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Leases (Tables)
6 Months Ended
Jun. 30, 2025
Leases  
Schedule of operating and finance lease right-of-use assets and related lease obligations

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June 30,

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December 31,

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Leases

Classification

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2025

    

2024

    

 

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Assets

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(in thousands)

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Operating leases

Operating lease assets

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$

28,561

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$

29,621

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Finance lease

Finance lease assets*

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14,704

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15,346

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Total leased assets

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$

43,265

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$

44,967

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Liabilities

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Current

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Operating

Other current liabilities

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$

4,574

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$

4,470

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Finance

Current portion of finance lease obligation

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1,437

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1,345

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Non-current

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Operating

Other long-term liabilities

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24,363

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25,321

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Finance

Finance lease obligation

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41,567

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42,329

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Total lease liabilities

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$

71,941

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$

73,465

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*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.

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Schedule of lease costs

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Three months ended

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Six months ended

 

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June 30,

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June 30,

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Lease cost

Classification

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2025

    

2024

    

2025

    

2024

 

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Operating lease cost

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(in thousands)

 

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Product / services*

Cost of revenue

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$

1,606

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$

1,694

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$

3,280

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$

3,522

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Research and development

Operating expenses

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149

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203

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368

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326

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Sales and marketing*

Operating expenses

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450

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451

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894

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902

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General and administrative*

Operating expenses

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212

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337

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538

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532

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Total operating lease cost

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$

2,417

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$

2,685

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$

5,080

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$

5,282

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Finance lease cost

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Depreciation of leased assets

Cost of revenue, Research and development, Sales and marketing and General and administrative

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$

321

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$

321

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$

643

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$

643

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Interest on lease liabilities

Interest expense

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1,148

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1,187

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2,304

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2,384

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Total finance lease cost

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$

1,469

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$

1,508

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$

2,947

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$

3,027

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Total lease cost

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$

3,886

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$

4,193

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$

8,027

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$

8,309

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* 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.

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Schedule of future minimum operating and finance leases

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Finance

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Operating

    

Total

 

Maturity of Lease Liabilities

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Leases

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Leases

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Leases

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(in thousands)

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2025

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$

2,950

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$

3,243

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$

6,193

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2026

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6,008

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5,405

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11,413

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2027

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6,128

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3,597

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9,725

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2028

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6,251

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2,478

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8,729

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2029

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6,376

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2,278

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8,654

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Thereafter

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48,960

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22,384

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71,344

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Total lease payments

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$

76,673

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$

39,385

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$

116,058

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Less interest portion*

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(33,669)

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(10,448)

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(44,117)

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Finance lease and operating lease obligations

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$

43,004

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$

28,937

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$

71,941

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* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.

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Schedule of weighted-average remaining lease term and discount rates

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June 30,

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Lease term and discount rate

    

2025

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Weighted-average remaining lease term (years):

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Operating leases

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10.8

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Finance leases

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11.6

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Weighted-average discount rate:

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Operating leases

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5.5%

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Finance leases

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10.5%

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Schedule of cash outflows by lease type

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Six months ended June 30,

Cash paid for amounts included in the measurement of lease liabilities

    

2025

    

2024

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(in thousands)

Operating cash outflows from operating leases

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$

5,080

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$

5,282

Operating cash outflows from finance leases

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2,304

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2,384

Financing cash outflows from finance leases

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676

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736

Operating lease assets obtained in exchange for operating lease liabilities

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1,411

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825

Finance lease assets obtained in exchange for new finance lease liabilities

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