XML 42 R36.htm IDEA: XBRL DOCUMENT v3.25.3
Leases (Tables)
9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Summary of ROU Assets and Lease Liabilities

The following table shows the ROU assets and lease liabilities as of September 30, 2025 and December 31, 2024:

 

(in USD thousands)

 

September 30, 2025

 

 

December 31, 2024

 

ROU assets

 

 

 

 

 

 

Operating leases

 

$

174,647

 

 

$

 

Total ROU assets

 

$

174,647

 

 

$

 

 

 

 

 

 

 

Lease liabilities

 

 

 

 

 

 

Operating leases

 

$

185,614

 

 

$

 

Total lease liabilities

 

$

185,614

 

 

$

 

Schedule of Lease Costs

The Company’s lease costs are comprised of the following:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in USD thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease cost

 

$

8,395

 

 

$

 

$

11,109

 

$

 

Variable lease cost

 

 

20,813

 

 

 

 

 

 

32,507

 

 

 

 

Total lease expense

 

$

29,208

 

 

$

 

$

43,616

 

$

 

Schedule of Supplemental Lease Information

The following table presents supplemental lease information:

 

 

Nine Months Ended

 

 

 

September 30,

 

(in USD thousands)

 

2025

 

 

2024

 

Operating cash outflows - operating leases

 

$

 

 

$

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

2025

 

 

2024

 

Weighted-average remaining lease term - operating leases (in years)

 

 

4.67

 

 

 

 

Weighted-average discount rate(1) – operating leases

 

 

6.42

%

 

 

%

 

(1) The Company’s operating leases do not provide an implicit interest rate, therefore the Company uses the incremental borrowing rate at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis for similar assets over the term of the lease.

Future Minimum Operating Lease Payments

The following table presents the Company’s future minimum operating lease payments as of September 30, 2025:

 

 

Operating

 

(in USD thousands)

 

Leases

 

Remainder of 2025

 

$

10,214

 

2026

 

 

41,396

 

2027

 

 

42,492

 

2028

 

 

43,621

 

2029

 

 

44,783

 

Thereafter

 

 

22,470

 

Total undiscounted lease payments

 

 

204,976

 

Less: present value discount

 

 

(19,362

)

Present value of operating lease liabilities

 

$

185,614