Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Leases

The Company has entered into various operating lease agreements for office space, data center, lab and warehouse use, with remaining terms ranging from 0.2 to 8.8 years, some of which include one or more options to renew. As leases approach maturity, the Company considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew the lease, as such, the Company does not include renewal options in its lease terms for calculating its lease liability, as the renewal options allow it to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options at the time of the lease commencement.

Operating lease expense was $8.1 million and $7.4 million for the three months ended September 30, 2024, and 2023, respectively, and $23.4 million and $22.1 million for the nine months ended September 30, 2024, and 2023, respectively, which includes both lease and non-lease components (primarily common area maintenance charges and property taxes).

	September 30, 2024		December 31, 2023
	(unaudited)
Weighted-average remaining lease term (in years)	7.7		8.3
Weighted-average discount rate	3.82	%	3.87	%

The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of September 30, 2024:

Year Ending December 31,
	(unaudited)
	(in thousands)
Remainder of 2024	$	8,924
2025	33,733
2026	29,369
2027	25,717
2028	24,238
2029 and thereafter	103,780
Total operating lease payments	$	225,761
Less: imputed interest	(28,247)
Total operating lease liabilities	$	197,514

Finance leases are not material to the Company's condensed consolidated financial statements.