XML 39 R22.htm IDEA: XBRL DOCUMENT

Leases

12 Months Ended

Dec. 31, 2025

Note 12—Leases

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. The Company has operating leases for corporate offices, warehouses, and certain equipment. The Company’s leases have remaining terms of 1 to 11 years, some of which include options to extend the lease for up to 10 years, and some of which include options to terminate the lease within 1 year. As of December 31, 2025, the Company’s weighted average remaining lease term was approximately 4.0 years, and the weighted average discount rate used to calculate the Company’s lease liability was approximately 6.70%. As of December 31, 2024, the Company’s weighted average remaining lease term was approximately 4 years, and the weighted average discount rate used to calculate the Company’s lease liability was approximately 6.79%.

Total operating lease costs for the years ended December 31, 2025, 2024 and 2023 were $14.3 million, $12.5 million, and $12.4 million, respectively. Of the $14.3 million for the year ended December 31, 2025, $1.8 million was related to short-term and variable lease costs, including common area maintenance charges, management fees, taxes and storage fees. Sublease rental income was $2.8 million in 2025. Of the $12.5 million for the year ended December 31, 2024, $2.1 million was related to short-term and variable lease costs, including common area maintenance charges, management fees, taxes and storage fees. Sublease rental income was $1.6 million in 2024. Of the $12.4 million for the year ended December 31, 2023, $3.3 million was related to short-term and variable lease costs, including common area maintenance charges, management fees, taxes and storage fees. Sublease rental income was $1.5 million in 2023.

The Company had a cash outflow of $11.8 million, $9.1 million and $10.7 million related to operating leases for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments under operating leases to the lease liability excluding minimum lease payments for executed and legally enforceable leases that have not yet commenced as of December 31, 2025 (in thousands):

Year ending December 31,
2026	$	16,936
2027		17,177
2028		16,757
2029		7,106
2030		426
Thereafter		2,171
Total lease payments		60,573
Less imputed interest		7,211
Total	$	53,362

As of December 31, 2025 and 2024, the minimum lease payments for executed and legally enforceable leases that have not yet commenced were nil.