Leases
As of December 31, 2025, the maturities of the operating lease liabilities and a reconciliation to the present value of lease liabilities were as follows (in thousands):
| | | | | |
| Remaining Lease Payments |
| 2026 | $ | 6,681 |
| 2027 | 8,602 |
| 2028 | 8,683 |
| 2029 | 8,760 |
| 2030 | 7,519 |
| Thereafter | 44,443 |
| Total remaining lease payments | 84,688 |
| Less: imputed interest | (17,090) |
| Total operating lease liabilities | 67,598 |
| Less: current portion | (4,776) |
| Long-term operating lease liabilities | $ | 62,822 |
Weighted-average remaining lease term and weighted-average discount rate for the years ended December 31, 2025 and 2024, were as follows:
| | | | | | | | | | | | | | |
| | 2025 | | 2024 |
| Weighted-average remaining lease term (in years) | | 10.55 | | 11.59 |
| Weighted-average discount rate | | 4.2 | % | | 4.1 | % |
The following summarizes additional supplemental data related to the operating leases for the years ended December 31, 2025 and 2024 (in thousands):
| | | | | | | | | | | | | | |
| | 2025 | | 2024 |
| Operating lease costs | | $ | 9,551 | | | $ | 11,731 | |
| Right-of-use assets obtained in exchange for operating lease liabilities | | $ | 6,397 | | | $ | 617 | |
| Cash paid for operating leases | | $ | 5,034 | | | $ | 9,002 | |
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.