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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES The components of lease expense are as follows:
| Year Ended December 31, |  |  |  |  |
(in thousands) | 2024 |  | 2023 |  |  |  |  |
Operating lease cost | $ | 6,943 |  |  | $ | 7,116 |  |  |  |  |  |
Variable lease cost | 1,537 |  |  | 1,813 |  |  |  |  |  |
Total lease cost | $ | 8,480 |  |  | $ | 8,929 |  |  |  |  |  |
Supplemental cash flow information related to leases are as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 7,163 |  |  | $ | 6,970 |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 489 |  |  | $ | — |  |  |  |  |  |
During the year ended December 31, 2024, we reviewed the right-of-use assets and other fixed assets associated with our leased facilities for potential impairment due to intended changes in the use of these office locations, as we continue to adapt to the changing dynamics of work and seek to optimize the value of our business. Following our analyses, we recorded total lease-related impairment and other charges of $10.9 million. These charges primarily consisted of $3.9 million in right-of-use asset impairments, $4.3 million in leasehold improvement impairments, and $2.7 million related to the fair value of other unrecoverable facility costs. For asset groups where impairment was triggered, the Company utilized an income approach to value the asset groups by developing discounted cash flow models. The assumptions used in the discounted cash flow models for each of the asset groups included projected sublease income over the remaining lease terms, expected downtime prior to the commencement of future subleases, expected lease incentives offered to future tenants, and discount rates that reflected the level of risk associated with these future cash flows. Other information related to leases are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  |  |  |  |
Operating leases |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term (years) |  | 5.0 |  | 5.5 |  |  |  |  |
Weighted-average discount rate |  | 6.5 | % |  | 6.4 | % |  |  |  |  |
Future minimum lease payments under non-cancelable operating leases as of December 31, 2024 are as follows (in thousands):
Years ending December 31, |
2025 | $ | 5,809 |
2026 | 4,784 |
2027 | 3,833 |
2028 | 3,255 |
2029 | 3,288 |
Thereafter | 2,577 |
Total future minimum lease payments | $ | 23,546 |
Less: imputed interest | (3,144) |
Total lease liability balance | $ | 20,402 |

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- 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
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