Leases (Tables)

3 Months Ended

Mar. 31, 2025

Operating Leases, Assets and Liabilities

The following table summarizes assets and liabilities related to the Company’s operating leases:


	Condensed Consolidated Balance Sheets Location	March 31, 2025		December 31, 2024
		(In thousands)
Operating lease assets	Operating lease right-of-use assets, net	$	26,874	$	15,047

Current liabilities	Accrued and other current liabilities	$	8,658	$	4,033
Non-current liabilities	Operating lease liabilities, non-current	$	20,356	$	11,783

Lease, Cost

The following table presents the components of the Company’s total lease expense:


	Condensed Consolidated Statements	Three Months Ended March 31,
	of Operations Location	2025		2024
		(In thousands)
Operating lease cost:
Fixed lease costs	Cost of revenue and operating expenses	$	2,307	$	1,195
Variable lease costs	Operating expenses	174		131
Short-term lease costs	Operating expenses	402		115
Lease impairment cost (1)	Impairment charges	99		—
Sublease income	Operating expenses	(57)		—
Finance lease cost:
Depreciation	Cost of revenue	—		220
Interest	Interest expense	—		3
Total lease cost		$	2,925	$	1,664

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(1)During the three months ended March 31, 2025, the Company exited one of its office locations, resulting in a non-cash charge of $0.1 million to impair the associated right-of-use asset, recorded within impairment charges.

The following table summarizes weighted-average lease terms and discount rates for the Company’s operating leases:

March 31, 2025

December 31, 2024

Weighted-average remaining lease term (in years)

3.78 years

4.40 years

Weighted-average discount rate

9.76%

9.68%

Lessee, Operating Lease, Liability, to be Paid, Maturity

As of March 31, 2025, the maturities of the Company’s lease liabilities under operating leases were as follows:


Year	Operating Leases
	(In thousands)
Remainder of 2025	$	8,313
2026	9,355
2027	7,365
2028	5,261
2029	2,939
Thereafter	1,616
Total minimum payments required	$	34,849
Less: imputed interest	5,835
Total present value of lease liabilities	$	29,014