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Leases

12 Months Ended

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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- References

No definition available.

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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

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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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