All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items in the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded in the Consolidated Balance Sheets and are not material.

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


	For the Three Months Ended March 31,
	2025		2024
Operating lease cost	$	2,538	$	3,094
Short-term lease cost		375		214
Variable lease cost		1,143		1,230
Sublease income		—		(130	)
Total lease cost	$	4,056	$	4,408

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):


	For the Three Months Ended March 31,
	2025			2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,161		$	3,630
Operating lease ROU assets obtained in exchange for lease obligations	$	—		$	408
Weighted-average remaining lease term - operating leases (years)		3.5			4.1
Weighted-average discount rate - operating leases		4.1	%		4.2	%

Future minimum lease payments under non-cancelable leases as of March 31, 2025 are as follows (in thousands):


	Operating Lease
	Payments
2025 (remainder)	$	10,420
2026		12,306
2027		5,740
2028		2,911
2029		2,883
Thereafter		3,209
Total lease payments		37,469
Less imputed interest		(2,907	)
Present value of lease liabilities	$	34,562

Lease balances as of March 31, 2025 are as follows (in thousands):


Operating lease ROU assets	$	24,802

Short-term operating lease liabilities (1)	$	12,563
Non-current operating lease liabilities		21,999
Total operating lease liabilities	$	34,562

(1)

Included in accrued expenses and other current liabilities in the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions, or covenants.

During the three months ended March 31, 2024, the Company recorded $3.2 million of ROU asset impairments and $0.6 million of leasehold improvements impairments related to closing the 11th floor of its offices located in San Francisco, California. The impairments are included in restructuring costs in the Consolidated Statements of Operations. As a result of the impairments, the ROU assets were required to be recorded at their estimated fair values as Level 3 non-financial assets. The fair values of the asset groups were determined using a discounted cash flow model, which required the use of estimates, including projected cash flows for the related assets, the selection of a discount rate used in the model, and regional real estate industry data.