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Leases
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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 EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Operating lease cost$3,123 $2,804 $6,295 $6,070 
Finance lease cost:
Amortization of right-of-use assets$2,311 $455 $4,319 $911 
Interest on finance lease liabilities289 63 548 131 
Total finance lease cost$2,600 $518 $4,867 $1,042 
Supplemental cash flow information related to leases was as follows (in thousands):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases$(3,519)$(2,687)$(6,893)$(5,772)
Financing cash used in finance leases(2,506)(487)(4,671)(966)
Right of use assets obtained in exchange for lease obligations:
Operating leases3,767 420 4,570 629 
Finance leases— — 3,853 — 
Supplemental balance sheet information related to leases was as follows (in thousands):
June 30, 2025December 31, 2024
Operating leases
Operating lease right-of-use assets$37,433 $38,880 
Operating lease liabilities$11,473 $11,258 
Operating lease liabilities — less current portion35,225 37,071 
Total operating lease liabilities$46,698 $48,329 
Finance leases
Finance lease right-of-use assets$18,803 $19,269 
Property and equipment, gross$20,813 $21,708 
Less: accumulated depreciation and amortization(20,813)(21,708)
Property and equipment, net$— $— 
Finance lease liabilities$9,174 $7,768 
Finance lease liabilities — less current portion10,012 11,688 
Total finance lease liabilities$19,186 $19,456 
Weighted average remaining terms were as follows (in years):
June 30, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.75.0
Finance leases2.22.5
Weighted average discount rates were as follows:
June 30, 2025December 31, 2024
Weighted average discount rate
Operating leases4.3 %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$6,752 $5,056 
202612,240 9,095 
20279,384 5,906 
20287,659 319 
20297,394 — 
Thereafter7,838 — 
Total future minimum lease payments51,267 20,376 
Less: imputed interest(4,569)(1,190)
Total$46,698 $19,186 
As of June 30, 2025, the Company had entered into an additional operating lease that commenced on July 1, 2025, representing a total commitment over its term of approximately $3.8 million.
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 six months ended June 30, 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 EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Operating lease cost$3,123 $2,804 $6,295 $6,070 
Finance lease cost:
Amortization of right-of-use assets$2,311 $455 $4,319 $911 
Interest on finance lease liabilities289 63 548 131 
Total finance lease cost$2,600 $518 $4,867 $1,042 
Supplemental cash flow information related to leases was as follows (in thousands):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases$(3,519)$(2,687)$(6,893)$(5,772)
Financing cash used in finance leases(2,506)(487)(4,671)(966)
Right of use assets obtained in exchange for lease obligations:
Operating leases3,767 420 4,570 629 
Finance leases— — 3,853 — 
Supplemental balance sheet information related to leases was as follows (in thousands):
June 30, 2025December 31, 2024
Operating leases
Operating lease right-of-use assets$37,433 $38,880 
Operating lease liabilities$11,473 $11,258 
Operating lease liabilities — less current portion35,225 37,071 
Total operating lease liabilities$46,698 $48,329 
Finance leases
Finance lease right-of-use assets$18,803 $19,269 
Property and equipment, gross$20,813 $21,708 
Less: accumulated depreciation and amortization(20,813)(21,708)
Property and equipment, net$— $— 
Finance lease liabilities$9,174 $7,768 
Finance lease liabilities — less current portion10,012 11,688 
Total finance lease liabilities$19,186 $19,456 
Weighted average remaining terms were as follows (in years):
June 30, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.75.0
Finance leases2.22.5
Weighted average discount rates were as follows:
June 30, 2025December 31, 2024
Weighted average discount rate
Operating leases4.3 %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$6,752 $5,056 
202612,240 9,095 
20279,384 5,906 
20287,659 319 
20297,394 — 
Thereafter7,838 — 
Total future minimum lease payments51,267 20,376 
Less: imputed interest(4,569)(1,190)
Total$46,698 $19,186 
As of June 30, 2025, the Company had entered into an additional operating lease that commenced on July 1, 2025, representing a total commitment over its term of approximately $3.8 million.