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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. As of December 31, 2024, the components of lease cost were as follows:
Components of Lease Cost |  |
|  | Twelve Months Ended December 31, |  |
(in thousands) |  | 2024 |  | 2023 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 8 |  |  | $ | 9 |  |  |  |  |
Interest on lease liabilities |  | — |  |  | 1 |  |  |  |  |
Operating lease cost |  | 7,248 |  |  | 6,137 |  |  |  |  |
Short-term lease cost |  | 2,088 |  |  | 1,308 |  |  |  |  |
Variable lease cost |  | 265 |  |  | 281 |  |  |  |  |
Total lease cost |  | $ | 9,609 |  |  | $ | 7,736 |  |  |  |  |
As of December 31, 2024, future minimum lease payments under these non-cancelable leases are:
Future Minimum Lease Payments
(in thousands) |  | Operating Leases |  |
2025 |  | $ | 6,998 |  |  |
2026 |  | 5,719 |  |  |
2027 |  | 3,595 |  |  |
2028 |  | 1,556 |  |  |
2029 |  | 927 |  |  |
Thereafter |  | 914 |  |  |
Total minimum lease payments |  | $ | 19,709 |  |  |
Less imputed interest |  | (1,432) |  |  |
Total lease liabilities |  | $ | 18,277 |  |  |
Rental expense for operating leases was $9.6 million for 2024, $7.7 million for 2023, and $7.5 million for 2022. Future Lease Commencements As of December 31, 2024, we have additional operating leases that have not yet commenced in the amount of $0.6 million. These operating leases will commence in fiscal year 2025. Supplemental balance sheet information related to leases was as follows:
Operating Leases
|  | December 31,
(in thousands) |  | 2024 |  | 2023
Other non-current assets |  | $ | 18,099 |  |  | $ | 16,279 |
Accrued liabilities |  | 6,449 |  |  | 5,295 |
Other long-term liabilities |  | 11,828 |  |  | 11,307 |
Total operating lease liabilities |  | $ | 18,277 |  |  | $ | 16,602 |
Weighted average remaining lease term |  | 3.49 years |  | 3.76 years
Weighted average discount rate |  | 4.57 | % |  | 4.05 | %
Supplemental cash flow information related to leases was as follows:
|  | Twelve Months Ended December 31,
(in thousands) |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 6,503 |  |  | $ | 5,490 |
LEASES | LEASES Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. As of December 31, 2024, the components of lease cost were as follows:
Components of Lease Cost |  |
|  | Twelve Months Ended December 31, |  |
(in thousands) |  | 2024 |  | 2023 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 8 |  |  | $ | 9 |  |  |  |  |
Interest on lease liabilities |  | — |  |  | 1 |  |  |  |  |
Operating lease cost |  | 7,248 |  |  | 6,137 |  |  |  |  |
Short-term lease cost |  | 2,088 |  |  | 1,308 |  |  |  |  |
Variable lease cost |  | 265 |  |  | 281 |  |  |  |  |
Total lease cost |  | $ | 9,609 |  |  | $ | 7,736 |  |  |  |  |
As of December 31, 2024, future minimum lease payments under these non-cancelable leases are:
Future Minimum Lease Payments
(in thousands) |  | Operating Leases |  |
2025 |  | $ | 6,998 |  |  |
2026 |  | 5,719 |  |  |
2027 |  | 3,595 |  |  |
2028 |  | 1,556 |  |  |
2029 |  | 927 |  |  |
Thereafter |  | 914 |  |  |
Total minimum lease payments |  | $ | 19,709 |  |  |
Less imputed interest |  | (1,432) |  |  |
Total lease liabilities |  | $ | 18,277 |  |  |
Rental expense for operating leases was $9.6 million for 2024, $7.7 million for 2023, and $7.5 million for 2022. Future Lease Commencements As of December 31, 2024, we have additional operating leases that have not yet commenced in the amount of $0.6 million. These operating leases will commence in fiscal year 2025. Supplemental balance sheet information related to leases was as follows:
Operating Leases
|  | December 31,
(in thousands) |  | 2024 |  | 2023
Other non-current assets |  | $ | 18,099 |  |  | $ | 16,279 |
Accrued liabilities |  | 6,449 |  |  | 5,295 |
Other long-term liabilities |  | 11,828 |  |  | 11,307 |
Total operating lease liabilities |  | $ | 18,277 |  |  | $ | 16,602 |
Weighted average remaining lease term |  | 3.49 years |  | 3.76 years
Weighted average discount rate |  | 4.57 | % |  | 4.05 | %
Supplemental cash flow information related to leases was as follows:
|  | Twelve Months Ended December 31,
(in thousands) |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 6,503 |  |  | $ | 5,490 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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