Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Leases

We lease office space, data centers and office equipment under non-cancelable operating leases with various expiration dates through 2026. In August 2014, we signed a lease for office space in Tysons, Virginia, where we relocated our headquarters to in February 2016. We have subsequently entered into amendments to this lease from 2015 to 2020 to provide us with additional office space. The lease term ends in 2026, includes a five-year renewal option and a cumulative tenant improvement allowance of $11.8 million.

Supplemental information related to leases is presented in the table below (in thousands, except weighted-average term and discount rate):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021		2020
Operating lease cost	$	2,357		$	2,188		$	4,695	$	4,233
Cash paid for amounts included in the measurement of operating lease liabilities	2,905			2,469			5,677		4,728
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	791			625			1,015		6,647
	June 30, 2021			December 31, 2020
Weighted-average remaining lease term — operating leases	4.6 years			4.9 years
Weighted-average discount rate — operating leases	3.6		%	3.6		%

Maturities of lease liabilities are as follows (in thousands):

Year Ended December 31,	Operating Leases(1)
Remainder of 2021	$	5,994
2022	10,727
2023	9,952
2024	8,625
2025	7,535
2026 and thereafter	4,769
Total lease payments	47,602
Less: imputed interest(2)	3,779
Present value of lease liabilities	$	43,823

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(1)Operating lease payments exclude $2.6 million of legally binding minimum lease payments for leases executed but not yet commenced and includes $1.0 million for options to extend lease terms that were reasonably certain of being exercised.

(2)Imputed interest was calculated using the incremental borrowing rate applicable for each lease.

We did not have any finance leases or subleases as of June 30, 2021 or December 31, 2020. Our lease agreements do not contain any material residual value guarantees, restrictive covenants or variable lease payments. Short-term lease costs were immaterial for the three and six months ended June 30, 2021 and 2020.