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LEASING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASING ARRANGEMENTS LEASING ARRANGEMENTS
Operating Leases
The Company’s operating lease assets primarily represent the lease of office space and facilities where the Company conducts its operations with the weighted average lease term of 4.1 years and 9.4 years as of December 31, 2024 and 2023, respectively. The operating leases have lease terms up to 7.4 years and 18.6 years as of December 31, 2024 and 2023, respectively. The weighted average discount rate used to calculate the present value of lease payments was 6.66% and 6.76% as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024, 2023, and 2022, the total operating lease expense was $26,563, $23,495, and $17,269, respectively. During the years ended December 31, 2024, 2023, and 2022, $2,942, $2,530, and $1,305, respectively, of operating lease expense were attributable to variable lease expenses. Operating lease expense is included in selling, general and administrative expenses in the consolidated statements of operations.
During the years ended December 31, 2024, 2023, and 2022, cash payments against operating lease liabilities totaled $25,553, $21,125, and $18,165 respectively, and non-cash lease expense transactions totaled $6,241, $6,162, and $4,420, respectively. Cash flows from operating leases are classified as net cash flows from operating activities in the accompanying consolidated statements of cash flows.
As of December 31, 2024, maturities of operating lease liabilities were as follows:
Operating
Leases
Year ending December 31:
2025$22,326 
202616,195 
202711,457 
20289,673 
20295,430 
Thereafter4,317 
Total lease payments69,398 
Less: imputed interest(8,360)
Total lease liability$61,038 
Finance Leases
The Company’s financing lease assets primarily represent the lease of vehicles for the Company's subsidiary bebe. As of December 31, 2024, finance lease assets of $3,538 are included in prepaid expenses and other assets with the related liabilities of $3,723 included in accrued expenses and other liabilities in the consolidated balance sheets.
As of December 31, 2024 and 2023, the Company did not have any significant leases executed but not yet commenced.