v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for corporate office space. 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 March 2035, 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, 2025 and 2024 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,105 $200,740 
Total right-of-use assets$200,105 $200,740 
Lease liabilities:
Operating leasesOperating lease liabilities$45,864 $43,993 
Operating lease liabilities, noncurrent183,474 195,226 
Total lease liabilities$229,338 $239,219 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
202520242023
Operating lease expense$57,164 $57,655 $61,972 
Short-term lease expense4,461 3,445 4,949 
Variable lease expense5,636 5,585 4,772 
Sublease income(15,966)(17,205)(18,905)
Total lease expense, net$51,295 $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, 2025 were as follows (in thousands):
As of December 31, 2025
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2026$62,079 $13,786 $48,293 
202750,428 14,423 36,005 
202829,555 12,470 17,085 
202924,943 10,254 14,689 
203033,319 10,254 23,065 
Thereafter92,215 10,254 81,961 
Total undiscounted liabilities292,539 71,441 221,098 
Less: Imputed interest(63,201)— (63,201)
Total operating lease liabilities$229,338 $71,441 $157,897 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was six and seven years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was 7%.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2025 and 2024 (in thousands):
Years Ended December 31,
20252024
Cash paid for operating lease liabilities$63,818 $65,402 
Lease liabilities arising from obtaining right-of-use assets
$37,784 $58,320 
Leases Leases
The Company has operating leases primarily for corporate office space. 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 March 2035, 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, 2025 and 2024 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,105 $200,740 
Total right-of-use assets$200,105 $200,740 
Lease liabilities:
Operating leasesOperating lease liabilities$45,864 $43,993 
Operating lease liabilities, noncurrent183,474 195,226 
Total lease liabilities$229,338 $239,219 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
202520242023
Operating lease expense$57,164 $57,655 $61,972 
Short-term lease expense4,461 3,445 4,949 
Variable lease expense5,636 5,585 4,772 
Sublease income(15,966)(17,205)(18,905)
Total lease expense, net$51,295 $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, 2025 were as follows (in thousands):
As of December 31, 2025
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2026$62,079 $13,786 $48,293 
202750,428 14,423 36,005 
202829,555 12,470 17,085 
202924,943 10,254 14,689 
203033,319 10,254 23,065 
Thereafter92,215 10,254 81,961 
Total undiscounted liabilities292,539 71,441 221,098 
Less: Imputed interest(63,201)— (63,201)
Total operating lease liabilities$229,338 $71,441 $157,897 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was six and seven years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was 7%.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2025 and 2024 (in thousands):
Years Ended December 31,
20252024
Cash paid for operating lease liabilities$63,818 $65,402 
Lease liabilities arising from obtaining right-of-use assets
$37,784 $58,320