v3.25.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits (e.g., tenant improvement allowance). Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. Since the rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments. In December 2025, the Company extended the lease of its corporate headquarters to September 2032, while also early terminating the portion of office space that the Company previously vacated in 2023. In connection with the amendment, the Company remeasured its lease liability and adjusted the associated right-of-use assets accordingly, which also resulted in a $3.4 million credit to restructuring and other related charges for the portion of office space that the Company previously vacated in 2023. The following table summarizes the leases included in the consolidated balance sheets as follows:
|  |  | December 31,
(In thousands) | Balance Sheet Location |  | 2025 |  | 2024
Assets |  |  |  |  |
Operating | Operating lease right-of-use assets |  | $ | 72,545 |  |  | $ | 58,390 |
Finance | Property and equipment, net |  | 12,478 |  |  | 11,695 |
Total lease assets |  |  | $ | 85,023 |  |  | $ | 70,085 |
Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating | Current portion of lease obligations |  | $ | 14,059 |  |  | $ | 27,798 |
Finance | Current portion of lease obligations |  | 3,584 |  |  | 4,641 |
|  |  | 17,643 |  |  | 32,439 |
Noncurrent: |  |  |  |  |
Operating | Lease obligations |  | 70,037 |  |  | 51,929 |
Finance | Lease obligations |  | 12,226 |  |  | 12,652 |
|  |  | 82,263 |  |  | 64,581 |
Total lease liabilities |  |  | $ | 99,906 |  |  | $ | 97,020 |
The following table summarizes the lease costs included in the consolidated statements of income (loss):
|  |  | December 31,
(In thousands) | Income Statement Location |  | 2025 |  | 2024 |  | 2023
Operating lease costs | Selling, general and administrative expenses |  | $ | 22,808 |  |  | $ | 22,955 |  |  | $ | 26,681 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 2,044 |  |  | 1,153 |  |  | 1,098 |
Interest on lease liabilities | Interest expense |  | 904 |  |  | 1,188 |  |  | 1,714 |
Short term lease costs | Selling, general and administrative expenses |  | 170 |  |  | 162 |  |  | 111 |
Variable lease costs | Selling, general and administrative expenses |  | 2,316 |  |  | 2,492 |  |  | 2,315 |
Total lease costs |  |  | $ | 28,242 |  |  | $ | 27,950 |  |  | $ | 31,919 |
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2025:
(In thousands) | Operating Leases |  | Finance Leases |  | Total
2026 | $ | 20,372 |  |  | $ | 4,643 |  |  | $ | 25,015 |
2027 | 12,639 |  |  | 3,611 |  |  | 16,250 |
2028 | 18,725 |  |  | 3,729 |  |  | 22,454 |
2029 | 15,589 |  |  | 1,959 |  |  | 17,548 |
2030 | 14,865 |  |  | 1,428 |  |  | 16,293 |
Thereafter | 27,006 |  |  | 2,856 |  |  | 29,862 |
Total lease payments | 109,196 |  |  | 18,226 |  |  | 127,422 |
Less: Interest | 25,100 |  |  | 2,416 |  |  | 27,516 |
Present value of lease liabilities | $ | 84,096 |  |  | $ | 15,810 |  |  | $ | 99,906 |
The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
| December 31, 2025 | December 31, 2024
Weighted average remaining lease term (years): |  |
Operating leases | 5.5 | 3.0
Finance leases | 5.2 | 5.9
Weighted average discount rate: |  |
Operating leases | 7.8 | % | 5.1 | %
Finance leases | 6.0 | % | 6.2 | %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
| December 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Operating cash flows from operating leases | $ | 33,184 |  |  | $ | 33,489 |  |  | $ | 37,121 |
Operating cash flows from finance leases | 904 |  |  | 1,188 |  |  | 1,586 |
Financing cash flows from finance leases | 4,670 |  |  | 4,650 |  |  | 4,222 |
Leases | Leases The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits (e.g., tenant improvement allowance). Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. Since the rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments. In December 2025, the Company extended the lease of its corporate headquarters to September 2032, while also early terminating the portion of office space that the Company previously vacated in 2023. In connection with the amendment, the Company remeasured its lease liability and adjusted the associated right-of-use assets accordingly, which also resulted in a $3.4 million credit to restructuring and other related charges for the portion of office space that the Company previously vacated in 2023. The following table summarizes the leases included in the consolidated balance sheets as follows:
|  |  | December 31,
(In thousands) | Balance Sheet Location |  | 2025 |  | 2024
Assets |  |  |  |  |
Operating | Operating lease right-of-use assets |  | $ | 72,545 |  |  | $ | 58,390 |
Finance | Property and equipment, net |  | 12,478 |  |  | 11,695 |
Total lease assets |  |  | $ | 85,023 |  |  | $ | 70,085 |
Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating | Current portion of lease obligations |  | $ | 14,059 |  |  | $ | 27,798 |
Finance | Current portion of lease obligations |  | 3,584 |  |  | 4,641 |
|  |  | 17,643 |  |  | 32,439 |
Noncurrent: |  |  |  |  |
Operating | Lease obligations |  | 70,037 |  |  | 51,929 |
Finance | Lease obligations |  | 12,226 |  |  | 12,652 |
|  |  | 82,263 |  |  | 64,581 |
Total lease liabilities |  |  | $ | 99,906 |  |  | $ | 97,020 |
The following table summarizes the lease costs included in the consolidated statements of income (loss):
|  |  | December 31,
(In thousands) | Income Statement Location |  | 2025 |  | 2024 |  | 2023
Operating lease costs | Selling, general and administrative expenses |  | $ | 22,808 |  |  | $ | 22,955 |  |  | $ | 26,681 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 2,044 |  |  | 1,153 |  |  | 1,098 |
Interest on lease liabilities | Interest expense |  | 904 |  |  | 1,188 |  |  | 1,714 |
Short term lease costs | Selling, general and administrative expenses |  | 170 |  |  | 162 |  |  | 111 |
Variable lease costs | Selling, general and administrative expenses |  | 2,316 |  |  | 2,492 |  |  | 2,315 |
Total lease costs |  |  | $ | 28,242 |  |  | $ | 27,950 |  |  | $ | 31,919 |
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2025:
(In thousands) | Operating Leases |  | Finance Leases |  | Total
2026 | $ | 20,372 |  |  | $ | 4,643 |  |  | $ | 25,015 |
2027 | 12,639 |  |  | 3,611 |  |  | 16,250 |
2028 | 18,725 |  |  | 3,729 |  |  | 22,454 |
2029 | 15,589 |  |  | 1,959 |  |  | 17,548 |
2030 | 14,865 |  |  | 1,428 |  |  | 16,293 |
Thereafter | 27,006 |  |  | 2,856 |  |  | 29,862 |
Total lease payments | 109,196 |  |  | 18,226 |  |  | 127,422 |
Less: Interest | 25,100 |  |  | 2,416 |  |  | 27,516 |
Present value of lease liabilities | $ | 84,096 |  |  | $ | 15,810 |  |  | $ | 99,906 |
The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
| December 31, 2025 | December 31, 2024
Weighted average remaining lease term (years): |  |
Operating leases | 5.5 | 3.0
Finance leases | 5.2 | 5.9
Weighted average discount rate: |  |
Operating leases | 7.8 | % | 5.1 | %
Finance leases | 6.0 | % | 6.2 | %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
| December 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Operating cash flows from operating leases | $ | 33,184 |  |  | $ | 33,489 |  |  | $ | 37,121 |
Operating cash flows from finance leases | 904 |  |  | 1,188 |  |  | 1,586 |
Financing cash flows from finance leases | 4,670 |  |  | 4,650 |  |  | 4,222 |

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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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