Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company has operating leases for corporate offices, datacenters and finance leases for infrastructure and computer equipment. The Company’s leases have remaining lease terms of under 1 year to 11 years, some of which include options to extend the leases for up to 5 years. The Company also has subleases for several floors of its corporate offices. The Company classifies its subleases as operating leases. The subleases have remaining lease terms of under 1 year to 8 years, some of which include tenant options to extend the sublease for up to approximately 4 years. Sublease income, which is recorded as a reduction of rental expense, was $2.5 million and $5.5 million during the three and six months ended June 30, 2025, and $3.5 million and $7.0 million during the three and six months ended June 30, 2024, respectively. Future minimum lease payments under non-cancellable leases as of June 30, 2025 were as follows:
(1) Consists of future non-cancelable minimum rental payments under operating leases for the Company’s corporate offices and datacenters where the Company has possession, excluding rent payments for short-term lease obligations, payments from the Company’s subtenants and variable operating expenses. Future non-cancelable rent payments from the Company's subtenants as of June 30, 2025 were as follows:
In 2017, the Company signed a 15 year lease agreement for office space in San Francisco, California, to serve as its corporate headquarters which commenced in 2018. The Company's obligations under the lease are supported by a $17.5 million letter of credit, which is secured by cash collateral. As of June 30, 2025, the Company's remaining minimum obligation under the lease for its headquarters was $146.3 million. In the fourth quarter of 2020, the Company moved to a Virtual First work model pursuant to which remote work has become the primary experience for all of its employees. As part of the Virtual First strategy, the Company retained a portion of its office space to be used for the Company’s team collaboration use and a portion was marketed for sublease. Subsequently, every quarter, the Company has evaluated its real estate portfolio for impairment under ASC 360. As part of this analysis, the Company reassesses its real estate asset groups and estimates the fair value of the office space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeds their fair value, an impairment charge will be recognized for the difference. The Company recorded total impairment charges of $2.6 million during the three and six months ended June 30, 2025 and did not recognize any impairment charges during the three and six months ended June 30, 2024 . As of June 30, 2025, the Company had $44.3 million in commitments for leases that have not yet commenced, and therefore are not included in the right-of-use asset or lease liability. These leases will commence in 2025, with lease terms of 6 to 7 years.
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| Leases | Leases The Company has operating leases for corporate offices, datacenters and finance leases for infrastructure and computer equipment. The Company’s leases have remaining lease terms of under 1 year to 11 years, some of which include options to extend the leases for up to 5 years. The Company also has subleases for several floors of its corporate offices. The Company classifies its subleases as operating leases. The subleases have remaining lease terms of under 1 year to 8 years, some of which include tenant options to extend the sublease for up to approximately 4 years. Sublease income, which is recorded as a reduction of rental expense, was $2.5 million and $5.5 million during the three and six months ended June 30, 2025, and $3.5 million and $7.0 million during the three and six months ended June 30, 2024, respectively. Future minimum lease payments under non-cancellable leases as of June 30, 2025 were as follows:
(1) Consists of future non-cancelable minimum rental payments under operating leases for the Company’s corporate offices and datacenters where the Company has possession, excluding rent payments for short-term lease obligations, payments from the Company’s subtenants and variable operating expenses. Future non-cancelable rent payments from the Company's subtenants as of June 30, 2025 were as follows:
In 2017, the Company signed a 15 year lease agreement for office space in San Francisco, California, to serve as its corporate headquarters which commenced in 2018. The Company's obligations under the lease are supported by a $17.5 million letter of credit, which is secured by cash collateral. As of June 30, 2025, the Company's remaining minimum obligation under the lease for its headquarters was $146.3 million. In the fourth quarter of 2020, the Company moved to a Virtual First work model pursuant to which remote work has become the primary experience for all of its employees. As part of the Virtual First strategy, the Company retained a portion of its office space to be used for the Company’s team collaboration use and a portion was marketed for sublease. Subsequently, every quarter, the Company has evaluated its real estate portfolio for impairment under ASC 360. As part of this analysis, the Company reassesses its real estate asset groups and estimates the fair value of the office space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeds their fair value, an impairment charge will be recognized for the difference. The Company recorded total impairment charges of $2.6 million during the three and six months ended June 30, 2025 and did not recognize any impairment charges during the three and six months ended June 30, 2024 . As of June 30, 2025, the Company had $44.3 million in commitments for leases that have not yet commenced, and therefore are not included in the right-of-use asset or lease liability. These leases will commence in 2025, with lease terms of 6 to 7 years.
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