Commitment and Contingencies
|6 Months Ended|
Jun. 30, 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 condensed consolidated financial statements of the Company.
Leases, Sports Stadiums, and Airport Agreements
During 2018, the Company entered into a lease for its new headquarters in New York City, which expires in 2030. Additionally, the Company rents floor and office space in airports under leases expiring through 2026, which include fixed monthly payments. 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.
For the three months ended June 30, 2021 and 2020, the Company recorded rent expense of $1,595 and $1,499, respectively, and Revenue Share fee expense of $8,300 and $7,273, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded rent expense of $3,137 and $3,007, respectively, and Revenue Share fee expense of $16,070 and $17,409, respectively.
The Company has commitments for future marketing expenditures to sports stadiums of $6,612 through 2026. For the three months ended June 30, 2021 and 2020, marketing expenses related to sports stadiums were approximately $1,153 and $7, respectively. For the six months ended June 30, 2021 and 2020, marketing expenses related to sports stadiums were approximately $1,153 and $377, respectively.
Future minimum payments under lease and airport agreements are as follows as of June 30, 2021:
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef