Leases

12 Months Ended

Dec. 31, 2024

The Company has entered into various operating lease agreements for office space, data center, lab and warehouse use, with remaining terms ranging from 0.2 to 8.5 years, some of which include one or more options to renew. As leases approach maturity, the Company considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew the lease, as such, the Company does not include renewal options in its lease terms for calculating its lease liability, as the renewal options allow it to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options at the time of the lease commencement.

Operating lease expense for the years ended December 31, 2024, 2023 and 2022, was $31.1 million, $29.7 million and $28.6 million, respectively, which includes both lease and non-lease components (primarily common area maintenance charges and property taxes).


	As of December 31,
	2024		2023

Weighted-average remaining lease term (in years)	7.5		8.3
Weighted-average discount rate	3.82	%	3.87	%

The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of December 31, 2024:


Year Ending December 31,
	(in thousands)
2025	$	35,709
2026	30,193
2027	26,156
2028	24,300
2029	22,946
2030 and thereafter	80,834
Total operating lease payments	220,138
Less: imputed interest	(26,633)
Total operating lease liabilities	$	193,505

Finance leases are not material to the Company's consolidated financial statements.