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Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

16. Leases

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Operating Lease Arrangements

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The Company's main operating lease is for its corporate headquarters in Stoughton, Massachusetts, which was entered into in March 2018 and commenced in August 2018. This lease encompasses approximately 50,678 square feet and is for an initial 10-year term, with options for two additional five-year extensions. The initial annual base rent is $1,214, subject to annual increases between 2.5% to 3.1%.

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In connection with the Ironshore Acquisition, the Company acquired an operating lease for the U.S. headquarters of Ironshore pursuant to which the Company leases 8,817 of rentable square feet of space in Durham, North Carolina (the “Ironshore Lease”). The Ironshore Lease continues through February 2028.

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As of December 31, 2024, the Company's operating lease assets totaled $5,822 and operating lease liabilities totaled $6,810. This primarily relates to the Company’s corporate headquarters lease in Stoughton, Massachusetts and the Ironshore Lease.

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Short-Term Lease Arrangements

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In December 2018, the Company began entering into 12-month, non-cancelable vehicle leases for its field-based employees. Each vehicle lease is executed separately and expires at varying times with automatic renewal options that are cancelable at any time. The rent expense for these leases is recognized on a straight-line basis over the lease term in the period in which it is incurred.

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Variable Lease Costs

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Variable lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor.

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The components of lease cost for the years ended December 31, 2024, 2023, and 2022 are as follows:

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2024		​	2023		​	2022
Operating lease cost	​	$	1,444	​	$	1,306	​	$	1,805
Short-term lease cost	​	​	1,474	​	​	1,446	​	​	993
Variable lease cost	​	​	913	​	​	565	​	​	331
Total lease cost	​	$	3,831	​	$	3,317	​	$	3,129

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The lease term and discount rate for operating leases for the years ended December 31, 2024 and 2023 are as follows:

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​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2024		​	2023
Weighted-average remaining lease term — operating leases (years)	​	​	4.6	​	​	5.7
Weighted-average discount rate — operating leases	​	​	6.6%	​	​	6.2%

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Other information related to operating leases for the years ended December 31, 2024, 2023, and 2022 is as follows:

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2024		​	2023		​	2022
Cash paid for amounts included in the measurement of operating leases liabilities	​	$	1,538	​	$	1,585	​	$	1,568
Leased assets obtained in exchange for new operating lease liabilities	​	​	—	​	​	—	​	​	—

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The Company’s aggregate future minimum lease payments for its operating leases, including embedded operating lease arrangements, as of December 31, 2024, are as follows:

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​	​	​	​
Years ended December 31,	​	​	Lease Payments
2025	​	$	1,683
2026	​	​	1,728
2027	​	​	1,750
2028	​	​	1,572
2029	​	​	1,169
Thereafter	​	​	—
Total minimum lease payments	​	$	7,902
Less: Present value discount	​	​	1,092
Present value of lease liabilities	​	$	6,810

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- References

No definition available.

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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

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