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LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
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 were as follows:
June 30, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$432,801 $451,930 
Finance lease right-of-use assetsProperty and equipment, net1,031 546 
Total right-of-use assets$433,832 $452,476 
June 30, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$(96,268)$(88,521)
Finance lease liabilitiesAccrued expenses and other current liabilities(248)(140)
Non-current:
Operating lease liabilitiesOperating lease liabilities, non-current(371,446)(395,235)
Finance lease liabilitiesFinance lease obligations, non-current(641)(382)
Total lease liabilities$(468,603)$(484,278)
The components of lease cost are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands)
Operating lease cost$27,842 $26,560 $55,290 $48,508 
Finance lease cost
Amortization of right-of-use assets38 140 68 271 
Interest on lease liabilities14 44 26 105 
Short-term lease costs15 292 127 410 
Total$27,909 $27,036 $55,511 $49,294 
Lease terms and discount rates are as follows:
June 30, 2025December 31, 2024
Weighted average remaining lease term (years):
Operating leases5.025.41
Finance leases3.993.62
Weighted average discount rate:
Operating leases3.24 %3.22 %
Finance leases8.28 %10.54 %
Future minimum lease payments as of June 30, 2025, including rental payments for lease renewal options the Group was reasonably certain to exercise, were as follows:
 
Operating leases
Finance leases
 (In thousands)
  Maturity of Lease Liabilities
Remainder of 2025
$55,251 $165 
2026
111,952 238 
2027
108,058 213 
2028
97,635 181 
2029
66,956 131 
Thereafter77,892 45 
Total lease payments517,744 973 
Less: imputed interest(50,030)(84)
Present value of lease liabilities$467,714 $889 
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 were as follows:
June 30, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$432,801 $451,930 
Finance lease right-of-use assetsProperty and equipment, net1,031 546 
Total right-of-use assets$433,832 $452,476 
June 30, 2025December 31, 2024
Balance Sheet Caption(In thousands)
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$(96,268)$(88,521)
Finance lease liabilitiesAccrued expenses and other current liabilities(248)(140)
Non-current:
Operating lease liabilitiesOperating lease liabilities, non-current(371,446)(395,235)
Finance lease liabilitiesFinance lease obligations, non-current(641)(382)
Total lease liabilities$(468,603)$(484,278)
The components of lease cost are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands)
Operating lease cost$27,842 $26,560 $55,290 $48,508 
Finance lease cost
Amortization of right-of-use assets38 140 68 271 
Interest on lease liabilities14 44 26 105 
Short-term lease costs15 292 127 410 
Total$27,909 $27,036 $55,511 $49,294 
Lease terms and discount rates are as follows:
June 30, 2025December 31, 2024
Weighted average remaining lease term (years):
Operating leases5.025.41
Finance leases3.993.62
Weighted average discount rate:
Operating leases3.24 %3.22 %
Finance leases8.28 %10.54 %
Future minimum lease payments as of June 30, 2025, including rental payments for lease renewal options the Group was reasonably certain to exercise, were as follows:
 
Operating leases
Finance leases
 (In thousands)
  Maturity of Lease Liabilities
Remainder of 2025
$55,251 $165 
2026
111,952 238 
2027
108,058 213 
2028
97,635 181 
2029
66,956 131 
Thereafter77,892 45 
Total lease payments517,744 973 
Less: imputed interest(50,030)(84)
Present value of lease liabilities$467,714 $889