LEASES

6 Months Ended

Jun. 30, 2025

During the three and six months ended June 30, 2025, the Company incurred operating lease expenses of $8.8 million and $17.0 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. During the three and six months ended June 30, 2024, the Company incurred operating lease expenses of $8.7 million and $16.6 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 June 30, 2025 and December 31, 2024, the weighted-average remaining lease term was 6.7 years and 6.5 years, respectively, and the weighted-average discount rate was 6.90% and 6.56%, respectively.

Operating leases mature as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2025	$	15,485
2026	29,498
2027	24,462
2028	17,913
2029	13,364
Thereafter	50,655
Total lease payments	151,377
Less: interest	(32,889)
Present value of lease liabilities	$	118,488

During the six months ended June 30, 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 $21.6 million and $21.1 million, respectively, related to increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2025, the Company did not have any significant operating or financing leases that had not yet commenced.