Leases (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Leases |
|
| Schedule of operating and finance lease right-of-use assets and related lease obligations |
| | | | | | | | | | | | September 30, | | December 31, | | Leases | Classification | | 2026 | | 2025 | | | Assets | | | (in thousands) | | Operating leases | Operating lease assets | | $ | 27,993 | | $ | 28,927 | | Finance lease | Finance lease assets* | | | 13,198 | | | 14,154 | | Total leased assets | | | $ | 41,191 | | $ | 43,081 | | Liabilities | | | | | | | | | Current | | | | | | | | | Operating | Other current liabilities | | $ | 4,429 | | $ | 4,859 | | Finance | Current portion of finance lease obligation | | | 1,799 | | | 1,575 | | Non-current | | | | | | | | | Operating | Other long-term liabilities | | | 24,267 | | | 24,613 | | Finance | Finance lease obligation | | | 39,367 | | | 40,754 | | Total lease liabilities | | | $ | 69,862 | | $ | 71,801 | |
*As of September 30, 2026, finance lease assets are recorded net of accumulated depreciation of $48.2 million and include $0.5 million of prepaid financing costs. As of December 31, 2025, finance lease assets are recorded net of accumulated depreciation of $47.7 million and include $0.5 million of prepaid financing costs.
|
| Schedule of lease costs |
| | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | | September 30, | | September 30, | | Lease cost | Classification | | 2026 | | 2025 | | 2026 | | 2025 | | | Operating lease cost | | | (in thousands) | | Product / services* | Cost of revenue | | $ | 1,626 | | $ | 1,626 | | $ | 4,865 | | $ | 4,907 | | Research and development | Operating expenses | | | 110 | | | 109 | | | 502 | | | 477 | | Sales and marketing* | Operating expenses | | | 512 | | | 436 | | | 1,547 | | | 1,330 | | General and administrative* | Operating expenses | | | 268 | | | 249 | | | 701 | | | 787 | | Total operating lease cost | | | $ | 2,516 | | $ | 2,420 | | $ | 7,615 | | $ | 7,501 | | Finance lease cost | | | | | | | | | | | | | | | Depreciation of leased assets | Cost of revenue, Research and development, Sales and marketing and General and administrative | | $ | 318 | | $ | 264 | | $ | 956 | | $ | 907 | | Interest on lease liabilities | Interest expense | | | 1,100 | | | 1,139 | | | 3,330 | | | 3,443 | | Total finance lease cost | | | $ | 1,418 | | $ | 1,403 | | $ | 4,286 | | $ | 4,350 | | | | | | | | | | | | | | | | | Total lease cost | | | $ | 3,934 | | $ | 3,823 | | $ | 11,901 | | $ | 11,851 | |
* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.5 million and $1.5 million for the three and nine months ended September 30, 2026, respectively, and includes short-term lease and variable lease costs of approximately $0.4 million and $1.4 million for the three and nine months ended September 30, 2025, respectively.
|
| Schedule of future minimum operating and finance leases |
| | | | | | | | | | | | | Finance | | Operating | | Total | | Maturity of Lease Liabilities | | Leases | | Leases | | Leases | | | | | (in thousands) | | 2026 | | $ | 1,505 | | $ | 1,697 | | $ | 3,202 | | 2027 | | | 6,128 | | | 5,409 | | | 11,537 | | 2028 | | | 6,251 | | | 3,957 | | | 10,208 | | 2029 | | | 6,376 | | | 3,085 | | | 9,461 | | 2030 | | | 6,503 | | | 2,994 | | | 9,497 | | Thereafter | | | 42,456 | | | 25,483 | | | 67,939 | | Total lease payments | | $ | 69,219 | | $ | 42,625 | | $ | 111,844 | | Less interest portion* | | | (28,053) | | | (13,929) | | | (41,982) | | Finance lease and operating lease obligations | | $ | 41,166 | | $ | 28,696 | | $ | 69,862 | |
* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.
|
| Schedule of weighted-average remaining lease term and discount rates |
| | | | | | | September 30, | | Lease term and discount rate | | 2026 | | Weighted average remaining lease term (years): | | | | | Operating leases | | | 11.5 | | Finance leases | | | 10.3 | | Weighted average discount rate: | | | | | Operating leases | | | 5.6% | | Finance leases | | | 10.5% | |
|
| Schedule of cash outflows by lease type |
| | | | | | | | | | | | | | | | Nine months ended September 30, | Cash paid for amounts included in the measurement of lease liabilities | | 2026 | | 2025 | | | | (in thousands) | Operating cash outflows from operating leases | | $ | 7,615 | | $ | 7,501 | Operating cash outflows from finance leases | | | 3,330 | | | 3,443 | Financing cash outflows from finance leases | | | 1,173 | | | 1,012 | Operating lease assets obtained in exchange for operating lease liabilities | | | 3,300 | | | 3,852 | Finance lease assets obtained in exchange for new finance lease liabilities | | | — | | | — |
|