v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits (e.g., tenant improvement allowance). Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
Since the rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments.
In December 2025, the Company extended the lease of its corporate headquarters to September 2032, while also early terminating the portion of office space that the Company previously vacated in 2023. In connection with the amendment, the Company remeasured its lease liability and adjusted the associated right-of-use assets accordingly, which also resulted in a $3.4 million credit to restructuring and other related charges for the portion of office space that the Company previously vacated in 2023.
The following table summarizes the leases included in the consolidated balance sheets as follows:
December 31,
(In thousands)Balance Sheet Location20252024
Assets
OperatingOperating lease right-of-use assets$72,545 $58,390 
FinanceProperty and equipment, net12,478 11,695 
Total lease assets$85,023 $70,085 
Liabilities
Current:
OperatingCurrent portion of lease obligations$14,059 $27,798 
FinanceCurrent portion of lease obligations3,584 4,641 
17,643 32,439 
Noncurrent:
OperatingLease obligations70,037 51,929 
FinanceLease obligations12,226 12,652 
82,263 64,581 
Total lease liabilities$99,906 $97,020 
The following table summarizes the lease costs included in the consolidated statements of income (loss):
December 31,
(In thousands)Income Statement Location202520242023
Operating lease costsSelling, general and administrative expenses$22,808 $22,955 $26,681 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization2,044 1,153 1,098 
Interest on lease liabilitiesInterest expense904 1,188 1,714 
Short term lease costsSelling, general and administrative expenses 170 162 111 
Variable lease costsSelling, general and administrative expenses 2,316 2,492 2,315 
Total lease costs$28,242 $27,950 $31,919 
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2025:
(In thousands)Operating LeasesFinance LeasesTotal
2026$20,372 $4,643 $25,015 
202712,639 3,611 16,250 
202818,725 3,729 22,454 
202915,589 1,959 17,548 
203014,865 1,428 16,293 
Thereafter27,006 2,856 29,862 
Total lease payments109,196 18,226 127,422 
Less: Interest25,100 2,416 27,516 
Present value of lease liabilities$84,096 $15,810 $99,906 

The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
December 31, 2025December 31, 2024
Weighted average remaining lease term (years):
Operating leases5.53.0
Finance leases5.25.9
Weighted average discount rate:
Operating leases7.8 %5.1 %
Finance leases6.0 %6.2 %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
December 31,
(In thousands)202520242023
Operating cash flows from operating leases$33,184 $33,489 $37,121 
Operating cash flows from finance leases904 1,188 1,586 
Financing cash flows from finance leases4,670 4,650 4,222 
Leases Leases
The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits (e.g., tenant improvement allowance). Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
Since the rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments.
In December 2025, the Company extended the lease of its corporate headquarters to September 2032, while also early terminating the portion of office space that the Company previously vacated in 2023. In connection with the amendment, the Company remeasured its lease liability and adjusted the associated right-of-use assets accordingly, which also resulted in a $3.4 million credit to restructuring and other related charges for the portion of office space that the Company previously vacated in 2023.
The following table summarizes the leases included in the consolidated balance sheets as follows:
December 31,
(In thousands)Balance Sheet Location20252024
Assets
OperatingOperating lease right-of-use assets$72,545 $58,390 
FinanceProperty and equipment, net12,478 11,695 
Total lease assets$85,023 $70,085 
Liabilities
Current:
OperatingCurrent portion of lease obligations$14,059 $27,798 
FinanceCurrent portion of lease obligations3,584 4,641 
17,643 32,439 
Noncurrent:
OperatingLease obligations70,037 51,929 
FinanceLease obligations12,226 12,652 
82,263 64,581 
Total lease liabilities$99,906 $97,020 
The following table summarizes the lease costs included in the consolidated statements of income (loss):
December 31,
(In thousands)Income Statement Location202520242023
Operating lease costsSelling, general and administrative expenses$22,808 $22,955 $26,681 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization2,044 1,153 1,098 
Interest on lease liabilitiesInterest expense904 1,188 1,714 
Short term lease costsSelling, general and administrative expenses 170 162 111 
Variable lease costsSelling, general and administrative expenses 2,316 2,492 2,315 
Total lease costs$28,242 $27,950 $31,919 
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2025:
(In thousands)Operating LeasesFinance LeasesTotal
2026$20,372 $4,643 $25,015 
202712,639 3,611 16,250 
202818,725 3,729 22,454 
202915,589 1,959 17,548 
203014,865 1,428 16,293 
Thereafter27,006 2,856 29,862 
Total lease payments109,196 18,226 127,422 
Less: Interest25,100 2,416 27,516 
Present value of lease liabilities$84,096 $15,810 $99,906 

The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
December 31, 2025December 31, 2024
Weighted average remaining lease term (years):
Operating leases5.53.0
Finance leases5.25.9
Weighted average discount rate:
Operating leases7.8 %5.1 %
Finance leases6.0 %6.2 %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
December 31,
(In thousands)202520242023
Operating cash flows from operating leases$33,184 $33,489 $37,121 
Operating cash flows from finance leases904 1,188 1,586 
Financing cash flows from finance leases4,670 4,650 4,222