Leases

12 Months Ended

Dec. 31, 2024

Note 7 - Leases

The Company primarily leases office buildings under operating leases which are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Long-term operating lease liabilities on the consolidated balance sheets. The Company’s leases have remaining terms of 1 to 7 years.

Information related to the Company's total lease costs was as follows (in thousands):


	Year Ended
	December 31, 2024		December 31, 2023
Operating lease cost	$	7,556	$	7,894
Variable lease cost		1,314		1,229
Short-term lease cost		662		208
Total lease cost	$	9,532	$	9,331

Information related to the Company's ROU assets and related lease liabilities was as follows (in thousands):


	Year Ended
	December 31, 2024			December 31, 2023
Cash paid for operating lease liabilities	$	7,745		$	7,933
Right-of-use assets obtained in exchange for new operating lease obligations		6,913			7,270



	December 31, 2024			December 31, 2023
Weighted-average remaining lease term	3.7 years			3.8 years
Weighted-average discount rate	5.1		%	4.7		%

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancellable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheets as of December 31, 2024 (in thousands):


2025	$	7,131
2026		6,249
2027		5,036
2028		3,477
2029		1,352
Thereafter		368
Total undiscounted future minimum lease payments		23,613
Less: Difference between undiscounted lease payments and discounted operating lease liabilities		2,166
Total operating lease liabilities	$	21,447
Current operating lease liabilities	$	6,231
Long-term operating lease liabilities		15,215
Total operating lease liabilities	$	21,447

The Company has additional operating leases of $7.1 million that have not commenced as of December 31, 2024, and as such, have not been recognized in the Company’s Consolidated Balance Sheets. These operating leases are expected to commence in 2025 with lease terms of 5 to 7 years.