LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

LEASES

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. As of December 31, 2024, the components of lease cost were as follows:

Components of Lease Cost
	Twelve Months Ended December 31,
(in thousands)	2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	8	$	9
Interest on lease liabilities	—		1
Operating lease cost	7,248		6,137
Short-term lease cost	2,088		1,308
Variable lease cost	265		281
Total lease cost	$	9,609	$	7,736

As of December 31, 2024, future minimum lease payments under these non-cancelable leases are:

Future Minimum Lease Payments
(in thousands)	Operating Leases
2025	$	6,998
2026	5,719
2027	3,595
2028	1,556
2029	927
Thereafter	914
Total minimum lease payments	$	19,709
Less imputed interest	(1,432)
Total lease liabilities	$	18,277

Rental expense for operating leases was $9.6 million for 2024, $7.7 million for 2023, and $7.5 million for 2022.

Future Lease Commencements

As of December 31, 2024, we have additional operating leases that have not yet commenced in the amount of $0.6 million. These operating leases will commence in fiscal year 2025.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
	December 31,
(in thousands)	2024			2023
Other non-current assets	$	18,099		$	16,279
Accrued liabilities	6,449			5,295
Other long-term liabilities	11,828			11,307
Total operating lease liabilities	$	18,277		$	16,602
Weighted average remaining lease term	3.49 years			3.76 years
Weighted average discount rate	4.57		%	4.05		%

Supplemental cash flow information related to leases was as follows:

	Twelve Months Ended December 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,503	$	5,490

LEASES

LEASES

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. As of December 31, 2024, the components of lease cost were as follows:

Components of Lease Cost
	Twelve Months Ended December 31,
(in thousands)	2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	8	$	9
Interest on lease liabilities	—		1
Operating lease cost	7,248		6,137
Short-term lease cost	2,088		1,308
Variable lease cost	265		281
Total lease cost	$	9,609	$	7,736

As of December 31, 2024, future minimum lease payments under these non-cancelable leases are:

Future Minimum Lease Payments
(in thousands)	Operating Leases
2025	$	6,998
2026	5,719
2027	3,595
2028	1,556
2029	927
Thereafter	914
Total minimum lease payments	$	19,709
Less imputed interest	(1,432)
Total lease liabilities	$	18,277

Rental expense for operating leases was $9.6 million for 2024, $7.7 million for 2023, and $7.5 million for 2022.

Future Lease Commencements

As of December 31, 2024, we have additional operating leases that have not yet commenced in the amount of $0.6 million. These operating leases will commence in fiscal year 2025.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
	December 31,
(in thousands)	2024			2023
Other non-current assets	$	18,099		$	16,279
Accrued liabilities	6,449			5,295
Other long-term liabilities	11,828			11,307
Total operating lease liabilities	$	18,277		$	16,602
Weighted average remaining lease term	3.49 years			3.76 years
Weighted average discount rate	4.57		%	4.05		%

Supplemental cash flow information related to leases was as follows:

	Twelve Months Ended December 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,503	$	5,490