Leases

12 Months Ended

Dec. 31, 2025

We have operating leases for offices which have remaining lease terms of up to seven years, some of which include options to extend the lease with renewal terms from one to five years. Some leases include an option to terminate the lease for up to five years from the lease commencement date.

Components of lease expense were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Operating lease expense	$	31,375	$	41,691

Variable lease expense	4,700		6,011
Sublease income	(4,219)		(2,162)
Total lease expense	$	31,856	$	45,540

Supplemental balance sheet information related to leases was as follows (in thousands, except weighted-average figures):


		As of
	Classification	December 31, 2025		December 31, 2024
Operating lease assets	Other assets	$	62,207	$	78,562

Current operating lease liabilities	Accrued expenses and other	$	28,421	$	33,703
Long-term operating lease liabilities	Other long-term liabilities	60,961		81,093
Total operating lease liabilities		$	89,382	$	114,796

As of December 31, 2025 and December 31, 2024, our operating leases had a weighted-average remaining lease term of 3.8 years and 4.3 years, respectively, and a weighted-average discount rate of 5.0% and 5.4%, respectively.

As of December 31, 2025, our lease liabilities were as follows (in thousands):


	Operating Leases
Gross lease liabilities	$	97,951
Less: imputed interest	8,569
Present value of lease liabilities	$	89,382