Lease costs recorded under operating leases for three months ended March 31, 2026 and March 31, 2025 were as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands)
Operating lease costs	$	10,780	$	11,199
Income from sub-leases	(379)		(768)
Net operating lease costs	$	10,401	$	10,431

Of the total cost of $10.4 million incurred in the three months ended March 31, 2026 (March 31, 2025: $10.4 million), $8.7 million (March 31, 2025: $8.9 million) is recorded within selling, general and administration costs and $1.7 million (March 31, 2025: $1.5 million) is recorded within direct costs.

During the three months ended March 31, 2026 and March 31, 2025, costs incurred by the Group related to variable lease payments were de minimis.

Right-of-use assets obtained, in exchange for lease obligations during the three months ended March 31, 2026, totaled $5.0 million (March 31, 2025: $7.0 million).

The weighted average remaining lease term and weighted-average discount rate at March 31, 2026 were 5.73 years and 3.84%, respectively. The weighted average remaining lease term and weighted-average discount rate at December 31, 2025 were 5.96 years and 4.04%, respectively.

Future minimum lease payments under non-cancelable leases as of March 31, 2026 were as follows:



	(in thousands)
Year 1		$	40,077
Year 2		35,506
Year 3		26,223
Year 4		19,239
Year 5		10,721
Thereafter		30,662
Total future minimum lease payments		162,428
Lease imputed interest		(15,899)
Total		$	146,529