The Company’s operating lease portfolio includes office facilities and automobiles. The majority of the Company’s leases have remaining lease terms of one year to 10 years, some of which include options to extend the leases for five years or more. A portion of the Company’s real estate leases is subject to annual changes in the Consumer Price Index (“CPI”). The changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. For the three months ended March 31, 2026 and 2025, operating lease expense, which includes immaterial amounts of short-term leases and variable lease costs, was $4.6 million and $4.8 million, respectively.

Lease term and discount rate information related to operating leases are as follows:


	As of
	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	6.5		7.2
Weighted-average discount rate	5.1	%	4.0	%

Supplemental cash flow information related to operating leases is as follows:


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,521	$	5,155
Right-of-use assets obtained in exchange for operating lease obligations	$	9,246	$	3,932