Leases

6 Months Ended

Jun. 30, 2021

The Company has entered into various non-cancelable operating leases for its facilities expiring between 2021 and 2031. Certain lease agreements contain an option for the Company to renew a lease for a term of up to five years or an option to terminate a lease early within three years. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis.

Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.

The components of lease cost recognized within the Company’s condensed consolidated statements of operations were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease cost(1)	$	4,764	$	4,110	$	9,520	$	8,070

Short-term lease cost	662		997		1,454		1,896

1)Includes non-cash lease expense of $4.1 million and $3.4 million for the three months ended June 30, 2021 and 2020, respectively, and $8.1 million and $6.6 million for the six months ended June 30, 2021 and 2020, respectively.

Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):


	Six Months Ended June 30,
	2021		2020
Cash paid for amounts included in measurement of lease liabilities	$	9,603	$	6,310
Operating lease assets obtained in exchange for new lease liabilities	—		11,581

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):


	Amount
Remainder of 2021	$	9,309
2022	20,099
2023	17,987
2024	2,572
2025	2,766
2026 and beyond	12,746
Total lease payments	$	65,479
Less: imputed interest	(6,405)
Present value of lease liabilities	$	59,074

As of June 30, 2021, the Company had three additional operating leases that are set to commence in the second half of 2021, which are excluded from the table above. These three additional leases have total undiscounted future payments of $25.9 million with a weighted average lease term of 7.2 years.

Weighted average remaining lease term and discount rate for the Company’s operating leases are as follows:


	June 30, 2021
Weighted-average remaining lease term (years)	4.1
Weighted-average discount rate	4.69	%