9. Leases The Company has entered into non-cancelable lease agreements for its offices with lease periods expiring at various dates through May 2036. Components of operating lease expense were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Operating lease cost |
|
$ |
4,723 |
|
|
$ |
2,304 |
|
|
$ |
9,069 |
|
|
$ |
6,816 |
|
Short-term lease cost |
|
|
403 |
|
|
|
224 |
|
|
|
879 |
|
|
|
715 |
|
Variable lease cost |
|
|
436 |
|
|
|
333 |
|
|
|
1,292 |
|
|
|
935 |
|
Total operating lease cost |
|
$ |
5,562 |
|
|
$ |
2,861 |
|
|
$ |
11,240 |
|
|
$ |
8,466 |
|
Supplementary cash flow information related to operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Cash paid for operating leases |
|
$ |
6,715 |
|
|
$ |
6,932 |
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
107,288 |
|
|
$ |
3,378 |
|
As of September 30, 2026, the weighted-average discount rate is 4.5% and the weighted-average remaining term is 8.9 years. Maturities of the Company’s operating lease liabilities as of September 30, 2026 were as follows:
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
(in thousands) |
|
Year Ending December 31, |
|
|
|
2026 (Remainder) |
|
$ |
1,928 |
|
2027 |
|
|
15,121 |
|
2028 |
|
|
17,492 |
|
2029 |
|
|
16,059 |
|
2030 |
|
|
16,066 |
|
Thereafter |
|
|
70,546 |
|
Total operating lease payments |
|
|
137,212 |
|
Less: imputed interest |
|
|
(25,198 |
) |
Total operating lease liabilities |
|
$ |
112,014 |
|
|