| LEASES The components of lease expense (income) of the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | | Three Months Ended
March 31, | | (in thousands) | | 2025 | | 2024 | | | Operating lease expenses | | $ | 7,465 | | | $ | 7,139 | | | | Variable lease costs | | 236 | | | 1,069 | | | | Short-term lease costs | | 99 | | | 215 | | | | Sublease income | | (659) | | | (828) | | | | Total lease costs | | $ | 7,141 | | | $ | 7,595 | | | | | | | | |
Maturities of the Company’s operating lease liabilities as of March 31, 2025 are as follows: | | | | | | | | | | Maturity of Lease Liabilities | | Operating | | (in thousands) | | Leases | | Remainder of 2025 | | $ | 23,341 | | | 2026 | | 31,990 | | | 2027 | | 25,739 | | | 2028 | | 24,915 | | | 2029 | | 16,904 | | | Thereafter | | 40,250 | | | Total lease payments | | $ | 163,139 | | | | | | Less: Interest | | (18,649) | | | Present value of lease liabilities | | $ | 144,490 | | | | | | | | | Other accrued liabilities | | $ | 26,044 | | | Long-term operating lease liabilities | | $ | 118,446 | |
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | As of | | | March 31, | | December 31, | | Lease Term and Discount Rate | | 2025 | | 2024 | | Weighted-average remaining lease term (years) | | 6.03 | | 6.27 | | Weighted-average discount rate | | 4.09 | % | | 4.06 | % |
Other information related to the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | Other Information | | Three Months Ended
March 31, | | (in thousands) | | 2025 | | 2024 | | Operating cash flows used for operating leases | | $ | 8,157 | | | $ | 7,626 | | Right of use assets obtained in exchange for new
operating lease liabilities | | $ | 4,194 | | | $ | 23,237 | |
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