Leases

12 Months Ended

Dec. 31, 2025

The Company has entered into various non-cancelable operating leases for its facilities expiring through 2036. 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.

Rent expense for the years ended December 31, 2025, 2024 and 2023 was $68.2 million, $49.5 million, and $43.5 million, respectively.

Sub-lease income is recorded as a credit to rent expense. The Company recorded an immaterial amount of sub-lease income for the years ended December 31, 2025, 2024 and 2023.

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


	Year Ended December 31,
	2025		2024		2023
Operating lease cost (1)	$	54,607	$	42,855	$	34,670
Short-term lease cost	13,591		6,624		8,797

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1)Includes non-cash lease expense of $35.5 million, $27.3 million, and $26.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities	$	33,818	$	18,538	$	13,273
Operating lease assets obtained in exchange for new lease liabilities	75,254		75,177		61,594

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


	Amount
2026	$	57,189
2027	58,543
2028	49,567
2029	46,516
2030	46,964
Thereafter	116,461
Total lease payments	$	375,240
Less: imputed interest	(79,684)
Present value of lease liabilities	$	295,556

As of December 31, 2025, the Company had various operating leases that had not yet commenced, which are excluded from the table above. The operating leases will commence between fiscal years 2026 and 2027 with total undiscounted future payments of $245.6 million and a weighted-average lease term of 9.1 years.

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


	December 31,
	2025	2024
Weighted average remaining lease term (years)	6.9	6.8
Weighted average discount rate	6.61%	6.69%