v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 “Summary of Significant Accounting Policies” and Note 16 “Leases” to the Consolidated Financial Statements of the Company’s 2024 Annual Report on Form 10-K.

Lease assets and liabilities are summarized as follows:

(in thousands)Financial Statement LocationJune 30, 2025December 31, 2024
Operating leases
Operating lease right-of-use assetsOperating lease right-of-use assets$156,511 $175,046 
Operating lease liabilitiesOperating lease liabilities207,645 229,825 
Finance leases
Property and equipment, at costProperty, equipment, and capitalized software, net32,230 42,915 
Accumulated depreciationProperty, equipment, and capitalized software, net(14,031)(20,755)
Finance lease liabilitiesAccounts payable, accrued expenses, and other liabilities19,234 23,095 

Weighted average remaining lease term and discount rate are as follows:

June 30, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.27 years4.60 years
Finance leases2.90 years3.53 years
Weighted average discount rate
Operating leases6.31 %6.36 %
Finance leases6.01 %5.97 %

The components of lease expense are as follows:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Operating lease cost:
Fixed$17,700 $18,767 $35,231 $37,198 
Variable1,594 1,389 3,050 2,897 
Total Operating lease cost$19,294 $20,156 $38,281 $40,095 
Sublease income3,172 4,690 6,642 9,382 
Finance lease cost:
Amortization of ROU Asset$1,805 $2,577 $3,962 $5,156 
Interest on lease liabilities307 383 641 795 
Total Finance lease cost$2,112 $2,960 $4,603 $5,951 
Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of June 30, 2025, are as follows:

(in thousands)Operating LeasesFinance Leases
2025$38,675 $3,992 
202674,198 7,499 
202737,496 6,329 
202829,717 2,757 
202921,622 408 
2030 and thereafter34,669 — 
Total lease payments$236,377 $20,985 
Less imputed interest(28,732)(1,751)
Total lease liability$207,645 $19,234 
Leases Leases
The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 “Summary of Significant Accounting Policies” and Note 16 “Leases” to the Consolidated Financial Statements of the Company’s 2024 Annual Report on Form 10-K.

Lease assets and liabilities are summarized as follows:

(in thousands)Financial Statement LocationJune 30, 2025December 31, 2024
Operating leases
Operating lease right-of-use assetsOperating lease right-of-use assets$156,511 $175,046 
Operating lease liabilitiesOperating lease liabilities207,645 229,825 
Finance leases
Property and equipment, at costProperty, equipment, and capitalized software, net32,230 42,915 
Accumulated depreciationProperty, equipment, and capitalized software, net(14,031)(20,755)
Finance lease liabilitiesAccounts payable, accrued expenses, and other liabilities19,234 23,095 

Weighted average remaining lease term and discount rate are as follows:

June 30, 2025December 31, 2024
Weighted average remaining lease term
Operating leases4.27 years4.60 years
Finance leases2.90 years3.53 years
Weighted average discount rate
Operating leases6.31 %6.36 %
Finance leases6.01 %5.97 %

The components of lease expense are as follows:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Operating lease cost:
Fixed$17,700 $18,767 $35,231 $37,198 
Variable1,594 1,389 3,050 2,897 
Total Operating lease cost$19,294 $20,156 $38,281 $40,095 
Sublease income3,172 4,690 6,642 9,382 
Finance lease cost:
Amortization of ROU Asset$1,805 $2,577 $3,962 $5,156 
Interest on lease liabilities307 383 641 795 
Total Finance lease cost$2,112 $2,960 $4,603 $5,951 
Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of June 30, 2025, are as follows:

(in thousands)Operating LeasesFinance Leases
2025$38,675 $3,992 
202674,198 7,499 
202737,496 6,329 
202829,717 2,757 
202921,622 408 
2030 and thereafter34,669 — 
Total lease payments$236,377 $20,985 
Less imputed interest(28,732)(1,751)
Total lease liability$207,645 $19,234