The Company leases office space in the United States and foreign locations under operating lease agreements. Office space is the Company’s only material underlying asset class under operating lease agreements. The Company has no material finance leases.

Under the Company’s office space lease agreements, fixed payments and variable payments that depend on an index or rate are typically comprised of base rent and parking fees. Additionally, under these agreements the Company is generally responsible for certain variable payments that typically include certain taxes, utilities and maintenance costs, and other fees. These variable lease payments are generally based on the Company’s occupation or usage percentages and are subject to adjustments by the lessor.

The Company’s ROU asset and total lease liability balances were $54.6 million and $66.8 million, respectively, as of December 31, 2024, and $57.3 million and $71.5 million, respectively, as of December 31, 2023. The Company’s most significant lease is for its corporate headquarters in Northern Virginia. The ROU asset and total lease liability balances related to the Company’s corporate headquarters lease were $42.8 million and $54.6 million, respectively, as of December 31, 2024, and $48.1 million and $61.7 million, respectively, as of December 31, 2023. The lease agreement for the Company’s corporate headquarters location is set to expire in December 2030, with an option for the Company to extend the term for an additional five or 10 consecutive years. The Company is currently not reasonably certain it will exercise this renewal option and therefore has not included the renewal option in the lease term. Several of the Company’s remaining leases contain options for renewal or options to terminate all or a portion of the leased space. The Company continually assesses the likelihood of exercising these options and recognizes an option as part of its ROU assets and lease liabilities if and when it is reasonably certain that it will exercise the option.

The following table presents the Company’s total lease cost and other lease details for the periods indicated (in thousands, except years and discount rates):


	Years Ended December 31,
	2024			2023			2022
Lease cost:
Operating lease cost	$	12,577		$	13,081		$	13,008
Short-term lease cost		619			579			582
Variable lease cost		632			783			514
Total lease cost	$	13,828		$	14,443		$	14,104
Other information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	14,525		$	9,862		$	14,224
ROU assets obtained in exchange for new operating lease liabilities	$	6,032		$	6,183		$	1,563
Weighted average remaining lease term in years – operating leases		5.8			6.6			7.5
Weighted average discount rate – operating leases		6.0	%		6.0	%		6.1	%

The following table presents the maturities of the Company’s operating lease liabilities as of December 31, 2024 (in thousands):


For the year ended December 31,
2025	$	14,037
2026		14,596
2027		13,826
2028		13,667
2029		12,943
Thereafter		9,548
Total lease payments		78,617
Less: imputed interest		(11,830	)
Total	$	66,787

Reported as:
Current operating lease liabilities	$	10,384
Non-current operating lease liabilities		56,403
Total	$	66,787