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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases On September 5, 2023, the Company entered into an amendment to its office lease, which, among other things, reduces the leased space in Plano, Texas from approximately 125,468 square feet to 83,939 square feet, effective December 31, 2023, and also extends the term for the remaining reduced leased space to August 31, 2033. The Company determined that the amendment would be treated as a lease modification. The modification resulted in a remeasurement of the operating lease ROU asset and lease liability, and the effect was an increase to the ROU asset and lease liability of $3.1 million and $2.7 million, respectively. In addition, the Company recorded a gain on lease modification of $0.4 million, which was included in general and administrative expenses in the consolidated statements of operation. Operating lease expense consisted of:
|  |  | Year ended December 31,
(in thousands) |  |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  |  | $ | 2,687 |  |  | $ | 2,984 |  |  | $ | 3,137 |
Short term lease expense and other(1) |  |  | 1,026 |  |  | 960 |  |  | 1,165 |
Total lease expense |  |  | $ | 3,713 |  |  | $ | 3,944 |  |  | $ | 4,302 |
(1) Other lease expense includes variable lease expense, sublease income, and gain on lease modification.
Supplemental lease information
|  |  | Year ended December 31,
Cash flow information (in thousands) |  |  | 2024 |  | 2023 |  | 2022
Cash paid for operating lease liabilities |  |  | $ | 2,665 |  |  | $ | 3,907 |  |  | $ | 3,710 |
Right-of-use assets obtained in exchange for operating lease obligations(1) |  |  | $ | — |  |  | $ | — |  |  | $ | 16,918 |
Non-cash adjustment to operating lease right-of-use assets from lease modification(2) |  |  | $ | — |  |  | $ | 3,108 |  |  | $ | — |
(1)For the year ended December 31, 2022, right-of-use assets obtained in exchange for operating lease obligations is related to the Company’s adoption of ASU No. 2016-02, Leases (Topic 842).
(2)For the year ended December 31, 2023, includes increase of $8.0 million related to the extension of lease to 2033 for the remaining leased space, net of a $4.9 million decrease related to the reduction of the leased space effective December 31, 2023.
Operating lease information |  |  | Year ended December 31, 2024
Weighted-average remaining lease term |  |  | 7.8 years
Weighted-average discount rate |  |  | 7.6 | %
The future maturities of operating lease liabilities are as follows:
(in thousands) |  | December 31, 2024
2025 |  | $ | 2,707 |
2026 |  | 2,648 |
2027 |  | 2,620 |
2028 |  | 2,777 |
2029 |  | 3,067 |
Thereafter |  | 11,912 |
Total minimum lease payments |  | 25,731 |
Less: present value discount |  | (7,279) |
Total lease liability balance |  | $ | 18,452 |

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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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