LEASES

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

LEASES

LEASES

During the three months ended March 31, 2025 and 2024, the Company incurred operating lease expenses of $8.2 million and $7.9 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. As of March 31, 2025 and December 31, 2024, the weighted-average remaining lease term was 6.6 years and 6.5 years, respectively, and the weighted-average discount rate was 6.77% and 6.56%, respectively.

Operating leases mature as follows (in thousands):

Fiscal Year Ended December 31,	Minimum Payments
2025	$	21,946
2026	27,537
2027	22,446
2028	15,840
2029	11,233
Thereafter	43,576
Total lease payments	142,578
Less: interest	(30,290)
Present value of lease liabilities	$	112,288

During the three months ended March 31, 2025 and 2024, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flows of $10.8 million and $11.3 million, respectively, related to increases in the operating lease right-of-use assets and operating lease liabilities. As of March 31, 2025, the Company did not have any significant operating or financing leases that had not yet commenced.

LEASES

LEASES

During the three months ended March 31, 2025 and 2024, the Company incurred operating lease expenses of $8.2 million and $7.9 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. As of March 31, 2025 and December 31, 2024, the weighted-average remaining lease term was 6.6 years and 6.5 years, respectively, and the weighted-average discount rate was 6.77% and 6.56%, respectively.

Operating leases mature as follows (in thousands):

Fiscal Year Ended December 31,	Minimum Payments
2025	$	21,946
2026	27,537
2027	22,446
2028	15,840
2029	11,233
Thereafter	43,576
Total lease payments	142,578
Less: interest	(30,290)
Present value of lease liabilities	$	112,288

During the three months ended March 31, 2025 and 2024, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flows of $10.8 million and $11.3 million, respectively, related to increases in the operating lease right-of-use assets and operating lease liabilities. As of March 31, 2025, the Company did not have any significant operating or financing leases that had not yet commenced.