XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Leases
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has entered into various non-cancelable operating leases for its facilities expiring between 2025 and 2033. Certain lease agreements contain an option for the Company to renew a lease for a term of up to three years or an option to terminate a lease early within one year. 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
March 31,
20252024
Operating lease cost (1)
$13,055 $10,530 
Short-term lease cost2,757 1,315 
1)Includes non-cash lease expense of $8.4 million and $6.8 million for the three months ended March 31, 2025 and 2024, respectively.
Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):
Three Months Ended
March 31,
20252024
Cash paid for amounts included in measurement of lease liabilities$10,611 $2,284 
Operating lease assets obtained in exchange for new lease liabilities37,769 55,042 
Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):
 Amount
Remainder of 2025$22,863 
202652,257 
202751,565 
202845,852 
202941,877 
Thereafter125,259 
Total lease payments$339,673 
Less: imputed interest(77,471)
Present value of lease liabilities$262,202 
Weighted average remaining lease term and discount rate for the Company’s operating leases are as follows:
March 31,
2025
Weighted-average remaining lease term (years)6.8
Weighted-average discount rate6.75 %