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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have lease terms of 1 year to 33 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Condensed Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024 totaled $6.1 million and $5.4 million, respectively, including short-term lease costs of $1.6 million and $1.2 million, respectively. Year-to-date September 30, 2025 and 2024 operating lease costs totaled $17.6 million and $17.2 million, respectively, including short-term lease costs of $5.0 million and $3.9 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended September 30, 2025 and 2024 and $0.6 million for both the nine months ended September 30, 2025 and 2024. Interest expense on the finance leases liability totaled $0.6 million and $0.5 million for the three months ended September 30, 2025 and 2024. Interest expense on the finance leases liability totaled $1.7 million and $1.6 million for the nine months ended September 30, 2025 and 2024. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of September 30, 2025 |  | As of December 31, 2024
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 100,957 |  |  | $ | 90,136 |
Other current liabilities |  | 19,881 |  |  | 18,087 |
Operating lease liabilities |  | 89,919 |  |  | 79,399 |
Finance Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | (2,255) |  |  | (1,658) |
Property and equipment, net |  | 26,066 |  |  | 26,663 |
Other liabilities |  | 31,355 |  |  | 31,021 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 10.12 years |  | 7.37 years
Finance leases |  | 32.75 years |  | 33.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 5.75 | % |  | 5.01 | %
Finance leases |  | 7.10 | % |  | 7.10 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Supplemental Cash Flows Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,863 |  |  | $ | 5,243 |  |  | $ | 16,975 |  |  | $ | 16,435 |
Operating cash flows from finance leases |  | 450 |  |  | 438 |  |  | 1,326 |  |  | 864 |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | 17,992 |  |  | 2,764 |  |  | 30,090 |  |  | 12,859 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of September 30, 2025 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2025 |  | $ | 7,524 |  |  | $ | 450 |
2026 |  | 24,225 |  |  | 1,824 |
2027 |  | 21,526 |  |  | 1,875 |
2028 |  | 16,291 |  |  | 1,926 |
2029 |  | 13,910 |  |  | 1,979 |
Thereafter |  | 71,000 |  |  | 88,145 |
Total future minimum lease payments |  | 154,476 |  |  | 96,199 |
Less: Imputed interest |  | (44,676) |  |  | (64,844) |
Total |  | $ | 109,800 |  |  | $ | 31,355 |
Leases | Leases We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have lease terms of 1 year to 33 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Condensed Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024 totaled $6.1 million and $5.4 million, respectively, including short-term lease costs of $1.6 million and $1.2 million, respectively. Year-to-date September 30, 2025 and 2024 operating lease costs totaled $17.6 million and $17.2 million, respectively, including short-term lease costs of $5.0 million and $3.9 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended September 30, 2025 and 2024 and $0.6 million for both the nine months ended September 30, 2025 and 2024. Interest expense on the finance leases liability totaled $0.6 million and $0.5 million for the three months ended September 30, 2025 and 2024. Interest expense on the finance leases liability totaled $1.7 million and $1.6 million for the nine months ended September 30, 2025 and 2024. Other information related to our leases was as follows:
(in thousands, except lease term and discount rate) |  | As of September 30, 2025 |  | As of December 31, 2024
Balance Sheet Information |  |  |  |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 100,957 |  |  | $ | 90,136 |
Other current liabilities |  | 19,881 |  |  | 18,087 |
Operating lease liabilities |  | 89,919 |  |  | 79,399 |
Finance Leases |  |  |  |
Property and equipment, at cost |  | 28,321 |  |  | 28,321 |
Accumulated depreciation |  | (2,255) |  |  | (1,658) |
Property and equipment, net |  | 26,066 |  |  | 26,663 |
Other liabilities |  | 31,355 |  |  | 31,021 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 10.12 years |  | 7.37 years
Finance leases |  | 32.75 years |  | 33.50 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 5.75 | % |  | 5.01 | %
Finance leases |  | 7.10 | % |  | 7.10 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Supplemental Cash Flows Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,863 |  |  | $ | 5,243 |  |  | $ | 16,975 |  |  | $ | 16,435 |
Operating cash flows from finance leases |  | 450 |  |  | 438 |  |  | 1,326 |  |  | 864 |
Financing cash flows from finance leases |  | — |  |  | — |  |  | — |  |  | — |
Right-of-use assets obtained in exchange for operating lease obligations |  | 17,992 |  |  | 2,764 |  |  | 30,090 |  |  | 12,859 |
Right-of-use assets obtained in exchange for finance lease obligations |  | — |  |  | — |  |  | — |  |  | — |
Future minimum lease payments under non-cancellable leases as of September 30, 2025 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2025 |  | $ | 7,524 |  |  | $ | 450 |
2026 |  | 24,225 |  |  | 1,824 |
2027 |  | 21,526 |  |  | 1,875 |
2028 |  | 16,291 |  |  | 1,926 |
2029 |  | 13,910 |  |  | 1,979 |
Thereafter |  | 71,000 |  |  | 88,145 |
Total future minimum lease payments |  | 154,476 |  |  | 96,199 |
Less: Imputed interest |  | (44,676) |  |  | (64,844) |
Total |  | $ | 109,800 |  |  | $ | 31,355 |

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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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