Leases. The Company enters into operating lease contracts, which primarily relate to retail stores, showrooms, offices, and distribution facilities. There were no material changes outside the ordinary course of business during the three months ended June 30, 2025, to the Company’s operating lease terms disclosed in the 2025 Annual Report.

Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases was as follows:


	Three Months Ended June 30,
		2025		2024
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities		$	45,271	$	12,336
Reductions to operating lease assets for reductions to lease liabilities		(2,652)		(1,106)

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.

As of June 30, 2025, operating lease liabilities recorded in the condensed consolidated balance sheets exclude an aggregate of $37,975 of undiscounted minimum lease payments due pursuant to leases signed during the three months ended June 30, 2025 but not yet commenced, which primarily relate to leases for new retail stores , that the Company expects will be operational during the quarter ending September 30, 2025.

Purchase Obligations. There were no material changes outside the ordinary course of business during the three months ended June 30, 2025, to the Company’s purchase obligations disclosed in the 2025 Annual Report.

Litigation. From time to time, the Company is involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these matters cannot be predicted with certainty, the Company believes it is not currently a party to any legal proceedings, disputes, or other claims for which a material loss is considered probable and for which the amount (or range) of loss is reasonably estimable.

Refer to Note 7, “Commitments and Contingencies,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s contractual obligations and commitments.