LEASES
The components of lease cost, net for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Operating lease cost | $ | 10,776 | | | $ | 18,617 | | | $ | 33,694 | |
| Short-term lease cost (12 months or less) | 414 | | | 392 | | | 396 | |
| Sublease income | (10,600) | | | (13,873) | | | (13,551) | |
| Total lease cost, net | $ | 590 | | | $ | 5,136 | | | $ | 20,539 | |
The Company’s leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants that would limit or prevent the Company from exercising its right to obtain substantially all of the economic benefits from use of the respective assets during the lease term.
Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | |
| Operating cash flows from operating leases | $ | 22,511 | | | $ | 42,725 | | | $ | 45,410 | |
As of December 31, 2025, maturities of lease liabilities were as follows (in thousands)(1):
| | | | | |
| 2026 | $ | 8,397 | |
| 2027 | 8,043 | |
| 2028 | 6,108 | |
| 2029 | 2,838 | |
| 2030 | 979 | |
| Thereafter | 633 | |
| Total minimum lease payments | 26,998 | |
| Less: imputed interest | (2,121) | |
| Present value of lease liabilities | $ | 24,877 | |
(1) Non-cancelable sublease proceeds of $15.1 million are not included in the maturities of lease liabilities disclosed in the table.
As of December 31, 2025 and 2024, the weighted-average remaining lease term and weighted-average discount rate were as follows:
| | | | | | | | | | | |
| December 31, 2025 | | December 31, 2024 |
| Weighted-average remaining lease term (years) — operating leases | 3.7 | | 3.3 |
| Weighted-average discount rate — operating leases | 4.6 | % | | 5.1 | % |
The Company subleased certain office space in San Francisco and Toronto during the year ended December 31, 2024 and abandoned certain office space in San Francisco and New York during the year ended December 31, 2023. The Company evaluated the associated ROU assets and leasehold improvements for impairment as a result of the subleases and abandonments, and recognized impairment charges of $5.9 million and $23.6 million during the years ended December 31, 2024 and 2023, respectively, which are included in general and administrative expenses on its consolidated statements of operations. The impairment charges during the year ended December 31, 2024 reduced the carrying amounts of the ROU assets and leasehold improvements by $4.6 million and $1.3 million, respectively. The impairment charges during the year ended December 31, 2023 reduced the carrying amount of the ROU assets and leasehold improvements by $21.3 million and $2.3 million, respectively. For more information on the fair values of the ROU assets and leasehold improvements used in the