Leases (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Leases |
|
| Schedule of lease cost and other information about leases |
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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 |
|
|
|
|
|
|
|
Other information: |
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|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
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. |
|
| 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 March 31, 2025 and 2024, respectively:
|
|
|
|
|
|
|
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% |
|
| Schedule of the future operating lease commitment under agreement |
Maturities of lease liabilities as of March 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
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 |
|
| Schedule of maturities of finance lease liabilities |
|
|
|
|
|
|
|
|
|
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 |
|