025, the Company has undiscounted commitments of $1.1 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the second quarter of 2025 with lease terms of up to 3 years.
Leases Leases
The Company has operating leases for corporate offices and data centers (“colocation” leases), and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 5 years, some of which include options to extend the leases. The Company’s finance leases have remaining lease terms less than 1 year. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from less than 1 year to 5 years. The Company’s sublease income was $0.2 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively.
The components of lease cost were as follows:
Three months ended March 31,
20252024
(in thousands)
Operating lease costs:
Operating lease cost$6,582 $6,606 
Variable lease cost4,973 4,247 
Total operating lease costs$11,555 $10,853 
Finance lease costs:
Amortization of assets under finance lease$3,018 $3,595 
Interest12 162 
Total finance lease costs$3,030 $3,757 
The short-term lease costs were not material for either of the three months ended March 31, 2025 and 2024. The Company did not recognize any material impairment on its operating lease right-of-use assets for either of the three months ended March 31, 2025 and 2024.
As of March 31, 2025As of December 31, 2024
Weighted Average Remaining Lease Term (in years):
Operating leases2.662.84
Finance leases0.220.32
Weighted Average Discount Rate:
Operating leases6.35 %6.36 %
Finance leases4.71 %4.67 %
Future minimum lease payments under non-cancellable leases as of March 31, 2025 were as follows:
Operating LeasesFinance Leases
(in thousands)
Remaining 2025$23,665 $621 
202624,834 — 
202715,384 — 
20284,018 — 
20291,842 — 
Thereafter441 — 
Total future minimum lease payments$70,184 $621 
Less: imputed interest(5,528)(4)
Total liability$64,656 $617 
As of March 31, 2025, the Company has undiscounted commitments of $1.1 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the second quarter of 2025 with lease terms of up to 3 years.