LEASES

6 Months Ended

Jun. 30, 2026

During the three and six months ended June 30, 2026, the Company incurred operating lease expenses of $9.4 million and $19.9 million, respectively. 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. Operating lease expense includes 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, 2026 and December 31, 2025, the weighted-average remaining lease term was 6.4 years and 6.5 years, respectively, and the weighted-average discount rate was 7.06% and 6.97%, respectively.

Operating leases mature as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2026	$	15,675
2027	27,128
2028	21,285
2029	16,695
2030	13,564
Thereafter	43,855
Total lease payments	138,202
Less: interest	(28,943)
Present value of lease liabilities	$	109,259

During the six months ended June 30, 2026 and 2025, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flows of $8.3 million and $21.6 million, respectively, related to the increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2026, the Company did not have any significant operating or financing leases that had not yet commenced.