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LEASES | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
LEASES | LEASES The Company has primarily entered into lease arrangements for office space, in addition to other miscellaneous equipment. The Company’s leases have initial non-cancelable lease terms ranging from one to 10 years. Some of the Company’s leases include an option for it to extend the term of the lease for up to 14 years. During the three months ended March 31, 2025, the Company modified one of its office leases in Carpinteria, California to reduce the leased premises and waive the intent to exercise a 10-year renewal option, resulting in a reclassification from a financing lease to an operating lease. In addition, the Company modified its office leases in Austin, Texas to adjust the rent obligations, expand the leased premises, and extend the lease terms, which resulted in an increase of $22.0 million in future rent commitments, net of tenant improvement reimbursement, from 2025 through 2038. In April 2025, the Company further modified its office leases in Austin, Texas to expand the leased premises on favorable terms, which resulted in an additional $17.4 million in future rent commitments, net of tenant improvement reimbursement, from April 2025 through 2038. Total operating lease commencements and modifications during the period resulted in net increases to right of use assets–operating leases and corresponding operating lease liabilities on the accompanying condensed consolidated balance sheets of $4.5 million and $6.4 million, respectively, which primarily relate to the modified leases in Texas. Supplemental information related to leases is as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating right of use assets | $ | 31,758 |  |  | $ | 28,790 |
Amount included within other current liabilities | 5,479 |  |  | 3,746 |
Operating lease liabilities, non-current | 36,599 |  |  | 32,697 |
Total operating lease liabilities | $ | 42,078 |  |  | $ | 36,443 |
Finance Leases |  |  |
Finance right of use assets | $ | 20,972 |  |  | $ | 31,727 |
Amount included within other current liabilities | 1,671 |  |  | 2,228 |
Finance lease liabilities, non-current | 27,903 |  |  | 41,352 |
Total finance lease liabilities | $ | 29,574 |  |  | $ | 43,580 |
| March 31, 2025 |  | December 31, 2024
Weighted-average remaining lease term (in years) |  |  |
Finance leases | 12.0 |  | 12.2
Operating leases | 10.1 |  | 8.9
Weighted-average discount rate |  |  |
Finance leases | 3.81 | % |  | 4.21 | %
Operating leases | 6.02 | % |  | 6.10 | %
Maturities of lease payments, net of tenant improvement reimbursement, for leases where the lease commencement date commenced on or prior to March 31, 2025 are as follows (in thousands):
Period Ended December 31, | Operating |  | Finance |  | Total
2025(1) | $ | (2,749) |  |  | $ | 2,076 |  |  | $ | (673) |
2026 | 5,312 |  |  | 2,817 |  |  | 8,129 |
2027 | 3,507 |  |  | 2,804 |  |  | 6,311 |
2028 | 6,419 |  |  | 2,869 |  |  | 9,288 |
2029 | 4,768 |  |  | 2,956 |  |  | 7,724 |
2030 | 4,866 |  |  | 3,045 |  |  | 7,911 |
Thereafter | 43,810 |  |  | 20,697 |  |  | 64,507 |
Total lease payments, net of tenant improvement reimbursement | $ | 65,933 |  |  | $ | 37,264 |  |  | $ | 103,197 |
Less imputed interest | (23,855) |  |  | (7,690) |  |  | (31,545) |
Total | $ | 42,078 |  |  | $ | 29,574 |  |  | $ | 71,652 |
(1) For the nine months from April 1, 2025 through December 31, 2025.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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