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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company’s leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of one to ten years, some of which include options to extend the initial term at the Company’s discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred.

The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of one to six years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Consolidated Statements of Comprehensive Income.

As the implied discount rate for most of the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate on its secured borrowings in determining the present value of lease payments.

Lease assets and liabilities are summarized as follows:

(in thousands)Financial Statement LocationDecember 31, 2025December 31, 2024
Operating leases
Operating lease right-of-use assetsOperating lease right-of-use assets$213,707 $175,046 
Operating lease liabilitiesOperating lease liabilities261,169 229,825 
Finance leases
Property and equipment, at costProperty, equipment, and capitalized software, net36,611 42,915 
Accumulated depreciationProperty, equipment, and capitalized software, net(17,703)(20,755)
Finance lease liabilitiesAccounts payable, accrued expenses, and other liabilities19,984 23,095 

Weighted average remaining lease term and discount rate are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.40 years4.60 years
Finance leases2.58 years3.53 years
Weighted average discount rate
Operating leases5.95 %6.36 %
Finance leases5.83 %5.97 %

The components of lease expense are as follows:

Years Ended December 31,
(in thousands)202520242023
Operating lease cost:
Fixed$70,553 $73,046 $76,424 
Variable6,745 5,856 6,151 
Impairment of ROU Asset465 10,031 — 
Total Operating lease cost$77,763 $88,933 $82,575 
Sublease income13,077 16,896 19,506 
Finance lease cost:
Amortization of ROU Asset$7,751 $10,512 $9,079 
Interest on lease liabilities1,224 1,559 1,156 
Total Finance lease cost$8,975 $12,071 $10,235 

See Note 2 “Summary of Significant Accounting Policies” in Part II Item 8 “Financial Statements and Supplementary Data” of this Form 10-K for details on the classification of these expenses in the Consolidated Statements of Comprehensive Income.

For the year ended December 31, 2024, the Company recognized $16.2 million in Termination of office leases on the Consolidated Statements of Comprehensive Income, primarily comprising of $10.0 million of impairments of ROU assets and $6.5 million of cost related to asset retirement obligations associated with certain leased office spaces. In September 2025, in connection with the finalization of an agreement related to the restoration requirements for such 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 December 31, 2025, are as follows:

(in thousands)Operating LeasesFinance Leases
2026$80,092 $9,041 
202775,738 7,871 
202868,010 3,982 
202924,378 662 
203021,519 — 
2031 and thereafter28,375 — 
Total lease payments$298,112 $21,556 
Less imputed interest(36,943)(1,572)
Total lease liability$261,169 $19,984 
Leases Leases
The Company’s leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of one to ten years, some of which include options to extend the initial term at the Company’s discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred.

The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of one to six years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Consolidated Statements of Comprehensive Income.

As the implied discount rate for most of the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate on its secured borrowings in determining the present value of lease payments.

Lease assets and liabilities are summarized as follows:

(in thousands)Financial Statement LocationDecember 31, 2025December 31, 2024
Operating leases
Operating lease right-of-use assetsOperating lease right-of-use assets$213,707 $175,046 
Operating lease liabilitiesOperating lease liabilities261,169 229,825 
Finance leases
Property and equipment, at costProperty, equipment, and capitalized software, net36,611 42,915 
Accumulated depreciationProperty, equipment, and capitalized software, net(17,703)(20,755)
Finance lease liabilitiesAccounts payable, accrued expenses, and other liabilities19,984 23,095 

Weighted average remaining lease term and discount rate are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.40 years4.60 years
Finance leases2.58 years3.53 years
Weighted average discount rate
Operating leases5.95 %6.36 %
Finance leases5.83 %5.97 %

The components of lease expense are as follows:

Years Ended December 31,
(in thousands)202520242023
Operating lease cost:
Fixed$70,553 $73,046 $76,424 
Variable6,745 5,856 6,151 
Impairment of ROU Asset465 10,031 — 
Total Operating lease cost$77,763 $88,933 $82,575 
Sublease income13,077 16,896 19,506 
Finance lease cost:
Amortization of ROU Asset$7,751 $10,512 $9,079 
Interest on lease liabilities1,224 1,559 1,156 
Total Finance lease cost$8,975 $12,071 $10,235 

See Note 2 “Summary of Significant Accounting Policies” in Part II Item 8 “Financial Statements and Supplementary Data” of this Form 10-K for details on the classification of these expenses in the Consolidated Statements of Comprehensive Income.

For the year ended December 31, 2024, the Company recognized $16.2 million in Termination of office leases on the Consolidated Statements of Comprehensive Income, primarily comprising of $10.0 million of impairments of ROU assets and $6.5 million of cost related to asset retirement obligations associated with certain leased office spaces. In September 2025, in connection with the finalization of an agreement related to the restoration requirements for such 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 December 31, 2025, are as follows:

(in thousands)Operating LeasesFinance Leases
2026$80,092 $9,041 
202775,738 7,871 
202868,010 3,982 
202924,378 662 
203021,519 — 
2031 and thereafter28,375 — 
Total lease payments$298,112 $21,556 
Less imputed interest(36,943)(1,572)
Total lease liability$261,169 $19,984