LEASESThe Company’s leases are for office space. The Company’s leases have remaining terms of 0.3 to 8.3 years. The Company’s lease terms may include an option to extend or terminate the lease, which will be accounted for when it is reasonably certain that the Company will exercise that option. Generally, the lease term is the minimum of the non-cancelable period of the lease.
The components of lease cost were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Operating lease cost | $ | 8,867 | | | $ | 8,570 | | | $ | 7,065 | |
| Short-term lease cost | 896 | | | 1,032 | | | 618 | |
| Total | $ | 9,763 | | | $ | 9,602 | | | $ | 7,683 | |
Supplemental cash flow information for operating leases was as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Cash paid for operating lease liabilities | $ | 6,458 | | | $ | 7,038 | | | $ | 7,046 | |
| ROU assets obtained in exchange for new lease obligations | $ | 3,144 | | | $ | 14,534 | | | $ | 12,968 | |
Lease term and discount rate were as follows: | | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 |
| Weighted-average remaining lease term (years) | 5.7 | | 6.1 |
| Weighted-average discount rate | 10.8 | % | | 11.4 | % |
Maturities of lease liabilities were as follows as of December 31, 2025 (in thousands): | | | | | |
| Year Ending December 31, | Operating Leases |
| 2026 | $ | 8,942 | |
| 2027 | 5,556 | |
| 2028 | 5,655 | |
| 2029 | 3,701 | |
| 2030 | 2,714 | |
| Thereafter | 8,814 | |
| Total lease payments | 35,382 | |
| Less: Imputed interest | (9,066) | |
| Present value of lease liabilities | $ | 26,316 | |
As of December 31, 2025, the Company had no operating leases that have not yet commenced.
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.