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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of one to seven years, some of the leases include a Company option to extend the leases for up to one to five years, and some of the leases include the option to terminate the leases upon 30-days' notice. The Company does not separate lease and non-lease components for real estate operating leases.
As the Company’s leases do not provide an implicit rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. Operating leases with a duration of 12 months or less are excluded from right-of-use assets and operating lease liabilities, and related lease payments are generally recognized on a straight-line basis over the lease term and variable lease payments are recognized as incurred.
The Company entered into additional three-year equipment finance lease agreements and recognized $3.9 million right of use assets during the three months ended March 31, 2025, which were reported within Finance lease right-of-use assets and are being depreciated on a straight-line basis over the lease term. As a result, the Company also recognized short-term lease liabilities of $1.3 million within Finance lease liabilities and long-term lease liabilities of $2.6 million within Finance lease liabilities - less current portion during these periods.
The components of lease expenses were as follows (in thousands):
Three Months Ended
March 31, 2025March 31, 2024
Operating lease cost$3,171 $3,266 
Finance lease cost:
Amortization of right-of-use assets$2,008 $456 
Interest on finance lease liabilities261 66 
Total finance lease cost$2,269 $522 
Supplemental cash flow information related to leases was as follows (in thousands):
Three Months Ended
March 31, 2025March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases$(2,942)$(3,119)
Financing cash used in finance leases(2,166)(479)
Right of use assets obtained in exchange for lease obligations:
Operating leases803 209 
Finance leases3,853 — 
Supplemental balance sheet information related to leases was as follows (in thousands):
March 31, 2025December 31, 2024
Operating leases
Operating lease right-of-use assets$36,444 $38,880 
Operating lease liabilities$11,131 $11,258 
Operating lease liabilities — less current portion34,987 37,071 
Total operating lease liabilities$46,118 $48,329 
Finance leases
Finance lease right-of-use assets$21,113 $19,269 
Property and equipment, gross$20,819 $21,708 
Less: accumulated depreciation and amortization(20,819)(21,708)
Property and equipment, net$— $— 
Finance lease liabilities$9,090 $7,768 
Finance lease liabilities — less current portion12,321 11,688 
Total finance lease liabilities$21,411 $19,456 
Weighted average remaining terms were as follows (in years):
March 31, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.95.0
Finance leases2.42.5
Weighted average discount rates were as follows:
March 31, 2025December 31, 2024
Weighted average discount rate
Operating leases4.2 %4.2 %
Finance leases5.8 %5.8 %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31,Operating LeasesFinance Leases
Remaining 2025$9,756 $7,567 
202611,274 9,099 
20278,353 5,906 
20286,854 319 
20296,824 — 
Thereafter7,596 — 
Total future minimum lease payments50,657 22,891 
Less: imputed interest(4,539)(1,480)
Total$46,118 $21,411 
Leases Leases
The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of one to seven years, some of the leases include a Company option to extend the leases for up to one to five years, and some of the leases include the option to terminate the leases upon 30-days' notice. The Company does not separate lease and non-lease components for real estate operating leases.
As the Company’s leases do not provide an implicit rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. Operating leases with a duration of 12 months or less are excluded from right-of-use assets and operating lease liabilities, and related lease payments are generally recognized on a straight-line basis over the lease term and variable lease payments are recognized as incurred.
The Company entered into additional three-year equipment finance lease agreements and recognized $3.9 million right of use assets during the three months ended March 31, 2025, which were reported within Finance lease right-of-use assets and are being depreciated on a straight-line basis over the lease term. As a result, the Company also recognized short-term lease liabilities of $1.3 million within Finance lease liabilities and long-term lease liabilities of $2.6 million within Finance lease liabilities - less current portion during these periods.
The components of lease expenses were as follows (in thousands):
Three Months Ended
March 31, 2025March 31, 2024
Operating lease cost$3,171 $3,266 
Finance lease cost:
Amortization of right-of-use assets$2,008 $456 
Interest on finance lease liabilities261 66 
Total finance lease cost$2,269 $522 
Supplemental cash flow information related to leases was as follows (in thousands):
Three Months Ended
March 31, 2025March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases$(2,942)$(3,119)
Financing cash used in finance leases(2,166)(479)
Right of use assets obtained in exchange for lease obligations:
Operating leases803 209 
Finance leases3,853 — 
Supplemental balance sheet information related to leases was as follows (in thousands):
March 31, 2025December 31, 2024
Operating leases
Operating lease right-of-use assets$36,444 $38,880 
Operating lease liabilities$11,131 $11,258 
Operating lease liabilities — less current portion34,987 37,071 
Total operating lease liabilities$46,118 $48,329 
Finance leases
Finance lease right-of-use assets$21,113 $19,269 
Property and equipment, gross$20,819 $21,708 
Less: accumulated depreciation and amortization(20,819)(21,708)
Property and equipment, net$— $— 
Finance lease liabilities$9,090 $7,768 
Finance lease liabilities — less current portion12,321 11,688 
Total finance lease liabilities$21,411 $19,456 
Weighted average remaining terms were as follows (in years):
March 31, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.95.0
Finance leases2.42.5
Weighted average discount rates were as follows:
March 31, 2025December 31, 2024
Weighted average discount rate
Operating leases4.2 %4.2 %
Finance leases5.8 %5.8 %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31,Operating LeasesFinance Leases
Remaining 2025$9,756 $7,567 
202611,274 9,099 
20278,353 5,906 
20286,854 319 
20296,824 — 
Thereafter7,596 — 
Total future minimum lease payments50,657 22,891 
Less: imputed interest(4,539)(1,480)
Total$46,118 $21,411