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Leases

12 Months Ended

Dec. 31, 2024

(12) Leases

Our leases primarily relate to office facilities that have remaining terms of up to 7.3 years, some of which include one or more options to renew with renewal terms of up to 5 years and some of which include options to terminate the leases within 1 year. All of our leases are classified as operating leases.

The components of lease expense were as follows:


	Year Ended December 31,
		2024		2023
		(in thousands)
Operating lease costs		$	16,129	$	16,776
Short-term lease costs		951		1,259
Variable lease costs		8,825		8,219
Total lease costs		$	25,905	$	26,254

Supplemental balance sheet information related to the operating leases was as follows:


	As of December 31, 2024		As of December 31, 2023
Weighted average remaining lease term (in years) - operating leases	4.9		5.7
Weighted average discount rate - operating leases	6.4	%	6.4	%

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
		2024		2023
		(in thousands)
Cash paid for amounts included in the measurement of lease liabilities		$	22,870	$	19,999
ROU assets obtained in exchange for new lease obligations		$	4,488	$	8,119

Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):


2025	$	20,926
2026	18,941
2027	18,761
2028	19,333
2029	16,601
2030 and thereafter	3,275
Total lease payments	$	97,837
Less: imputed interest	(13,914)
Total	$	83,923

During the year ended December 31, 2023, we determined that triggering events occurred which indicated that the carrying value of our right-of-use (“ROU”) and other lease-related assets related to a change in usage of certain idle

office space at our corporate headquarters in Boston, Massachusetts as well as idle office spaces located in Plano, Texas; Los Angeles, California; and Toronto, Canada may not be fully recoverable. As a result, we utilized discounted cash flow models to estimate the fair value of the asset groups taking into consideration the time period it will take to obtain sublessees, the applicable discount rate and the anticipated sublease income and calculated the corresponding impairment loss. We used prices and other relevant information generated by recent market transactions involving similar or comparable assets, as well as our historical experience in real estate transactions. In the year ended December 31, 2023, we recorded impairment losses of $30.8 million, respectively, related to these idle office spaces, consisting of $22.2 million, related to ROU assets and $8.6 million related to leasehold improvements associated with these leased office spaces.