v3.25.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Summary of Components of Lease Expense

For the three months ended March 31, 2025 and 2024, the components of the Company’s lease expense were as follows (in thousands):

 

 

Three months ended March 31, 2025

 

 

Three months ended March 31, 2024

 

Operating Lease Cost

 

$

1,739

 

 

$

1,482

 

Short-term Lease Cost

 

 

31

 

 

 

35

 

Variable Lease Cost

 

 

109

 

 

 

88

 

Total Lease Cost

 

$

1,879

 

 

$

1,605

 

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (in thousands):

 

 

Three months ended March 31, 2025

 

 

Three months ended March 31, 2024

 

Weighted-average remaining lease term (in years)

 

 

7.15

 

 

 

6.45

 

Weighted average discount rate

 

 

7.73

%

 

 

5.86

%

 

Summary of Future Undiscounted Cash Flows

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the unaudited condensed consolidated balance sheet as of March 31, 2025 were as follows (in thousands):

 

 

 

 

 

2025

 

$

4,338

 

2026

 

 

5,416

 

2027

 

 

4,354

 

2028

 

 

3,635

 

2029

 

 

3,025

 

Thereafter

 

 

10,595

 

Total lease payments

 

$

31,363

 

Less: imputed interest

 

 

(7,461

)

Present value of lease liabilities

 

$

23,902