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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases offices and manufacturing facilities under non-cancelable operating leases expiring at various dates through August 2032. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material.
In September 2024, the Company reduced the leased space at one of its contracted manufacturing facility in Mexico from approximately 320,873 square feet to 220,873 square feet, for the term from December 2024 to March 2025, and further to 125,873 square feet for the lease term from April 2025 to August 2032. The Company determined that the amendment would be treated as a lease modification. The modification resulted in a remeasurement of the operating lease right-of-use asset and lease liability, and the effect was a decrease to the right-of-use asset and lease liability of $7.5 million and $7.8 million, respectively.
The components of lease expenses were as follows (in thousands):
Year Ended December 31,
202420232022
Operating lease cost$11,152 $8,441 $6,533 
Variable lease cost1,294 1,887 2,230 
Total operating lease cost$12,446 $10,328 $8,763 
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities$(10,750)$(7,508)$(6,070)
Recognition/derecognition of right-of-use asset in exchange for lease obligations:
Operating leases(4,821)28,447 16,749 
Supplemental balance sheet information related to leases was as follows (in thousands):
December 31, 2024December 31, 2023
Operating leases:
Operating lease right-of-use assets$31,479 $42,706 
Operating lease liabilities:
Operating lease liabilities, current$10,049 $10,154 
Operating lease liabilities, non-current24,083 35,079 
Total operating lease liabilities$34,132 $45,233 
Weighted average remaining terms were as follows (in years):
December 31, 2024December 31, 2023
Weighted average remaining lease term
Operating leases4.205.61
Weighted average discount rates were as follows:
December 31, 2024December 31, 2023
Weighted average discount rate
Operating leases6.25 %6.45 %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31,Operating Leases
2025$10,317 
20269,727 
20278,766 
20285,872 
20291,506 
Thereafter2,555 
Total lease payments38,743 
Less: imputed interest(4,611)
Total leases liabilities$34,132 
Leases Leases
The Company leases offices and manufacturing facilities under non-cancelable operating leases expiring at various dates through August 2032. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material.
In September 2024, the Company reduced the leased space at one of its contracted manufacturing facility in Mexico from approximately 320,873 square feet to 220,873 square feet, for the term from December 2024 to March 2025, and further to 125,873 square feet for the lease term from April 2025 to August 2032. The Company determined that the amendment would be treated as a lease modification. The modification resulted in a remeasurement of the operating lease right-of-use asset and lease liability, and the effect was a decrease to the right-of-use asset and lease liability of $7.5 million and $7.8 million, respectively.
The components of lease expenses were as follows (in thousands):
Year Ended December 31,
202420232022
Operating lease cost$11,152 $8,441 $6,533 
Variable lease cost1,294 1,887 2,230 
Total operating lease cost$12,446 $10,328 $8,763 
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities$(10,750)$(7,508)$(6,070)
Recognition/derecognition of right-of-use asset in exchange for lease obligations:
Operating leases(4,821)28,447 16,749 
Supplemental balance sheet information related to leases was as follows (in thousands):
December 31, 2024December 31, 2023
Operating leases:
Operating lease right-of-use assets$31,479 $42,706 
Operating lease liabilities:
Operating lease liabilities, current$10,049 $10,154 
Operating lease liabilities, non-current24,083 35,079 
Total operating lease liabilities$34,132 $45,233 
Weighted average remaining terms were as follows (in years):
December 31, 2024December 31, 2023
Weighted average remaining lease term
Operating leases4.205.61
Weighted average discount rates were as follows:
December 31, 2024December 31, 2023
Weighted average discount rate
Operating leases6.25 %6.45 %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31,Operating Leases
2025$10,317 
20269,727 
20278,766 
20285,872 
20291,506 
Thereafter2,555 
Total lease payments38,743 
Less: imputed interest(4,611)
Total leases liabilities$34,132