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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | (11) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one to thirteen years. As previously discussed in Note 2, during the year ended December 31, 2024, the Company concluded that the carrying value of the primary asset group underlying the Company's core operations was impaired, resulting in the allocation of $5.2 million of the $42.3 million asset group impairment charge to ROU assets. This impairment charge reduced the carrying values of our operating lease ROU assets and finance lease ROU assets by $2.7 million and $2.5 million, respectively. This impairment charge has been recorded within asset impairment charges on our consolidated statements of operations. As of December 31, 2024 and 2023, short-term finance lease obligations of $1.5 million and $1.8 million are included in accrued and other liabilities on our consolidated balance sheets, and long-term finance lease obligations of $10.5 million and $11.5 million are included in other long-term liabilities on our consolidated balance sheets. Incremental Lease Commitments During the year ended December 31, 2024, we entered into a lease for a new building in Frankfurt, Germany, which will contain approximately 57,000 rentable square feet, and will be constructed and funded by the lessor up to a certain amount. The lease term is for 5 years upon commencement, which will be when construction is substantially complete. Estimated base rent lease payments related to this new lease total $3.4 million at December 31, 2024. Components of lease cost (income) for the years ended December 31, 2024, 2023, and 2022 were as follows:
(in thousands) |  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 14,331 |  |  | $ | 13,667 |  |  | $ | 9,135 |
Finance lease cost - amortization expense |  | 1,706 |  |  | 991 |  | 621
Finance lease cost - interest expense |  | 1,017 |  |  | 478 |  | 196
Short-term lease cost |  | 347 |  |  | 494 |  | 705
Variable lease cost |  | 4,142 |  |  | 3,953 |  |  | 764 |
Sublease income |  | (132) |  |  | (186) |  |  | (158) |
Total |  | $ | 21,411 |  |  | $ | 19,397 |  |  | $ | 11,263 |
As of December 31, 2024, our future minimum lease payments under operating leases and finance leases with initial or remaining lease terms in excess of one year were as follows:
(in thousands) |  | Finance Leases |  | Operating Leases
Years ending December 31: |  |  |  |
2025 |  | $ | 2,406 |  |  | $ | 13,506 |
2026 |  | 2,323 |  |  | 13,481 |
2027 |  | 2,309 |  |  | 11,102 |
2028 |  | 2,285 |  |  | 10,024 |
2029 |  | 1,954 |  |  | 8,535 |
Thereafter |  | 4,876 |  |  | 24,840 |
Total lease payments (undiscounted) |  | 16,153 |  |  | 81,488 |
Less: imputed interest |  | (4,128) |  |  | (19,447) |
Present value of lease liabilities |  | $ | 12,025 |  |  | $ | 62,041 |
Supplemental cash flow information related to our leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
(in thousands) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflow for operating leases |  | $ | 13,986 |  |  | $ | 13,177 |  |  | $ | 10,268 |
Operating cash outflow for finance leases |  | $ | 1,017 |  |  | $ | 478 |  |  | $ | 196 |
Financing cash outflow for finance leases |  | $ | 1,385 |  |  | $ | 644 |  |  | $ | 652 |
The weighted-average remaining lease term and discount rate for our finance and operating leases as of December 31, 2024 and 2023 were as follows:
|  | 2024 |  | 2023
|  | Finance |  | Operating |  | Finance |  | Operating
Weighted-average remaining lease term (in years) |  | 7.0 |  | 7.3 |  | 8.0 |  | 7.7
Weighted-average discount rate |  | 8.44% |  | 7.17% |  | 8.96% |  | 7.23%
Leases | (11) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one to thirteen years. As previously discussed in Note 2, during the year ended December 31, 2024, the Company concluded that the carrying value of the primary asset group underlying the Company's core operations was impaired, resulting in the allocation of $5.2 million of the $42.3 million asset group impairment charge to ROU assets. This impairment charge reduced the carrying values of our operating lease ROU assets and finance lease ROU assets by $2.7 million and $2.5 million, respectively. This impairment charge has been recorded within asset impairment charges on our consolidated statements of operations. As of December 31, 2024 and 2023, short-term finance lease obligations of $1.5 million and $1.8 million are included in accrued and other liabilities on our consolidated balance sheets, and long-term finance lease obligations of $10.5 million and $11.5 million are included in other long-term liabilities on our consolidated balance sheets. Incremental Lease Commitments During the year ended December 31, 2024, we entered into a lease for a new building in Frankfurt, Germany, which will contain approximately 57,000 rentable square feet, and will be constructed and funded by the lessor up to a certain amount. The lease term is for 5 years upon commencement, which will be when construction is substantially complete. Estimated base rent lease payments related to this new lease total $3.4 million at December 31, 2024. Components of lease cost (income) for the years ended December 31, 2024, 2023, and 2022 were as follows:
(in thousands) |  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 14,331 |  |  | $ | 13,667 |  |  | $ | 9,135 |
Finance lease cost - amortization expense |  | 1,706 |  |  | 991 |  | 621
Finance lease cost - interest expense |  | 1,017 |  |  | 478 |  | 196
Short-term lease cost |  | 347 |  |  | 494 |  | 705
Variable lease cost |  | 4,142 |  |  | 3,953 |  |  | 764 |
Sublease income |  | (132) |  |  | (186) |  |  | (158) |
Total |  | $ | 21,411 |  |  | $ | 19,397 |  |  | $ | 11,263 |
As of December 31, 2024, our future minimum lease payments under operating leases and finance leases with initial or remaining lease terms in excess of one year were as follows:
(in thousands) |  | Finance Leases |  | Operating Leases
Years ending December 31: |  |  |  |
2025 |  | $ | 2,406 |  |  | $ | 13,506 |
2026 |  | 2,323 |  |  | 13,481 |
2027 |  | 2,309 |  |  | 11,102 |
2028 |  | 2,285 |  |  | 10,024 |
2029 |  | 1,954 |  |  | 8,535 |
Thereafter |  | 4,876 |  |  | 24,840 |
Total lease payments (undiscounted) |  | 16,153 |  |  | 81,488 |
Less: imputed interest |  | (4,128) |  |  | (19,447) |
Present value of lease liabilities |  | $ | 12,025 |  |  | $ | 62,041 |
Supplemental cash flow information related to our leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
(in thousands) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash outflow for operating leases |  | $ | 13,986 |  |  | $ | 13,177 |  |  | $ | 10,268 |
Operating cash outflow for finance leases |  | $ | 1,017 |  |  | $ | 478 |  |  | $ | 196 |
Financing cash outflow for finance leases |  | $ | 1,385 |  |  | $ | 644 |  |  | $ | 652 |
The weighted-average remaining lease term and discount rate for our finance and operating leases as of December 31, 2024 and 2023 were as follows:
|  | 2024 |  | 2023
|  | Finance |  | Operating |  | Finance |  | Operating
Weighted-average remaining lease term (in years) |  | 7.0 |  | 7.3 |  | 8.0 |  | 7.7
Weighted-average discount rate |  | 8.44% |  | 7.17% |  | 8.96% |  | 7.23%

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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 + Details
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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 + Details
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