Note 11 - Leases

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

11. Leases

The Company is obligated under various non-cancelable operating leases primarily for office space. The initial terms of the leases expire on various dates through 2032. We determine if an arrangement is a lease at inception.

The components of the Company’s operating lease expenses are reflected in the consolidated statements of income (loss) as follows:

	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Lease liability cost	$	9,091	$	7,105	$	6,978
Short-term lease expenses (1)		1,655		1,271		777
Variable lease cost not included in the lease liability (2)		458		619		477
Total lease cost	$	11,204	$	8,995	$	8,232

⁽¹⁾ Short-term lease expenses include rent expenses from leases of 12 months or less on the transition date or lease commencement.

⁽²⁾ Variable lease cost includes common area maintenance, property taxes, and fluctuations in rent due to a change in an index or rate.

During the year ended  December 31, 2025 and 2024, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $9.7 million and $8.7 million, respectively.

Other information related to operating leases is as follows:

	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases	$	9,164	$	7,095	$	7,190

As of  December 31, 2025 and 2024, our operating leases had weighted average remaining lease terms of 3.1 years and 3.3 years, respectively, and weighted average discount rates of 5.4% and 5.2%, respectively.

The maturity schedule of the operating lease liabilities as of  December 31, 2025, is as follows:

Year Ending December 31:
	(in thousands)
2026	$	8,294
2027		5,683
2028		2,160
2029		1,674
2030		958
Thereafter		257
Total future lease payments		19,026
Less: Present value adjustment		(1,543	)
Present value of future lease payments (1)	$	17,483

⁽¹⁾ Includes the current portion of operating lease liabilities of $7.5 million, which is reflected in accrued expenses and other current liabilities in the consolidated balance sheets.

As of  December 31, 2025, letters of credit have been issued in the amount of $1.0 million as security for operating leases. The letters of credit are secured by a sublimit of our line of credit (refer to “Note 9 – Line of credit” for further details).