Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases

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

		June 30,		December 31,
Leases	Classification	2025		2024
Assets		(in thousands)
Operating leases	Operating lease assets	$	28,561	$	29,621
Finance lease	Finance lease assets*		14,704		15,346
Total leased assets		$	43,265	$	44,967
Liabilities
Current
Operating	Other current liabilities	$	4,574	$	4,470
Finance	Current portion of finance lease obligation		1,437		1,345
Non-current
Operating	Other long-term liabilities		24,363		25,321
Finance	Finance lease obligation		41,567		42,329
Total lease liabilities		$	71,941	$	73,465
*Finance lease assets are recorded net of accumulated depreciation of $47.9 million and include $0.5 million of prepaid financing costs as of June 30, 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				Six months ended
		June 30,				June 30,
Lease cost	Classification	2025		2024		2025		2024
Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	1,606	$	1,694	$	3,280	$	3,522
Research and development	Operating expenses		149		203		368		326
Sales and marketing*	Operating expenses		450		451		894		902
General and administrative*	Operating expenses		212		337		538		532
Total operating lease cost		$	2,417	$	2,685	$	5,080	$	5,282
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	321	$	321	$	643	$	643
Interest on lease liabilities	Interest expense		1,148		1,187		2,304		2,384
Total finance lease cost		$	1,469	$	1,508	$	2,947	$	3,027
Total lease cost		$	3,886	$	4,193	$	8,027	$	8,309
* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.4 million and $1.0 million for the three and six months ended June 30, 2025, respectively, and includes short-term lease and variable lease costs of approximately $0.7 million and $1.3 million for the three and six months ended June 30, 2024, respectively.

Schedule of future minimum operating and finance leases

	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases
	(in thousands)
2025	$	2,950	$	3,243	$	6,193
2026		6,008		5,405		11,413
2027		6,128		3,597		9,725
2028		6,251		2,478		8,729
2029		6,376		2,278		8,654
Thereafter		48,960		22,384		71,344
Total lease payments	$	76,673	$	39,385	$	116,058
Less interest portion*		(33,669)		(10,448)		(44,117)
Finance lease and operating lease obligations	$	43,004	$	28,937	$	71,941
* 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

	June 30,
Lease term and discount rate	2025
Weighted-average remaining lease term (years):
Operating leases		10.8
Finance leases		11.6
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%

Schedule of cash outflows by lease type

	Six months ended June 30,
Cash paid for amounts included in the measurement of lease liabilities	2025		2024
	(in thousands)
Operating cash outflows from operating leases	$	5,080	$	5,282
Operating cash outflows from finance leases		2,304		2,384
Financing cash outflows from finance leases		676		736
Operating lease assets obtained in exchange for operating lease liabilities		1,411		825
Finance lease assets obtained in exchange for new finance lease liabilities		—		—