v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company leases office locations, warehouse facilities and stores under various non-cancellable operating lease agreements. The Company’s leases have remaining lease terms of approximately 1 year to 10 years, which represent the non-cancellable periods of the leases and include extension options that the Company determined are reasonably certain to be exercised. The Company excludes from the lease terms any extension options that are not reasonably certain to be exercised, ranging from approximately 6 months to 3 years. Lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms as well as payments for common area maintenance and administrative services. The Company often receives customary incentives from landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases. Leases are classified as operating or financing at commencement. The Company does not have any material financing leases.
Operating lease right-of-use assets and liabilities on the condensed consolidated balance sheets represent the present value of the remaining lease payments over the remaining lease terms. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, as the implicit rates in the leases are not readily determinable. Operating lease costs consist primarily of the fixed lease payments included in the operating lease liabilities and are recorded on a straight-line basis over the lease terms.
The Company’s operating lease costs were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating lease costs$4,513$2,767$8,688$5,415
Variable lease costs5762921,011603
Short-term lease costs117104243188
Total lease costs$5,206$3,163$9,942$6,206
The Company does not have any sublease income and the Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.
Supplemental cash flow information relating to the Company’s operating leases was as follows:
Six Months Ended June 30,
20252024
Cash paid for operating lease liabilities$5,839$5,189
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities16,16919,128
Other information relating to the Company’s operating leases was as follows:
June 30,
2025
December 31,
2024
Weighted-average remaining lease term
6.6 years6.7 years
Weighted-average discount rate
7.1%6.9%
As of June 30, 2025, the maturities of operating lease liabilities were as follows:
Remainder of 2025
$7,608
202617,191
202716,328
202815,442
202915,455
Thereafter
40,010
Total remaining lease payments
112,034
Less: imputed interest
25,371
Total operating lease liabilities
86,663
Less: current portion
(10,124)
Long-term operating lease liabilities
$76,539