LEASES
Components of lease costs are presented on the Consolidated Statements of Operations as “General and administrative expense” for real-estate leases and “Operating expense” for non-real estate leases. Total operating lease cost for the years ended December 31, 2025, 2024 and 2023 were $53.3 million, $38.7 million and $45.6 million, respectively. Short-term lease cost for the years ended December 31, 2025, 2024 and 2023 were $3.5 million, $7.7 million and $3.4 million, respectively.
The following table presents other supplemental lease information:
| | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2025 | | 2024 |
| | | | |
| | (In thousands) |
| Operating cash flows from operating leases | | $ | 52,394 | | | $ | 39,247 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 34,735 | | | $ | 43,682 | |
| Weighted-average remaining lease term — operating leases (in years) | | 2.09 | | 1.85 |
| Weighted-average discount rate — operating leases | | 6.06 | % | | 6.82 | % |
The following table presents future minimum lease payments under operating leases:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Year | | | | | | | | | | | | | | | | | Amount |
| | | | | | | | | | | | | | | | | (In thousands) |
| 2026 | | | | | | | | | | | | | | | | | $ | 46,328 | |
| 2027 | | | | | | | | | | | | | | | | | 18,357 | |
| 2028 | | | | | | | | | | | | | | | | | 7,333 | |
| 2029 | | | | | | | | | | | | | | | | | 4,490 | |
| 2030 | | | | | | | | | | | | | | | | | 194 | |
| Thereafter | | | | | | | | | | | | | | | | | 44 | |
| Total lease payments | | | | | | | | | | | | | | | | | 76,746 | |
| Less: interest | | | | | | | | | | | | | | | | | (4,099) | |
| Present value of lease liabilities | | | | | | | | | | | | | | | | | $ | 72,647 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.