| Leases |
8. Leases
The components of lease expense are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2026 | | 2025 | 2026 | | 2025 | | Operating lease cost | $ | 7,254 | | $ | 6,620 | $ | 14,251 | | $ | 12,395 | | Short-term lease cost | 300 | | 260 | 947 | | 512 | | Total lease cost | $ | 7,554 | | $ | 6,880 | $ | 15,198 | | $ | 12,907 |
Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands): | | | | | | | | | | | | | As of, | | June 30, 2026 | | December 31, 2025 | | Operating lease ROU assets | $ | 92,793 | | $ | 101,126 | | Operating lease liabilities, current | 23,325 | | 24,757 | | Operating lease liabilities, non-current | 90,600 | | 95,991 | | Total lease liabilities | $ | 113,925 | | $ | 120,748 |
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
| | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | Cash paid for operating lease liabilities, net of tenant incentives received | $ | 12,741 | | $ | 10,322 | | ROU assets recognized for new leases and amendments (non-cash) | $ | 2,021 | | $ | 51,602 |
Other information related to leases is as follows:
| | | | | | | | | | | | | As of, | | June 30, 2026 | | December 31, 2025 | | Weighted average remaining lease term | 6.2 years | | 6.6 years | | Weighted average discount rate | 6.70 | % | | 6.71 | % |
Future undiscounted annual cash flows for the Company’s operating leases as of June 30, 2026 are as follows (in thousands): | | | | | | | Fiscal Year Ending December 31, | Operating Leases | | Remaining portion of 2026 | $ | 13,771 | | | 2027 | 20,864 | | | 2028 | 20,863 | | | 2029 | 20,769 | | | 2030 | 21,054 | | | Thereafter | 42,720 | | | Total future undiscounted lease payments | 140,041 | | | Less imputed interest | (26,116) | | | Total lease liabilities | $ | 113,925 | |
The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of June 30, 2026.
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| Leases |
8. Leases
The components of lease expense are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2026 | | 2025 | 2026 | | 2025 | | Operating lease cost | $ | 7,254 | | $ | 6,620 | $ | 14,251 | | $ | 12,395 | | Short-term lease cost | 300 | | 260 | 947 | | 512 | | Total lease cost | $ | 7,554 | | $ | 6,880 | $ | 15,198 | | $ | 12,907 |
Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands): | | | | | | | | | | | | | As of, | | June 30, 2026 | | December 31, 2025 | | Operating lease ROU assets | $ | 92,793 | | $ | 101,126 | | Operating lease liabilities, current | 23,325 | | 24,757 | | Operating lease liabilities, non-current | 90,600 | | 95,991 | | Total lease liabilities | $ | 113,925 | | $ | 120,748 |
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
| | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | Cash paid for operating lease liabilities, net of tenant incentives received | $ | 12,741 | | $ | 10,322 | | ROU assets recognized for new leases and amendments (non-cash) | $ | 2,021 | | $ | 51,602 |
Other information related to leases is as follows:
| | | | | | | | | | | | | As of, | | June 30, 2026 | | December 31, 2025 | | Weighted average remaining lease term | 6.2 years | | 6.6 years | | Weighted average discount rate | 6.70 | % | | 6.71 | % |
Future undiscounted annual cash flows for the Company’s operating leases as of June 30, 2026 are as follows (in thousands): | | | | | | | Fiscal Year Ending December 31, | Operating Leases | | Remaining portion of 2026 | $ | 13,771 | | | 2027 | 20,864 | | | 2028 | 20,863 | | | 2029 | 20,769 | | | 2030 | 21,054 | | | Thereafter | 42,720 | | | Total future undiscounted lease payments | 140,041 | | | Less imputed interest | (26,116) | | | Total lease liabilities | $ | 113,925 | |
The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of June 30, 2026.
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