Leases

12 Months Ended

Dec. 31, 2024

Our primary operating lease commitments as of December 31, 2024 are related to our corporate headquarters and offices in the United States and internationally. As of December 31, 2024 and 2023, we had operating lease ROU assets of $22.3 million and $25.1 million, respectively, and operating lease liabilities of $24.1 million and $24.9 million, respectively. As of December 31, 2024 and 2023, our weighted average remaining lease term in years was 6.3 and 3.9, respectively, and our weighted average discount rate was 5.6% and 5.8%, respectively.

In connection with the November 2024 and June 2024 restructuring actions, we announced the closure of our New York office and two international offices. As a result, during the year ended December 31, 2024, we recorded a full impairment of $5.6 million, consisting of $4.1 million impairment of ROU assets and $1.5 million impairment of leasehold improvements, which was classified as general and administrative expense on our consolidated statement of operations. Our intent and ability to sublease the office as well as the local market conditions were factored in when measuring the amount of impairment. For further information on the November 2024 and June 2024 restructuring actions, see Note 15, “Restructuring Charges.”

During the year ended December 31, 2024, we obtained $10.1 million of ROU assets in exchange for lease liabilities primarily as we entered into an amendment related to our offices in India that modifies our existing lease payments, increases the square footage, and extends the lease term.

During the years ended December 31, 2024, 2023 and 2022, operating lease expense, net of immaterial sublease income, was approximately $7.5 million, $7.6 million and $7.3 million, respectively. During the years ended December 31, 2024, 2023 and 2022, variable lease cost and short-term lease cost were immaterial.

The following table presents the future minimum lease payments and reconciliation to total operating lease liabilities (in thousands):


	December 31, 2024
2025	$	6,822
2026	4,141
2027	4,298
2028	3,531
2029	1,959
Thereafter	8,414
Total future minimum lease payments	29,165
Less imputed interest	(5,031)
Total operating lease liabilities	$	24,134