Commitments and Contingencies
|12 Months Ended|
Dec. 31, 2021
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||Commitments and Contingencies
From time to time, the Company is involved in various legal proceedings arising in the ordinary course of business. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. Based on the currently available information, the Company does not believe that there are claims or legal proceedings that would have a material adverse effect on the business, or the consolidated financial statements of the Company.
Leases and Other Commitments
During 2018, the Company entered into a lease for its headquarters in New York City, which expires in 2030. The Company’s lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. Certain leases have renewal options that can be exercised at the discretion of the Company. Below is a breakout of the Company’s rent expense:
Future minimum payments under lease agreements are as follows as of December 31, 2021:
On November 4, 2021, the Company and 85 Tenth Avenue Associates, L.L.C. (“Landlord”) entered into a Lease (the “Lease Agreement”) pursuant to which the Company will lease approximately 120,000 square feet of an office building to house the Company’s corporate headquarters. The Lease Agreement provides for a commencement on the later of October 1, 2022 or the date on which the Landlord delivers possession of the premises with certain agreed upon completed improvements to be made by the Landlord. The term of the Lease Agreement is fifteen years after the date the rent obligations begin, with an option to renew for one 5-year or 10-year period at Fair Market Value (as defined in the Lease Agreement) by providing the Landlord with eighteen months’ notice and meeting certain other requirements. The aggregate undiscounted future minimum lease payments are approximately $177,400 beginning on April 1, 2023 and ending on April 1, 2038 .
In conjunction with the Company’s revenue share agreements with the airports, certain agreements contain minimum annual contracted fees.These future minimum payments are as follows as of December 31, 2021:
Additionally, the Company is subject to minimum spend commitments of $22,000 over the next two years under certain service arrangements.The Company also has commitments for future marketing expenditures to sports stadiums of $4,109 through 2026. For the year ended December 31, 2021, 2020 and 2019, marketing expenses related to sports stadiums were approximately $3,585, $510 and $3,139, respectively.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef