Lessee Leases

3 Months Ended

Mar. 31, 2025

The Company has operating leases for office buildings, data centers, office equipment, and vehicles. The Company’s leases have initial terms of one to twelve years. As of March 31, 2025, the Company did not have any additional material operating leases that were entered into, but not yet commenced.

The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the Condensed Consolidated Balance Sheets was as follows:


	March 31, 2025

	(In thousands)
Remaining nine months of 2025	$	10,332
2026	13,246
2027	11,323
2028	9,849
2029	3,145
Thereafter	1,834
Total operating lease payments	49,729
Present value adjustment	(5,164)
Total operating lease liabilities (1)	$	44,565

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(1) Amount consists of a current and long-term portion of operating lease liabilities of $11.5 million and $33.0 million, respectively. The current portion of the operating lease liabilities is included in accrued liabilities in the Condensed Consolidated Balance Sheets.

Operating lease costs were $2.4 million and $2.6 million for the three months ended March 31, 2025 and 2024, respectively. Short-term lease costs and variable lease costs were not material for the three months ended March 31, 2025 and 2024.

The following table summarizes supplemental cash flow information related to the Company’s operating leases:


	Three Months Ended March 31,
	2025		2024

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	3,381	$	3,401
Right-of-use assets obtained in exchange for new lease liabilities	$	5,381	$	3,671

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease term, years	4.0		4.1
Weighted-average discount rate, %	5.6	%	5.8	%