Leases (Tables)
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12 Months Ended |
Dec. 31, 2024 |
Leases |
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Schedule of lease cost and other information about leases |
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Year Ended December 31, |
(in thousands) |
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2024 |
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2023 |
|
2022 |
Lease cost: |
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Operating lease cost (1) |
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$ |
11,463 |
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$ |
10,359 |
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$ |
10,922 |
Finance lease cost |
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|
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Depreciation of finance lease assets (2) |
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|
2,098 |
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|
1,770 |
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|
1,191 |
Interest on finance lease liabilities (3) |
|
|
212 |
|
|
223 |
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|
139 |
Short-term lease cost (1) |
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|
1,208 |
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|
1,058 |
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|
1,080 |
Sublease income (1) |
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|
— |
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(978) |
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|
(622) |
Total lease cost |
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$ |
14,981 |
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$ |
12,432 |
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$ |
12,710 |
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Other information: |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash outflows from operating leases |
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$ |
10,471 |
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$ |
7,641 |
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$ |
5,367 |
Operating cash outflows from finance leases |
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$ |
240 |
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$ |
155 |
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$ |
132 |
Financing cash outflows from finance leases |
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$ |
2,475 |
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$ |
2,314 |
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$ |
1,924 |
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(1) |
Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
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(2) |
Included in Depreciation and amortization in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
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(3) |
Included in Interest expense in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
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Schedule of weighted-average remaining lease terms and discount rates |
The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of December 31, 2024 and 2023, respectively:
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Year Ended December 31, |
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2024 |
|
2023 |
Weighted-average remaining lease term - operating leases (in years) |
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11.8 |
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13.6 |
Weighted-average remaining lease term - finance leases (in years) |
|
1.4 |
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2.2 |
Weighted-average discount rate - operating leases |
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4.8% |
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4.6% |
Weighted-average discount rate - finance leases |
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5.5% |
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5.3% |
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Schedule of the future operating lease commitment under agreement |
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December 31, 2024 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2025 |
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$ |
11,763 |
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$ |
2,649 |
2026 |
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|
10,750 |
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|
819 |
2027 |
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|
10,123 |
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— |
2028 |
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|
8,878 |
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— |
2029 |
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|
8,713 |
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— |
Thereafter |
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|
67,153 |
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|
— |
Total lease payments |
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|
117,380 |
|
|
3,468 |
Less amount representing interest |
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|
(29,035) |
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|
(144) |
Present value of total lease payments |
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$ |
88,345 |
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$ |
3,324 |
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Schedule of maturities of finance lease liabilities |
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December 31, 2024 |
(in thousands) |
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Operating Leases |
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Finance Leases |
2025 |
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$ |
11,763 |
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$ |
2,649 |
2026 |
|
|
10,750 |
|
|
819 |
2027 |
|
|
10,123 |
|
|
— |
2028 |
|
|
8,878 |
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|
— |
2029 |
|
|
8,713 |
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|
— |
Thereafter |
|
|
67,153 |
|
|
— |
Total lease payments |
|
|
117,380 |
|
|
3,468 |
Less amount representing interest |
|
|
(29,035) |
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|
(144) |
Present value of total lease payments |
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$ |
88,345 |
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$ |
3,324 |
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