LEASES

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

LEASES

The Company has non-cancelable operating leases for its headquarters in New York and its offices in London, Hong Kong, Shanghai, and various other locations and data centers. The Company does not have renewal options for any of its current leases. The Company also subleases a portion of its office space in London and New York through the end of the lease term. In addition, the Company has finance leases for computer hardware. As of September 30, 2023, the Company has pledged collateral related to its lease obligations of $6.2 million, which is included within restricted cash in the consolidated balance sheets.

The tables below represent components of lease expense and associated cash flows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Lease Cost
Operating lease cost	$	4,825	$	4,628	$	14,030	$	13,992
Short-term lease cost	22		21		66		75
Finance lease cost - amortization of leased assets	51		113		222		296
Finance lease cost - imputed interest on lease liabilities	15		19		45		23
Less: Sublease income	(902)		(779)		(2,539)		(2,413)
Net Lease Cost	$	4,011	$	4,002	$	11,824	$	11,973

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Supplemental Lease Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	5,311	$	5,140	$	15,764	$	15,631
Operating cash flows for finance leases	$	—	$	6	$	5	$	6
Finance cash flows for finance leases	$	—	$	155	$	223	$	318
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1,818	$	—	$	1,818	$	1,079
Finance leases	$	—	$	1,016	$	—	$	1,016

	September 30, 2023		December 31, 2022
Lease Term and Discount Rate
Weighted average remaining lease term
Operating leases	6.1 years		6.7 years
Finance leases	3.8 years		4.5 years
Weighted average discount rate
Operating leases	8.0	%	7.8	%
Finance leases	7.9	%	7.9	%

	Operating Leases		Finance Leases
	(dollars in thousands)
Maturity of Lease Liabilities - Contractual Payments to be Paid
October 1, 2023 to December 31, 2023	$	4,786	$	—
2024	17,520		228
2025	14,989		228
2026	15,353		228
2027	17,675		228
Thereafter	35,015		—
Total Lease Payments	105,338		912
Imputed interest	(22,170)		(116)
Total Lease Liabilities - Contractual Payments to be Paid	$	83,168	$	796

	Operating Leases
	(dollars in thousands)
Sublease Rent - Contractual Payments to be Received
October 1, 2023 to December 31, 2023	$	904
2024	1,920
2025	1,920
2026	1,920
2027	1,960
Thereafter	4,160
Total Sublease Rent - Contractual Payments to be Received	$	12,784

LEASES

LEASES

The Company has non-cancelable operating leases for its headquarters in New York and its offices in London, Hong Kong, Shanghai, and various other locations and data centers. The Company does not have renewal options for any of its current leases. The Company also subleases a portion of its office space in London and New York through the end of the lease term. In addition, the Company has finance leases for computer hardware. As of September 30, 2023, the Company has pledged collateral related to its lease obligations of $6.2 million, which is included within restricted cash in the consolidated balance sheets.

The tables below represent components of lease expense and associated cash flows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Lease Cost
Operating lease cost	$	4,825	$	4,628	$	14,030	$	13,992
Short-term lease cost	22		21		66		75
Finance lease cost - amortization of leased assets	51		113		222		296
Finance lease cost - imputed interest on lease liabilities	15		19		45		23
Less: Sublease income	(902)		(779)		(2,539)		(2,413)
Net Lease Cost	$	4,011	$	4,002	$	11,824	$	11,973

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Supplemental Lease Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	5,311	$	5,140	$	15,764	$	15,631
Operating cash flows for finance leases	$	—	$	6	$	5	$	6
Finance cash flows for finance leases	$	—	$	155	$	223	$	318
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1,818	$	—	$	1,818	$	1,079
Finance leases	$	—	$	1,016	$	—	$	1,016

	September 30, 2023		December 31, 2022
Lease Term and Discount Rate
Weighted average remaining lease term
Operating leases	6.1 years		6.7 years
Finance leases	3.8 years		4.5 years
Weighted average discount rate
Operating leases	8.0	%	7.8	%
Finance leases	7.9	%	7.9	%

	Operating Leases		Finance Leases
	(dollars in thousands)
Maturity of Lease Liabilities - Contractual Payments to be Paid
October 1, 2023 to December 31, 2023	$	4,786	$	—
2024	17,520		228
2025	14,989		228
2026	15,353		228
2027	17,675		228
Thereafter	35,015		—
Total Lease Payments	105,338		912
Imputed interest	(22,170)		(116)
Total Lease Liabilities - Contractual Payments to be Paid	$	83,168	$	796

	Operating Leases
	(dollars in thousands)
Sublease Rent - Contractual Payments to be Received
October 1, 2023 to December 31, 2023	$	904
2024	1,920
2025	1,920
2026	1,920
2027	1,960
Thereafter	4,160
Total Sublease Rent - Contractual Payments to be Received	$	12,784

LEASES

LEASES

The Company has non-cancelable operating leases for its headquarters in New York and its offices in London, Hong Kong, Shanghai, and various other locations and data centers. The Company does not have renewal options for any of its current leases. The Company also subleases a portion of its office space in London and New York through the end of the lease term. In addition, the Company has finance leases for computer hardware. As of September 30, 2023, the Company has pledged collateral related to its lease obligations of $6.2 million, which is included within restricted cash in the consolidated balance sheets.

The tables below represent components of lease expense and associated cash flows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Lease Cost
Operating lease cost	$	4,825	$	4,628	$	14,030	$	13,992
Short-term lease cost	22		21		66		75
Finance lease cost - amortization of leased assets	51		113		222		296
Finance lease cost - imputed interest on lease liabilities	15		19		45		23
Less: Sublease income	(902)		(779)		(2,539)		(2,413)
Net Lease Cost	$	4,011	$	4,002	$	11,824	$	11,973

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Supplemental Lease Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	5,311	$	5,140	$	15,764	$	15,631
Operating cash flows for finance leases	$	—	$	6	$	5	$	6
Finance cash flows for finance leases	$	—	$	155	$	223	$	318
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1,818	$	—	$	1,818	$	1,079
Finance leases	$	—	$	1,016	$	—	$	1,016

	September 30, 2023		December 31, 2022
Lease Term and Discount Rate
Weighted average remaining lease term
Operating leases	6.1 years		6.7 years
Finance leases	3.8 years		4.5 years
Weighted average discount rate
Operating leases	8.0	%	7.8	%
Finance leases	7.9	%	7.9	%

	Operating Leases		Finance Leases
	(dollars in thousands)
Maturity of Lease Liabilities - Contractual Payments to be Paid
October 1, 2023 to December 31, 2023	$	4,786	$	—
2024	17,520		228
2025	14,989		228
2026	15,353		228
2027	17,675		228
Thereafter	35,015		—
Total Lease Payments	105,338		912
Imputed interest	(22,170)		(116)
Total Lease Liabilities - Contractual Payments to be Paid	$	83,168	$	796

	Operating Leases
	(dollars in thousands)
Sublease Rent - Contractual Payments to be Received
October 1, 2023 to December 31, 2023	$	904
2024	1,920
2025	1,920
2026	1,920
2027	1,960
Thereafter	4,160
Total Sublease Rent - Contractual Payments to be Received	$	12,784