Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
Leases [Abstract] |
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Schedule of Components of Lease Expense |
The following table sets forth the components of lease expense for the three and six months ended June 30, 2025 and 2024 (in thousands, exclusive of sublease income):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | Operating lease cost | $ | 2,615 | | | $ | 2,410 | | | $ | 5,008 | | | $ | 4,821 | | Short-term lease cost | 282 | | | 433 | | | 532 | | | 765 | | Variable lease cost | 1,244 | | | 1,335 | | | 2,616 | | | 2,648 | | Total | $ | 4,141 | | | $ | 4,178 | | | $ | 8,156 | | | $ | 8,234 | |
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Schedule of Supplemental Balance Sheet Information |
Supplemental balance sheet information related to operating leases as of June 30, 2025 and December 31, 2024 is presented in the following table (in thousands, except for lease term and discount rate):
| | | | | | | | | | | | | As of | | June 30, 2025 | | December 31, 2024 | Right-of-use assets for operating leases | $ | 30,951 | | $ | 31,081 | | | | | Operating lease liabilities, current | $ | 13,052 | | $ | 12,378 | Operating lease liabilities, net of current portion | 49,810 | | 52,189 | Total operating lease liabilities | $ | 62,862 | | $ | 64,567 | | | | | Weighted average remaining lease term (in years) | 6.0 | | 6.5 | | | | | Weighted average discount rate | 9.4 | % | | 9.4 | % |
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Schedule of Supplemental Cash Flow Information |
Supplemental cash flow and expense information related to operating leases for the three and six months ended June 30, 2025 and 2024 is shown below (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | Operating cash outflows for operating leases | $ | 3,248 | | | $ | 3,130 | | | $ | 6,441 | | | $ | 5,773 | | | | | | | | | | Amortization of operating lease right-of-use assets | 947 | | | 815 | | | 1,857 | | | 1,598 | | Interest expense on operating lease liabilities | 1,466 | | | 1,595 | | | 2,949 | | | 3,224 | | |
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Schedule of Maturities of Operating Lease Liabilities |
A summary of our future minimum lease commitments under non-cancellable leases as of June 30, 2025 is shown below (in thousands):
| | | | | | | Operating Leases | 2025 (excluding the six months ended June 30, 2025) | $ | 6,820 | | 2026 | 13,829 | | 2027 | 14,015 | | 2028 | 12,881 | | 2029 | 12,411 | | | | Thereafter | 22,908 | | Total lease payments | 82,864 | | Less: imputed interest | (20,002) | | Total | $ | 62,862 | |
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