XML 34 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

13. Leases

Operating and Finance Leases

The Company has operating leases for corporate offices worldwide and for space at a data center. As of December 31, 2020, the Company had net operating lease ROU assets of $7,737. Operating lease costs, consisting primarily of rental expense, were approximately $7,412 and $7,838 for the years ended December 31, 2020, and 2019, respectively. Variable rent expense was not material for the years ended December 31, 2020 and 2019. In February 2019, the Company executed a new lease agreement for office space in Paris and exited its prior office space shortly thereafter. There were no material costs incurred associated with that exit. As part of the new lease in Paris, the Company was required to enter into an irrevocable $109 letter of credit. The cash used to secure the letter of credit has been classified as restricted cash on the consolidated balance sheet.

At various dates between August 2015 and October 2016, the Company entered into finance lease arrangements with two separate manufacturers for computer equipment. These finance leases are collateralized by the underlying computer equipment. As of December 31, 2020, the Company had net finance lease ROU assets of $124. Finance lease ROU assets are included in property and equipment on the consolidated balance sheets. Interest expense associated with finance leases is included within other income, net, on the consolidated statements of comprehensive loss. Finance lease costs for the year ended December 31, 2020 consisted of $543 in depreciation of the leased assets, and $14 in interest expense. Costs associated with finance leases for the year ended December 31, 2019 consisted of $729 in depreciation of the leased assets, and $64 in interest expense.

As of December 31, 2020, the weighted-average rate used in discounting the lease liabilities for ROU operating and finance leases was 6.5% and 5.7%, respectively, and the weighted average remaining lease term for ROU operating and finance leases was 1.3 years and 0.2 years, respectively. The maturities of operating and finance lease liabilities as of December 31, 2020 are as follows:

 

 

 

Operating Leases

 

 

Finance Leases

 

2021

 

$

7,117

 

 

$

15

 

2022

 

 

1,845

 

 

 

 

Total lease payments

 

 

8,962

 

 

 

15

 

Less: Amount representing imputed interest

 

 

(348

)

 

 

 

Present value of lease liabilities

 

 

8,614

 

 

 

15

 

Less: Current portion of lease liabilities

 

 

(6,800

)

 

 

(15

)

Non-current portion of lease liabilities

 

$

1,814

 

 

$

 

 

Supplemental cash flow information related to operating leases was as follows:

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2020

 

 

December 31, 2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Financing cash flows from finance leases

 

$

598

 

 

$

1,186

 

Operating cash flows from finance leases

 

 

17

 

 

 

72

 

Operating cash flows from operating leases

 

 

7,858

 

 

 

8,453

 

 

 

 

 

 

 

 

 

 

ROU assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

Finance lease liabilities

 

$

 

 

$

 

Operating lease liabilities

 

 

6,720

 

 

 

1,656

 

The operating lease ROU asset obtained relates to the Las Vegas colocation service orders executed in January 2020, as well as a new Austin office lease executed in January 2020 and a new office lease in Dublin, Ireland executed in September 2020.

Subleases

The Company subleases portions of its San Francisco office space. In August 2018, the Company entered into agreements to (a) extend its existing sublease for a portion of its San Francisco office space through July 2022, and (b) sublease an additional 14,380 square feet of its San Francisco office space to an unrelated third party which expired in July 2020. The Company also had a sublease for its Portland office space with an unrelated third party which expired in May 2020. Income from these sublease agreements is included in other income, net, on the accompanying condensed consolidated statements of comprehensive loss. Sublease income for the years ended December 31, 2020 and 2019 was $1,715 and $2,282, respectively.

Future minimum amounts due under subleases as of December 31, 2020 are as follows:

 

 

 

Operating Sublease Income

 

2021

 

$

1,105

 

2022

 

 

616

 

Total amounts due under subleases

 

$

1,721