Leases

12 Months Ended

Dec. 31, 2024

All of the Company's leases qualify as operating leases and consist primarily of leases for office facilities, which have remaining initial lease terms ranging from 0.1 to 13.6 years and a weighted average remaining lease term of 11.3 years. The Company has options to renew certain of its leases for periods ranging from 3.0 to 10.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and, therefore, were excluded from the initial lease term used to determine the Company's right-of-use asset and lease liability. The Company's right-of-use asset and lease liability on the Consolidated Balance Sheets at December 31, 2024 were $57.1 million and $70.0 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 6.8% at December 31, 2024.

Lease expense totaled $15.1 million, $14.7 million and $14.0 million for fiscal years 2024, 2023 and 2022, respectively. Cash payments relating to operating leases during 2024 were $25.7 million.

Lease liability maturities as of December 31, 2024 were as follows:


Fiscal Year	Amount (in thousands)
2025	$	12,187
2026	9,324
2027	8,582
2028	6,399
2029	8,373
Thereafter	61,625
Total lease payments	106,490
Less: Imputed interest	36,453
Present value of lease liabilities	$	70,037