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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lessee, Operating Leases LEASES
The Group leases its office space, fulfillment centers and other facilities under non-cancelable operating leases with various expiration dates. The Group also has equipment that is leased under non-cancelable finance leases. The Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the operating lease right-of-use asset and operating lease liability. Certain storage shelves and certain forklifts used in the fulfillment centers are leased under finance leases, which have a fixed lease term of three to five years from the lease commencement dates. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term.
The gross amounts of assets and liabilities related to both operating and finance leases are as follows:
March 31, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$438,692 $451,930 
Finance lease right-of-use assetsProperty and equipment, net382 546 
Total right-of-use assets$439,074 $452,476 
March 31, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$(90,823)$(88,521)
Finance lease liabilitiesAccrued expenses and other current liabilities(113)(140)
Non-current:
Operating lease liabilitiesOperating lease liabilities, non-current(380,842)(395,235)
Finance lease liabilitiesFinance lease obligations, non-current(241)(382)
Total lease liabilities$(472,019)$(484,278)
The components of lease cost are as follows:
Three Months Ended
March 31,
20252024
(In thousands)
Operating lease cost$27,448 $21,948 
Finance lease cost
Amortization of right-of-use assets30 131 
Interest on lease liabilities12 61 
Short-term lease costs112 118 
Total$27,602 $22,258 
Lease terms and discount rates are as follows:
March 31, 2025December 31, 2024
Weighted average remaining lease term (years):
Operating leases5.195.41
Finance leases3.043.62
Weighted average discount rate:
Operating leases3.22 %3.22 %
Finance leases11.25 %10.54 %
Future minimum lease payments as of March 31, 2025, including rental payments for lease renewal options the Group was reasonably certain to exercise, are as follows:
 
Operating leases
Finance leases
 (In thousands)
Maturity of Lease Liabilities
Remainder of 2025$79,159 $113 
2026108,807 116 
2027103,977 100 
202893,566 68 
202962,968 19 
Thereafter76,445 — 
Total lease payments524,922 416 
Less: imputed interest(53,257)(62)
Present value of lease liabilities$471,665 $354 
Lessee, Finance Leases LEASES
The Group leases its office space, fulfillment centers and other facilities under non-cancelable operating leases with various expiration dates. The Group also has equipment that is leased under non-cancelable finance leases. The Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the operating lease right-of-use asset and operating lease liability. Certain storage shelves and certain forklifts used in the fulfillment centers are leased under finance leases, which have a fixed lease term of three to five years from the lease commencement dates. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term.
The gross amounts of assets and liabilities related to both operating and finance leases are as follows:
March 31, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$438,692 $451,930 
Finance lease right-of-use assetsProperty and equipment, net382 546 
Total right-of-use assets$439,074 $452,476 
March 31, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$(90,823)$(88,521)
Finance lease liabilitiesAccrued expenses and other current liabilities(113)(140)
Non-current:
Operating lease liabilitiesOperating lease liabilities, non-current(380,842)(395,235)
Finance lease liabilitiesFinance lease obligations, non-current(241)(382)
Total lease liabilities$(472,019)$(484,278)
The components of lease cost are as follows:
Three Months Ended
March 31,
20252024
(In thousands)
Operating lease cost$27,448 $21,948 
Finance lease cost
Amortization of right-of-use assets30 131 
Interest on lease liabilities12 61 
Short-term lease costs112 118 
Total$27,602 $22,258 
Lease terms and discount rates are as follows:
March 31, 2025December 31, 2024
Weighted average remaining lease term (years):
Operating leases5.195.41
Finance leases3.043.62
Weighted average discount rate:
Operating leases3.22 %3.22 %
Finance leases11.25 %10.54 %
Future minimum lease payments as of March 31, 2025, including rental payments for lease renewal options the Group was reasonably certain to exercise, are as follows:
 
Operating leases
Finance leases
 (In thousands)
Maturity of Lease Liabilities
Remainder of 2025$79,159 $113 
2026108,807 116 
2027103,977 100 
202893,566 68 
202962,968 19 
Thereafter76,445 — 
Total lease payments524,922 416 
Less: imputed interest(53,257)(62)
Present value of lease liabilities$471,665 $354