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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 “Summary of Significant Accounting Policies” and Note 16 “Leases” to the Consolidated Financial Statements of the Company’s 2024 Annual Report on Form 10-K.

Lease assets and liabilities are summarized as follows:

(in thousands)Financial Statement LocationSeptember 30, 2025December 31, 2024
Operating leases
Operating lease right-of-use assetsOperating lease right-of-use assets$144,850 $175,046 
Operating lease liabilitiesOperating lease liabilities194,093 229,825 
Finance leases
Property and equipment, at costProperty, equipment, and capitalized software, net35,732 42,915 
Accumulated depreciationProperty, equipment, and capitalized software, net(15,772)(20,755)
Finance lease liabilitiesAccounts payable, accrued expenses, and other liabilities21,018 23,095 

Weighted average remaining lease term and discount rate are as follows:

September 30, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.12 years4.60 years
Finance leases2.73 years3.53 years
Weighted average discount rate
Operating leases6.27 %6.36 %
Finance leases5.88 %5.97 %

The components of lease expense are as follows:

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Operating lease cost:
Fixed$17,371 $17,916 $52,602 $55,114 
Variable1,845 1,693 4,895 4,590 
Total Operating lease cost$19,216 $19,609 $57,497 $59,704 
Sublease income3,190 3,948 9,832 13,330 
Finance lease cost:
Amortization of ROU Asset$1,740 $2,718 $5,702 $7,874 
Interest on lease liabilities280 398 921 1,193 
Total Finance lease cost$2,020 $3,116 $6,623 $9,067 
In September 2025, in connection with the finalization of an agreement related to the restoration requirements for certain leased office spaces, the Company recorded a reduction of $6.5 million in its asset retirement obligations and the related cost within Termination of office leases.

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2025, are as follows:

(in thousands)Operating LeasesFinance Leases
2025$19,744 $2,309 
202676,585 8,764 
202737,959 7,594 
202829,959 3,706 
202921,582 408 
2030 and thereafter34,656 — 
Total lease payments$220,485 $22,781 
Less imputed interest(26,392)(1,763)
Total lease liability$194,093 $21,018 
Leases Leases
The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 “Summary of Significant Accounting Policies” and Note 16 “Leases” to the Consolidated Financial Statements of the Company’s 2024 Annual Report on Form 10-K.

Lease assets and liabilities are summarized as follows:

(in thousands)Financial Statement LocationSeptember 30, 2025December 31, 2024
Operating leases
Operating lease right-of-use assetsOperating lease right-of-use assets$144,850 $175,046 
Operating lease liabilitiesOperating lease liabilities194,093 229,825 
Finance leases
Property and equipment, at costProperty, equipment, and capitalized software, net35,732 42,915 
Accumulated depreciationProperty, equipment, and capitalized software, net(15,772)(20,755)
Finance lease liabilitiesAccounts payable, accrued expenses, and other liabilities21,018 23,095 

Weighted average remaining lease term and discount rate are as follows:

September 30, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.12 years4.60 years
Finance leases2.73 years3.53 years
Weighted average discount rate
Operating leases6.27 %6.36 %
Finance leases5.88 %5.97 %

The components of lease expense are as follows:

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Operating lease cost:
Fixed$17,371 $17,916 $52,602 $55,114 
Variable1,845 1,693 4,895 4,590 
Total Operating lease cost$19,216 $19,609 $57,497 $59,704 
Sublease income3,190 3,948 9,832 13,330 
Finance lease cost:
Amortization of ROU Asset$1,740 $2,718 $5,702 $7,874 
Interest on lease liabilities280 398 921 1,193 
Total Finance lease cost$2,020 $3,116 $6,623 $9,067 
In September 2025, in connection with the finalization of an agreement related to the restoration requirements for certain leased office spaces, the Company recorded a reduction of $6.5 million in its asset retirement obligations and the related cost within Termination of office leases.

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2025, are as follows:

(in thousands)Operating LeasesFinance Leases
2025$19,744 $2,309 
202676,585 8,764 
202737,959 7,594 
202829,959 3,706 
202921,582 408 
2030 and thereafter34,656 — 
Total lease payments$220,485 $22,781 
Less imputed interest(26,392)(1,763)
Total lease liability$194,093 $21,018