Operating Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Operating Leases

7. Operating Leases

We have entered into various non-cancellable operating leases agreements, primarily for the use of office space, expiring at various dates through 2029. Our lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. We consider these options in determining the lease term on a lease-by-lease basis. We account for lease components and non-lease components as a single lease component for all leases. None of our lease agreements contain material non-lease components, material residual value guarantees, or restrictive covenants. We have elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the consolidated balance sheets.

Lease Cost

The components of lease cost were as follows:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Operating lease cost	$	7,231	$	13,062	$	11,077
Short-term lease cost	3,324		3,857		4,291
Variable lease cost	278		749		781
Total lease costs	$	10,833	$	17,668	$	16,149

Lease Term and Discount Rate

The weighted-average remaining lease term and discount rate related to the operating leases were as follows:

	December 31, 2024		December 31, 2023
Weighted-average remaining lease term (in years)	4.00		4.84
Weighted-average discount rate	6.48	%	6.65	%

Maturity of Lease Liabilities

The present value of our operating lease liabilities as of December 31, 2024 was as follows:

	(in thousands)
2025	$	7,509
2026	7,502
2027	7,414
2028	6,256
2029	1,484
Total undiscounted lease payments	30,165
Less: imputed interest	(3,463)
Present value of lease liabilities	$	26,702
Operating lease liabilities	6,137
Operating lease liabilities, noncurrent	20,565
Total	$	26,702

Other Information

Right-of-use assets obtained in exchange for lease liabilities were $4.7 million, $12.0 million, and $16.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. Cash payments included in the measurement of our operating lease liabilities were $5.3 million, $8.9 million, and $9.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.