Operating Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Operating Leases

11. Operating Leases

The following tables summarize the Company’s lease cost, cash flows, and other supplemental information related to its operating leases.

The components of lease expense were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024			2023
Lease cost(a):
Operating lease cost	$	11,858	$	6,734	$	35,797		$	20,072
Short-term lease costs	139		103		628			416
Variable lease cost	2,878		2,195		8,448			5,787
Sublease income	(592)		(872)		(1,884)			(2,540)
Total lease cost	$	14,283	$	8,160	$	42,989		$	23,735
Weighted-average remaining lease term					6.1			6.4
Weighted-average discount rate					5.09		%	4.16		%

Year Ended

__________

(a)Office rent expense for the three and nine months ended September 30, 2024 was $11.9 million and $36.0 million respectively. Office rent expense for the three and nine months ended September 30, 2023 was $6.6 million and $19.9 million, respectively.

Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):

	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	29,766	$	22,553
Other non-cash changes in right-of-use assets	4,616		6,041

The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of September 30, 2024 (in thousands):

Year Due	Lease Amount
Remainder of 2024	$	8,588
2025	40,891
2026	39,004
2027	39,379
2028	38,221
2029	89,342
Total future undiscounted operating lease payments	255,425
Less: imputed interest	(35,264)
Present value of operating lease liabilities	$	220,161