The Company has entered into operating lease agreements for certain facilities and equipment, with remaining terms of approximately one to two years and that may include options to extend. The Company does not have lease agreements with residual value guarantees or material restrictive covenants. Variable lease payments included in the lease agreements are immaterial.

During the years ended December 31, 2024 and 2023, the Company recorded no operating lease right-of-use asset impairment charges.

During the year ended December 31, 2022, the Company recorded operating lease right-of-use asset impairment charges of $0.2 million due to the Company's decision to consolidate operations at certain locations. Approximately $0.2 million and less than $0.1 million of the impairment charge was recorded in the Thryv Marketing Services and Thryv SaaS segments, respectively.

During the fourth quarter of 2024, the Company announced its intent to partially abandon the Keap headquarters office building in Chandler, Arizona (“Chandler”) as of December 2024. As a result, during the year ended December 31, 2024, the Company recorded $4.2 million of accelerated amortization costs related to this partial abandonment of the Chandler office building, which currently has a lease end date of December 31, 2026.

These operating lease right-of-use assets were remeasured at fair value based upon the discounted cash flows of estimated sublease income using market participant assumptions. These fair value measurements are considered Level 3.

The following table sets forth components of lease cost related to the Company's operating leases:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Operating lease cost	$	3,023	$	5,201	$	9,087
Short-term lease cost	2,543		154		1,854
Sublease income	—		(1,348)		(2,389)
Total lease cost	$	5,566	$	4,007	$	8,552

The following table sets forth supplemental balance sheet information related to the Company's operating leases:


(in thousands)	December 31, 2024		December 31, 2023
Assets
Operating lease right-of-use assets, net (1)	$	2,423	$	2,716

Liabilities
Current portion of long-term lease liability (2)	7,849		7,299
Long-term lease liability (3)	2,806		5,832
Total operating lease liability	$	10,655	$	13,131

(1)Operating lease right-of-use assets, net, are included in Other assets on the Company's consolidated balance sheet.

(2)The current portion of long-term lease liability is included in Other current liabilities on the Company's consolidated balance sheet.

(3)The long-term lease liability is included in Other liabilities on the Company's consolidated balance sheet.

The following table sets forth supplemental cash flow information related to the Company's operating leases:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cash flows from operating activities
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	9,301	$	11,997	$	15,313

Supplemental lease cash flow disclosure
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,904	$	—	$	—

The following table sets forth additional information related to the Company's operating leases:


	Years Ended December 31,
	2024		2023		2022
Weighted-average remaining lease term - Operating leases (in years)	1.5		1.7		2.3
Weighted-average discount rate - Operating leases	8.9	%	9.0	%	9.0	%

The following table sets forth, by year, the maturities of operating lease liabilities as of December 31, 2024:


(in thousands)	Operating Leases
2025	$	8,855
2026	2,841
2027	83
2028	—
2029	—
Thereafter	—
Total undiscounted lease payments	$	11,779
Less: imputed interest	1,124
Present value of operating lease liability	$	10,655