Leases

12 Months Ended

Dec. 31, 2024

We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have lease terms of 1 year to 34 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Consolidated Statements of Operations totaled $22.8 million, $24.5 million and $25.9 million in 2024, 2023 and 2022, respectively, including short-term lease costs of $6.4 million, $3.5 million and $1.7 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.8 million for the years ended December 31, 2024 and 2023 and $0.1 million for the year ended December 31, 2022. Interest expense on the finance leases liability totaled $2.2 million, $2.1 million and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Other information related to our leases was as follows:


	As of December 31,
(in thousands, except lease term and discount rate)	2024			2023

Balance Sheet Information
Operating Leases
Right-of-use assets	$	90,136		$	99,194
Other current liabilities	18,087			19,466
Operating lease liabilities	79,399			87,714
Finance Leases
Property and equipment, at cost	28,321			28,321
Accumulated depreciation	(1,658)			(862)
Property and equipment, net	26,663			27,459

Other liabilities	31,021			30,146
Weighted Average Remaining Lease Term
Operating leases	7.37 years			7.41 years
Finance leases	33.50 years			34.50 years
Weighted Average Discount Rate
Operating leases	5.01		%	4.43		%
Finance leases	7.10		%	7.10		%


	For the years ended December 31,
(in thousands)	2024		2023		2022

Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	22,014	$	24,114	$	24,073
Operating cash flows from finance leases	1,302		426		—
Financing cash flows from finance leases	—		—		—
Right-of-use assets obtained in exchange for operating lease obligations	13,486		6,789		6,217
Right-of-use assets obtained in exchange for finance lease obligations	—		—		28,321

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases

2025	$	22,674	$	1,776
2026	21,140		1,824
2027	18,039		1,875
2028	14,736		1,926
2029	12,281		1,979
Thereafter	28,698		88,145
Total future minimum lease payments	117,568		97,525
Less: Imputed interest	(20,082)		(66,504)
Total	$	97,486	$	31,021

Leases

Other information related to our leases was as follows:


	As of December 31,
(in thousands, except lease term and discount rate)	2024			2023

Balance Sheet Information
Operating Leases
Right-of-use assets	$	90,136		$	99,194
Other current liabilities	18,087			19,466
Operating lease liabilities	79,399			87,714
Finance Leases
Property and equipment, at cost	28,321			28,321
Accumulated depreciation	(1,658)			(862)
Property and equipment, net	26,663			27,459

Other liabilities	31,021			30,146
Weighted Average Remaining Lease Term
Operating leases	7.37 years			7.41 years
Finance leases	33.50 years			34.50 years
Weighted Average Discount Rate
Operating leases	5.01		%	4.43		%
Finance leases	7.10		%	7.10		%


	For the years ended December 31,
(in thousands)	2024		2023		2022

Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	22,014	$	24,114	$	24,073
Operating cash flows from finance leases	1,302		426		—
Financing cash flows from finance leases	—		—		—
Right-of-use assets obtained in exchange for operating lease obligations	13,486		6,789		6,217
Right-of-use assets obtained in exchange for finance lease obligations	—		—		28,321

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases

2025	$	22,674	$	1,776
2026	21,140		1,824
2027	18,039		1,875
2028	14,736		1,926
2029	12,281		1,979
Thereafter	28,698		88,145
Total future minimum lease payments	117,568		97,525
Less: Imputed interest	(20,082)		(66,504)
Total	$	97,486	$	31,021