Leases

3 Months Ended

Mar. 31, 2026

LEASES

The Company has various operating leases for office space and vehicles that expire through 2035. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Some leases include one or more options to renew. The exercise of lease renewal options is typically at the Company's sole discretion; therefore, the majority of renewals to extend the lease terms are not included in the Company's right-of-use assets and lease liabilities, as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term.

Below is a summary of the Company's operating right-of-use assets and operating lease liabilities (in thousands):


	March 31, 2026
	(unaudited)
Operating lease right-of-use assets	$	57,008

Operating lease liabilities, current	$	10,969
Operating lease liabilities, long-term	58,431
Total operating lease liabilities	$	69,400

Operating lease liabilities, current are included within accrued expenses and other short-term liabilities in the condensed consolidated balance sheets.

Minimum lease payments for the Company's right-of-use assets over the remaining lease periods as of March 31, 2026, are as follows (in thousands):


	March 31, 2026
	(unaudited)
2026	$	9,355
2027	13,659
2028	10,246
2029	11,843
2030	10,504
Thereafter	24,915
Total undiscounted lease payments	$	80,522

Less: Imputed interest	$	(11,122)
Present value of lease liabilities	$	69,400

As of March 31, 2026, the Company has an additional operating lease that has not yet commenced of $9,040. This operating lease will commence in the second quarter of 2026, with a lease term of five years.