v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Weighted Average Remaining Lease Terms and Weighted Average Discount Rate for Operating Leases

The following table provides weighted average remaining lease terms and weighted average discount rate for operating leases as of December 31, 2024:

 

Weighted-average remaining lease term:

 

7.8 years

Weighted-average discount rate:

 

4.7%
Schedule of Operating Lease Expense, Variable Lease Expense and Cash Payments Related to Operating Lease Liabilities

Operating lease expense, variable lease expense and cash payments related to operating lease liabilities for the 2024, 2023, and 2022 are as follows:
 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

 Operating lease expense

 

$

39,536

 

 

$

42,826

 

 

$

43,864

 

 Variable lease expense

 

$

6,176

 

 

$

5,730

 

 

$

8,196

 

 Cash payments

 

$

56,548

 

 

$

55,322

 

 

$

39,927

 

 
Summary of Reconciliation Between Non-cancelable Lease Commitments and Lease Liabilities

The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2024 (in thousands):
 

 

 

Operating leases

 

 

Lease commitments (Note 12)

 

$

356,565

 

 

Less: Legally binding minimum lease payments for leases signed but not yet commenced

 

 

(5,768

)

 

Less: Operating leases with a duration of 12 months or less

 

 

(4,827

)

 

Less: Present value discount

 

 

(58,738

)

 

Total lease liabilities

 

$

287,232

 

 
Schedule of Operating Sublease Income Generated under Operating Lease Agreements

The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements is as follows:
 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

 Operating sublease income

 

$

6,653

 

 

$

7,796

 

 

$

4,608