v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases LEASES
The Company has entered into operating agreements with lease periods expiring between 2025 and 2032. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Components of lease expense are as follows, all recorded within operating expenses in the Condensed Consolidated Statements of Operations:
Three months ended Mar. 31,
(in thousands)20252024
Operating lease cost2,210 1,946 
Short-term lease cost(1)
3 21 
Variable lease cost(2)
46 162 
Sublease income(726)(507)
Total net lease expense$1,533 $1,622 

(1)Includes costs related to leases, which at the commencement date, have a lease term of 12 months or less.
(2)Includes costs incurred by the Company for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.
As part of the Company’s continued cost savings initiatives, the Company is actively looking to terminate or sublease certain office spaces and call centers. These actions resulted in operating lease impairment charges of $0.7 million for the three months ended March 31, 2025, which were recorded in operating lease impairment charges on the Condensed Consolidated Statements of Operations. Refer to Note 2, “Fair Value Measurements” for further details. The Company recognized a one-time gain of $0.2 million during the three months ended March 31, 2025 from the remeasurement of the lease liability and adjustment of the ROU asset (which was previously impaired) related to the early termination of one of its leases. The gain on lease remeasurement was recorded in general and administrative expense on the Condensed Consolidated Statements of Operations.
As of March 31, 2025, future minimum lease payments for operating leases consisted of the following:
(in thousands)Operating Leases
Remainder of 2025
$6,119 
20267,960 
20278,053 
20287,082 
20296,029 
Thereafter14,484 
Total lease payments$49,727 
Less: Imputed interest(12,022)
Present value of lease liabilities$37,705 
Supplemental cash flow information related to leases are as follows:
Three months ended Mar. 31,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,341 $2,763 
Non-cash activity:
Reduction in operating lease ROU assets and lease liabilities due to reassessment of lease terms$1,626 $— 


The weighted average remaining operating lease term and discount rate are as follows:
Mar. 31,
20252024
Weighted average remaining lease term
6.4 years7.0 years
Weighted average discount rate9.4 %9.0 %
Leases LEASES
The Company has entered into operating agreements with lease periods expiring between 2025 and 2032. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Components of lease expense are as follows, all recorded within operating expenses in the Condensed Consolidated Statements of Operations:
Three months ended Mar. 31,
(in thousands)20252024
Operating lease cost2,210 1,946 
Short-term lease cost(1)
3 21 
Variable lease cost(2)
46 162 
Sublease income(726)(507)
Total net lease expense$1,533 $1,622 

(1)Includes costs related to leases, which at the commencement date, have a lease term of 12 months or less.
(2)Includes costs incurred by the Company for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.
As part of the Company’s continued cost savings initiatives, the Company is actively looking to terminate or sublease certain office spaces and call centers. These actions resulted in operating lease impairment charges of $0.7 million for the three months ended March 31, 2025, which were recorded in operating lease impairment charges on the Condensed Consolidated Statements of Operations. Refer to Note 2, “Fair Value Measurements” for further details. The Company recognized a one-time gain of $0.2 million during the three months ended March 31, 2025 from the remeasurement of the lease liability and adjustment of the ROU asset (which was previously impaired) related to the early termination of one of its leases. The gain on lease remeasurement was recorded in general and administrative expense on the Condensed Consolidated Statements of Operations.
As of March 31, 2025, future minimum lease payments for operating leases consisted of the following:
(in thousands)Operating Leases
Remainder of 2025
$6,119 
20267,960 
20278,053 
20287,082 
20296,029 
Thereafter14,484 
Total lease payments$49,727 
Less: Imputed interest(12,022)
Present value of lease liabilities$37,705 
Supplemental cash flow information related to leases are as follows:
Three months ended Mar. 31,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,341 $2,763 
Non-cash activity:
Reduction in operating lease ROU assets and lease liabilities due to reassessment of lease terms$1,626 $— 


The weighted average remaining operating lease term and discount rate are as follows:
Mar. 31,
20252024
Weighted average remaining lease term
6.4 years7.0 years
Weighted average discount rate9.4 %9.0 %