| Leases |
7. Leases
The following table presents lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three months ended March 31, 2025 and 2024, respectively.
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Three Months Ended March 31, |
(in thousands) |
|
2025 |
|
2024 |
Lease cost: |
|
|
|
|
|
|
Operating lease cost (1) |
|
$ |
2,880 |
|
$ |
2,637 |
Finance lease cost: |
|
|
|
|
|
|
Depreciation of finance lease assets (2) |
|
|
969 |
|
|
619 |
Interest on finance lease liabilities (3) |
|
|
171 |
|
|
64 |
Short-term lease cost (1) |
|
|
297 |
|
|
317 |
Total lease cost |
|
$ |
4,317 |
|
$ |
3,637 |
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|
|
|
|
|
|
Other information: |
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|
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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 |
|
$ |
2,837 |
|
$ |
2,516 |
Operating cash outflows from finance leases |
|
$ |
41 |
|
$ |
74 |
Financing cash outflows from finance leases |
|
$ |
525 |
|
$ |
815 |
|
(1) |
Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
|
(2) |
Included in Depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
|
(3) |
Included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of March 31, 2025 and 2024, respectively:
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March 31, |
|
|
2025 |
|
2024 |
Weighted-average remaining lease term - operating leases (in years) |
|
11.4 |
|
12.9 |
Weighted-average remaining lease term - finance leases (in years) |
|
2.6 |
|
2.1 |
Weighted-average discount rate - operating leases |
|
4.9% |
|
4.7% |
Weighted-average discount rate - finance leases |
|
5.9% |
|
5.4% |
Maturities of lease liabilities as of March 31, 2025 were as follows:
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March 31, 2025 |
(in thousands) |
|
Operating Leases |
|
Finance Leases |
2025 (for remaining nine months) |
|
$ |
9,371 |
|
$ |
6,381 |
2026 |
|
|
11,747 |
|
|
5,856 |
2027 |
|
|
10,548 |
|
|
5,037 |
2028 |
|
|
9,103 |
|
|
740 |
2029 |
|
|
8,986 |
|
|
— |
2030 |
|
|
7,181 |
|
|
— |
Thereafter |
|
|
59,976 |
|
|
— |
Total lease payments |
|
|
116,912 |
|
|
18,014 |
Less amount representing interest |
|
|
(28,173) |
|
|
(1,409) |
Present value of total lease payments |
|
$ |
88,739 |
|
$ |
16,605 |
There were no impairments of Operating lease right-of-use assets identified during the three months ended March 31, 2025 and March 31, 2024.
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