Leases

12 Months Ended

Dec. 31, 2024

Our leases consist of office facilities under noncancelable operating lease arrangements that expire at various dates

through 2033. Our leases do not contain any material (i) non-lease components, (ii) variable lease costs, (iii) short-term

lease expenses, (iv) residual value guarantees or (v) material restrictive covenants.

For the years ended December 31, 2024, 2023 and 2022, lease expense of $8.1 million, $8.0 million and $6.2 million,

respectively, was included in costs and operating expenses in the consolidated statements of operations.

For the years ended December 31, 2024, 2023 and 2022, cash paid for amounts affecting the measurement of our

operating lease liabilities included in cash flows from operating activities was $9.7 million (excluding $1.7 million of cash

collected from lease incentive receivable), $7.1 million and $6.4 million, respectively.

As of December 31, 2024 and 2023, the weighted average remaining lease term was 7.0 years and 7.8 years,

respectively, and the weighted average discount rate was 7.0% and 6.8%, respectively.

The following table presents maturities of operating lease liabilities at December 31, 2024:


(in thousands)
Year Ending December 31,
2025	$5,636
2026	9,427
2027	9,612
2028	9,991
2029	10,107
Thereafter	23,486
Total operating lease payments	68,259
Less: Effects of discounting	(16,583)
Present value of operating lease liabilities	$51,676
Operating lease liabilities, current	$5,636
Operating lease liabilities, net of current portion	$46,040

The estimated operating lease payments included in the table above for 2025 have been reduced by lease incentives

for leasehold improvements of $4.5 million.