Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Assets and liabilities

Operating and finance lease assets and liabilities are as follows:

		December 31,
(In thousands)	Classification	2024		2023
Assets
Operating	Right-of-use assets	$	70,098	$	73,462
Finance	Property and equipment, net	686		—
Total leased assets		$	70,784	$	73,462
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	9,257	$	6,187
Finance	Other current liabilities	116		—
Non-current
Operating	Operating lease liabilities	89,593		81,856
Finance	Other long-term liabilities	570		—
Total leased liabilities		$	99,536	$	88,043

Maturity of lease liabilities

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

(In thousands)	Operating Leases		Finance Leases		Total
2025	$	13,677	$	116	$	13,793
2026	13,969		116		14,085
2027	14,351		116		14,467
2028	14,743		116		14,859
2029	15,146		116		15,262
Thereafter	73,339		219		73,558
Total lease payments	$	145,225	$	799	$	146,024
Less: tenant improvement allowances	(4,419)		—		(4,419)
Less: interest	(41,956)		(113)		(42,069)
Present value of lease liabilities	$	98,850	$	686	$	99,536

Maturity of lease liabilities

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

(In thousands)	Operating Leases		Finance Leases		Total
2025	$	13,677	$	116	$	13,793
2026	13,969		116		14,085
2027	14,351		116		14,467
2028	14,743		116		14,859
2029	15,146		116		15,262
Thereafter	73,339		219		73,558
Total lease payments	$	145,225	$	799	$	146,024
Less: tenant improvement allowances	(4,419)		—		(4,419)
Less: interest	(41,956)		(113)		(42,069)
Present value of lease liabilities	$	98,850	$	686	$	99,536

Lease term and discount rate

Lease terms and discount rates are as follows:

	December 31,
	2024	2023
Weighted-average remaining lease term (years)
Operating leases	9.7	10.0
Finance leases	6.9	—
Weighted-average discount rate
Operating leases	6.9%	6.8%
Finance leases	5.0%	—%