Operating Leases (Notes)

12 Months Ended

Dec. 31, 2025

Operating Leases [Abstract]

Leases

Note 13 – Leases

The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets as of December 31, 2025 and 2024:

		As of December 31,
(in thousands)	Balance Sheet Classification	2025			2024
Assets:
Noncurrent	Operating lease right-of-use asset	$	235,855		$	139,695
Liabilities:
Current	Operating leases - current portion	$	58,827		$	43,172
Noncurrent	Operating leases - long-term portion	193,145			109,816
Total operating lease liabilities		$	251,972		$	152,988
Weighted-average remaining lease term		5.6 years			4.5 years
Weighted-average discount rate		5.4		%	5.3		%

The following table presents the composition of lease costs during the years ended December 31, 2025, 2024, and 2023:

	Years Ended December 31,
(in thousands)	2025		2024		2023
Operating lease cost	$	65,152	$	49,254	$	41,539
Variable lease cost	2,610		4,007		4,532
Short-term lease cost	846		—		—
Less: sublease income	272		196		264
Total lease cost(1)	$	68,336	$	53,065	$	45,807

(1) Included in operating expenses in the Company’s Consolidated Statements of Operations.

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the years ended December 31, 2025 and 2024:

	Years Ended December 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases(1)	$	65,328	$	50,802
Noncash transactions:
Right-of-use asset obtained in exchange for new operating lease liabilities	$	137,445	$	62,541
Right-of-use asset noncash lease expense(1)	$	50,302	$	45,629

(1) Included in leases and other liabilities in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the next five years and the total for the remaining years as of December 31, 2025:

(in thousands)
2026	$	71,155
2027	58,183
2028	48,462
2029	31,900
2030	24,690
Thereafter	58,573
Total minimum lease payments	292,963
Less: imputed interest	40,991
Total lease liabilities	$	251,972

Rent expense for the years ended December 31, 2025, 2024, and 2023 was approximately $84,997, $61,693, and $53,713, respectively.