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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Lease Costs and Other Information

The following table contains a summary of the lease costs recognized and other information pertaining to the Company’s operating leases:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

30,648

 

 

$

27,849

 

Variable lease cost

 

 

8,535

 

 

 

6,991

 

Sublease income

 

 

(1,674

)

 

 

(1,439

)

Net lease cost

 

$

37,509

 

 

$

33,401

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Other information

 

 

 

 

 

 

Operating cash flows used for operating leases

 

$

27,152

 

 

$

25,456

 

Operating lease liabilities arising from obtaining right-of-use assets

 

 

112,821

 

 

 

1,311

 

 

 

 

 

 

 

 

 

 

As Of December 31,

 

 

 

2024

 

 

2023

 

Lease term and discount rate

 

 

 

Weighted average remaining lease term

 

8.9 years

 

 

6.2 years

 

Weighted average discount rate

 

7.45%

 

 

7.37%

 

Schedule of Reconciliation of Undiscounted Cash Flows for Operating Lease Liabilities / Future Minimum Lease Payments

The table below reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities recorded in the consolidated balance sheet as of December 31, 2024:

Future Operating Lease Payments

 

Year Ending December 31,

 

(in thousands)

 

2025

 

$

35,105

 

2026

 

 

37,874

 

2027

 

 

31,610

 

2028

 

 

26,702

 

2029

 

 

27,418

 

Thereafter

 

 

136,126

 

Total lease payments

 

$

294,835

 

Less: imputed interest

 

 

(84,637

)

Total operating lease liabilities at December 31, 2024

 

$

210,198