LEASES

9 Months Ended

Sep. 30, 2025

The components of lease cost, net for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost(1)	$	2,476	$	4,537	$	8,900	$	14,225
Short-term lease cost (12 months or less)	115		99		345		292
Sublease income	(1,800)		(3,403)		(9,253)		(10,207)
Total lease cost, net	$	791	$	1,233	$	(8)	$	4,310

(1) For the nine months ended September 30, 2025, operating lease cost includes a $1.2 million rent abatement received from the lessor upon satisfying certain terms at the end of the lease, which was recognized as a reduction to lease cost.

The Company’s leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants that would limit or prevent the Company from exercising its right to obtain substantially all of the economic benefits from use of the respective assets during the lease term.

Supplemental cash flow information related to leases for the nine months ended September 30, 2025 and 2024 was as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,557	$	32,165

As of September 30, 2025, maturities of lease liabilities were as follows (in thousands):



Remainder of 2025	$	3,193
2026	8,128
2027	8,015
2028	6,085
2029	2,814
2030	964
Thereafter	623
Total minimum lease payments	29,822
Less: imputed interest	(2,422)
Present value of lease liabilities	$	27,400

As of September 30, 2025 and December 31, 2024, the weighted-average remaining lease term and weighted-average discount rate were as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years) — operating leases	3.7		3.3
Weighted-average discount rate — operating leases	4.7	%	5.1	%

During the nine months ended September 30, 2024, the Company subleased certain office space in San Francisco and Toronto. The Company evaluated the associated ROU assets and leasehold improvements for impairment as a result of the subleases in accordance with Accounting Standards Codification Topic 360, “Property, Plant, and Equipment,” because the change in circumstances indicated that the carrying amount of such assets may not be recoverable. The Company compared the carrying value of the impacted assets to the fair value to determine the impairment amount and recognized an impairment charge of $5.9 million during the three and nine months ended September 30, 2024, which reduced the carrying amount of the ROU assets and leasehold improvements by $4.6 million and $1.3 million, respectively. The impairment charges are included in general and administrative expenses on the condensed consolidated statement of operations. For more information on the fair values of the ROU asset and leasehold improvements used in the impairment analysis, see Note 4, “Fair Value Measurements.”