Leases

3 Months Ended

Mar. 31, 2026

The Company leases office space and computer and other equipment under operating lease agreements expiring at various dates. Under the lease agreements, in addition to base rent, the Company is generally responsible for operating and maintenance costs and related fees. Several of these agreements include tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record such items in right-of-use assets and operating lease liabilities on our consolidated balance sheets equal to the difference between rent expense and future minimum lease payments due. The rent expense related to these items is recognized on a straight-line basis over the terms of the leases.

The following table summarizes our primary office leases as of March 31, 2026 (in thousands, other than term):


Location	Lease Termination Term (in years)	Future Minimum Lease Commitments		Letter of Credit Amount Required
Arlington, VA	4.8	$	2,595	$	—
Edison, NJ	0.1	50		222
Makati City, Philippines	2.2	1,426		—

Pune, India	2.0	1,078		—
Brea, CA	1.2	1,158		—

Loss on Lease Termination

During the year ended December 31, 2024, the Company terminated its Chicago, IL lease effective October 31, 2024. The Company paid $6.4 million of lease termination payments on both January 1, 2026 and April 1, 2026, respectively, and has no further obligations under its Chicago lease.

The following table summarizes the components of our lease expense (in thousands):


	For the Three Months Ended March 31,
		2026		2025
Operating lease cost, net of sublease income		$	542	$	534


Variable lease cost		229		339
Total lease cost		$	771	$	873

Maturity of lease liabilities including future lease termination payments (in thousands) is as follows:


	Operating Lease Expense
2026	$	8,494
2027	2,137
2028	955
2029	548
2030	562
Thereafter	44
Total lease payments	12,740
Less:
Interest	801
Present value of lease liabilities	$	11,939

Our weighted-average discount rate and our weighted remaining lease terms (in years) are as follows:


	March 31, 2026		December 31, 2025


Weighted average discount rate	9.04	%	8.89	%
Weighted average remaining lease term	2.9		3.0