XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.25.3

Leases | 9 Months Ended
--- | ---
Sep. 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 nine months ended September 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 Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Operating lease cost |  | $ | 3,292 |  |  | $ | 3,933 |  |  | $ | 9,587 |  |  | $ | 10,003 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 2,301 |  |  | $ | 950 |  |  | $ | 6,619 |  |  | $ | 1,862 |
Interest on finance lease liabilities |  | 258 |  |  | 132 |  |  | 809 |  |  | 262 |
Total finance lease cost |  | $ | 2,559 |  |  | $ | 1,082 |  |  | $ | 7,428 |  |  | $ | 2,124 |
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash used in operating leases |  | $ | (3,579) |  |  | $ | (3,125) |  |  | $ | (10,471) |  |  | $ | (9,344) |
Financing cash used in finance leases |  | (2,511) |  |  | (1,039) |  |  | (7,183) |  |  | (2,006) |
Right of use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | 3,059 |  |  | 10,679 |  |  | 7,629 |  |  | 11,314 |
Finance leases |  | — |  |  | 18,559 |  |  | 3,853 |  |  | 18,559 |
Supplemental balance sheet information related to leases was as follows (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 37,695 |  |  | $ | 38,880 |
Operating lease liabilities |  | $ | 11,187 |  |  | $ | 11,258 |
Operating lease liabilities — less current portion |  | 35,398 |  |  | 37,071 |
Total operating lease liabilities |  | $ | 46,585 |  |  | $ | 48,329 |
Finance leases |  |  |  |
Finance lease right-of-use assets |  | $ | 16,507 |  |  | $ | 19,269 |
Property and equipment, gross |  | $ | 14,395 |  |  | $ | 21,708 |
Less: accumulated depreciation and amortization |  | (14,395) |  |  | (21,708) |
Property and equipment, net |  | $ | — |  |  | $ | — |
Finance lease liabilities |  | $ | 8,826 |  |  | $ | 7,768 |
Finance lease liabilities — less current portion |  | 8,042 |  |  | 11,688 |
Total finance lease liabilities |  | $ | 16,868 |  |  | $ | 19,456 |
Weighted average remaining terms were as follows (in years):
|  | September 30, 2025 |  | December 31, 2024
Weighted average remaining lease term |  |  |  |
Operating leases |  | 4.6 |  | 5.0
Finance leases |  | 1.9 |  | 2.5
Weighted average discount rates were as follows:
|  | September 30, 2025 |  | December 31, 2024
Weighted average discount rate |  |  |  |
Operating leases |  | 4.4 | % |  | 4.2 | %
Finance leases |  | 5.8 | % |  | 5.8 | %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |
Remaining 2025 |  | $ | 3,232 |  |  | $ | 2,511 |  |  |
2026 |  | 12,578 |  |  | 9,062 |  |  |
2027 |  | 10,012 |  |  | 5,906 |  |  |
2028 |  | 8,375 |  |  | 319 |  |  |
2029 |  | 8,131 |  |  | — |  |  |
Thereafter |  | 8,983 |  |  | — |  |  |
Total future minimum lease payments |  | 51,311 |  |  | 17,798 |  |  |
Less: imputed interest |  | (4,726) |  |  | (930) |  |  |
Total |  | $ | 46,585 |  |  | $ | 16,868 |  |  |
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 nine months ended September 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 Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Operating lease cost |  | $ | 3,292 |  |  | $ | 3,933 |  |  | $ | 9,587 |  |  | $ | 10,003 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 2,301 |  |  | $ | 950 |  |  | $ | 6,619 |  |  | $ | 1,862 |
Interest on finance lease liabilities |  | 258 |  |  | 132 |  |  | 809 |  |  | 262 |
Total finance lease cost |  | $ | 2,559 |  |  | $ | 1,082 |  |  | $ | 7,428 |  |  | $ | 2,124 |
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash used in operating leases |  | $ | (3,579) |  |  | $ | (3,125) |  |  | $ | (10,471) |  |  | $ | (9,344) |
Financing cash used in finance leases |  | (2,511) |  |  | (1,039) |  |  | (7,183) |  |  | (2,006) |
Right of use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | 3,059 |  |  | 10,679 |  |  | 7,629 |  |  | 11,314 |
Finance leases |  | — |  |  | 18,559 |  |  | 3,853 |  |  | 18,559 |
Supplemental balance sheet information related to leases was as follows (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 37,695 |  |  | $ | 38,880 |
Operating lease liabilities |  | $ | 11,187 |  |  | $ | 11,258 |
Operating lease liabilities — less current portion |  | 35,398 |  |  | 37,071 |
Total operating lease liabilities |  | $ | 46,585 |  |  | $ | 48,329 |
Finance leases |  |  |  |
Finance lease right-of-use assets |  | $ | 16,507 |  |  | $ | 19,269 |
Property and equipment, gross |  | $ | 14,395 |  |  | $ | 21,708 |
Less: accumulated depreciation and amortization |  | (14,395) |  |  | (21,708) |
Property and equipment, net |  | $ | — |  |  | $ | — |
Finance lease liabilities |  | $ | 8,826 |  |  | $ | 7,768 |
Finance lease liabilities — less current portion |  | 8,042 |  |  | 11,688 |
Total finance lease liabilities |  | $ | 16,868 |  |  | $ | 19,456 |
Weighted average remaining terms were as follows (in years):
|  | September 30, 2025 |  | December 31, 2024
Weighted average remaining lease term |  |  |  |
Operating leases |  | 4.6 |  | 5.0
Finance leases |  | 1.9 |  | 2.5
Weighted average discount rates were as follows:
|  | September 30, 2025 |  | December 31, 2024
Weighted average discount rate |  |  |  |
Operating leases |  | 4.4 | % |  | 4.2 | %
Finance leases |  | 5.8 | % |  | 5.8 | %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |
Remaining 2025 |  | $ | 3,232 |  |  | $ | 2,511 |  |  |
2026 |  | 12,578 |  |  | 9,062 |  |  |
2027 |  | 10,012 |  |  | 5,906 |  |  |
2028 |  | 8,375 |  |  | 319 |  |  |
2029 |  | 8,131 |  |  | — |  |  |
Thereafter |  | 8,983 |  |  | — |  |  |
Total future minimum lease payments |  | 51,311 |  |  | 17,798 |  |  |
Less: imputed interest |  | (4,726) |  |  | (930) |  |  |
Total |  | $ | 46,585 |  |  | $ | 16,868 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration