v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to October 2034, some of which include one or more options to extend. Additionally, some lease contracts include termination options.
Supplemental balance sheet information related to lease liabilities at December 31, 2024 and 2023 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,740 $182,863 
Total right-of-use assets$200,740 $182,863 
Lease liabilities:
Operating leasesOperating lease liabilities$43,993 $54,176 
Operating lease liabilities, noncurrent195,226 175,216 
Total lease liabilities$239,219 $229,392 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20242023
Operating lease expense$57,655 $61,972 
Short-term lease expense3,445 4,949 
Variable lease expense5,585 4,772 
Sublease income(17,205)(18,905)
Total lease expense, net$49,480 $52,788 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing.
Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):
As of December 31, 2024
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2025$61,509 $14,783 $46,726 
202654,035 13,786 40,249 
202741,709 14,423 27,286 
202825,449 12,470 12,979 
202918,796 10,254 8,542 
Thereafter106,554 20,507 86,047 
Total undiscounted liabilities308,052 86,223 221,829 
Less: Imputed interest(68,833)— (68,833)
Total operating lease liabilities$239,219 $86,223 $152,996 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was seven years and six years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was 7% and 6%, respectively.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2024 and 2023 (in thousands):
Years Ended December 31,
20242023
Cash paid for operating lease liabilities$65,402 $63,374 
Lease liabilities arising from obtaining right-of-use assets
$58,320 $28,112 
As of December 31, 2024, the Company has no additional operating leases for office space that have not yet commenced.
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to October 2034, some of which include one or more options to extend. Additionally, some lease contracts include termination options.
Supplemental balance sheet information related to lease liabilities at December 31, 2024 and 2023 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,740 $182,863 
Total right-of-use assets$200,740 $182,863 
Lease liabilities:
Operating leasesOperating lease liabilities$43,993 $54,176 
Operating lease liabilities, noncurrent195,226 175,216 
Total lease liabilities$239,219 $229,392 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20242023
Operating lease expense$57,655 $61,972 
Short-term lease expense3,445 4,949 
Variable lease expense5,585 4,772 
Sublease income(17,205)(18,905)
Total lease expense, net$49,480 $52,788 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing.
Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):
As of December 31, 2024
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2025$61,509 $14,783 $46,726 
202654,035 13,786 40,249 
202741,709 14,423 27,286 
202825,449 12,470 12,979 
202918,796 10,254 8,542 
Thereafter106,554 20,507 86,047 
Total undiscounted liabilities308,052 86,223 221,829 
Less: Imputed interest(68,833)— (68,833)
Total operating lease liabilities$239,219 $86,223 $152,996 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was seven years and six years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was 7% and 6%, respectively.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2024 and 2023 (in thousands):
Years Ended December 31,
20242023
Cash paid for operating lease liabilities$65,402 $63,374 
Lease liabilities arising from obtaining right-of-use assets
$58,320 $28,112 
As of December 31, 2024, the Company has no additional operating leases for office space that have not yet commenced.