Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases

Schedule of operating and finance lease right-of-use assets and related lease obligations

		March 31,		December 31,
Leases	Classification	2025		2024
Assets		(in thousands)
Operating leases	Operating lease assets	$	28,767	$	29,621
Finance lease	Finance lease assets*		15,025		15,346
Total leased assets		$	43,792	$	44,967
Liabilities
Current
Operating	Other current liabilities	$	4,353	$	4,470
Finance	Current portion of finance lease obligation		1,370		1,345
Non-current
Operating	Other long-term liabilities		24,698		25,321
Finance	Finance lease obligation		41,958		42,329
Total lease liabilities		$	72,379	$	73,465
*Finance lease assets are recorded net of accumulated depreciation of $47.7 million and include $0.5 million of prepaid financing costs as of March 31, 2025. Finance lease assets are recorded net of accumulated depreciation of $47.4 million and include $0.5 million of prepaid financing costs as of December 31, 2024.

Schedule of lease costs

		Three months ended
		March 31,
Lease cost	Classification	2025		2024
Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	1,674	$	1,828
Research and development	Operating expenses		219		123
Sales and marketing*	Operating expenses		444		451
General and administrative*	Operating expenses		326		194
Total operating lease cost		$	2,663	$	2,596
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	321	$	319
Interest on lease liabilities	Interest expense		1,156		1,197
Total finance lease cost		$	1,477	$	1,516
Total lease cost		$	4,140	$	4,112
* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.6 million for both the three months ended March 31, 2025 and 2024.

Schedule of future minimum operating and finance leases

	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases
	(in thousands)
2025	$	4,425	$	4,641	$	9,066
2026		6,008		5,032		11,040
2027		6,128		3,344		9,472
2028		6,251		2,417		8,668
2029		6,376		2,271		8,647
Thereafter		48,960		22,384		71,344
Total lease payments	$	78,148	$	40,089	$	118,237
Less interest portion*		(34,820)		(11,038)		(45,858)
Finance lease and operating lease obligations	$	43,328	$	29,051	$	72,379
* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.

Schedule of weighted-average remaining lease term and discount rates

	March 31,
Lease term and discount rate	2025
Weighted-average remaining lease term (years):
Operating leases		11.0
Finance leases		11.8
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%

Schedule of cash outflows by lease type

	Three months ended March 31,
Cash paid for amounts included in the measurement of lease liabilities	2025		2024
	(in thousands)
Operating cash outflows from operating leases	$	2,663	$	2,596
Operating cash outflows from finance leases		1,156		1,197
Financing cash outflows from finance leases		349		357
Operating lease assets obtained in exchange for operating lease liabilities		500		632
Finance lease assets obtained in exchange for new finance lease liabilities		—		—