Leases

3 Months Ended

Mar. 31, 2025

We have operating leases for offices, which have remaining lease terms of up to eight years.

Components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease expense	$	7,428	$	10,253

Variable lease expense	1,273		1,721
Sublease income	(697)		(244)
Total lease expense	$	8,004	$	11,730

Supplemental balance sheet information related to leases was as follows (in thousands, except weighted-average figures):


		As of
	Classification	March 31, 2025		December 31, 2024
Operating lease assets	Other assets	$	71,976	$	78,562

Current operating lease liabilities	Accrued expenses and other	$	31,289	$	33,703
Long-term operating lease liabilities	Other long-term liabilities	75,333		81,093
Total operating lease liabilities		$	106,622	$	114,796

As of March 31, 2025 and December 31, 2024, our operating leases had a weighted-average remaining lease term of 4.2 years and 4.3 years, respectively, and a weighted-average discount rate of 5.5% and 5.4%, respectively. During the three months ended March 31, 2025 and 2024, we recorded $0.3 million, and $3.7 million, respectively, of impairment charges on operating lease assets, primarily within general and administrative.

As of March 31, 2025, our lease liabilities were as follows (in thousands):


	Operating Leases
Gross lease liabilities	$	119,424
Less: imputed interest	12,802
Present value of lease liabilities	$	106,622

As of March 31, 2025, we have entered into leases that have not yet commenced with future minimum lease payments of $7.3 million which are not yet reflected on our consolidated balance sheet. These operating leases will commence in 2025 with lease terms of approximately one to seven years.