| Leases |
5. LEASES Our operating leases primarily consist of offices and lab space, machinery, equipment, and vehicles. We terminated certain leases in the U.S. and other international locations during the six months ending June 30, 2026 and 2025. See Note 12 - Other (Income) Expense, net for additional information regarding lease termination costs. The components of lease expense and other information are as follows (in thousands):
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Consolidated Statements of Operations: |
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Operating lease expense |
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$ |
4,294 |
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$ |
4,168 |
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$ |
8,769 |
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$ |
8,346 |
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Short-term lease expense |
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470 |
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392 |
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|
881 |
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|
881 |
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Variable lease expense |
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481 |
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|
378 |
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|
960 |
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|
859 |
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Total lease expense |
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$ |
5,245 |
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$ |
4,938 |
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$ |
10,610 |
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$ |
10,086 |
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Consolidated Statements of Cash Flows: |
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Operating cash flows - operating leases payments |
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$ |
5,184 |
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$ |
4,689 |
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$ |
9,615 |
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$ |
8,895 |
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Right of use assets obtained in exchange for operating lease liabilities |
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$ |
1,725 |
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$ |
721 |
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$ |
6,079 |
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$ |
4,876 |
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Other information: |
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Weighted-average remaining lease term - operating leases |
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7.73 years |
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8.36 years |
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7.73 years |
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8.36 years |
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Weighted-average discount rate - operating leases |
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5.46 |
% |
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5.47 |
% |
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5.46 |
% |
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|
5.47 |
% |
Scheduled undiscounted lease payments for non-cancellable operating leases consist of the following (in thousands):
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June 30, 2026 |
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Operating Leases |
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Remainder of 2026 |
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$ |
7,456 |
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2027 |
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12,643 |
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2028 |
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9,959 |
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2029 |
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6,501 |
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2030 |
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4,571 |
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Thereafter |
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22,922 |
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Total undiscounted lease payments |
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64,052 |
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Less: Imputed interest |
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(12,798 |
) |
Total operating lease liabilities |
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$ |
51,254 |
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