v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Operating Leases
The Company leases office facilities under noncancellable operating leases that expire on various dates through 2034, some of which may include options to extend the leases for up to 12 years.
The components of lease expense are presented as follows:
Three Months Ended
March 31,
20252024
(In thousands)
Operating lease costs$2,817 $2,647 
The components of right of use assets and lease liabilities are presented as follows:
March 31,
2025		December 31,
2024
(In thousands, except years and percentage data)
Operating Leases:
Operating lease, right of use asset, net (Other assets)$27,949 $24,617 
Operating lease liabilities, current (Accrued liabilities)
$6,154 $5,815 
Operating lease liabilities, non-current (Other liabilities)26,560 23,044 
Total operating lease liabilities
$32,714 $28,859 
Supplemental lease information:
Weighted average remaining lease term
6.4 years5.9 years
Weighted average discount rate
6.6%6.7%
Supplemental cash flow and other information related to operating leases were as follows:
Three Months Ended
March 31,
20252024
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,131 $1,905 
Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets
$7,260 $1,695 
Undiscounted cash flows of operating lease liabilities as of March 31, 2025 were as follows:
Lease Amounts
(In thousands)
Year:
2025 (remaining nine months)$6,125 
20267,768 
20275,408 
20284,432 
20294,378 
Thereafter12,567 
Total lease payments
40,678 
Less: imputed lease interest
(7,964)
Total lease liabilities
$32,714 
Purchase Obligations
The Company has contractual obligations related to component inventory that its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of March 31, 2025, these purchase obligations totaled approximately $142.3 million
Litigation
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. An accrual for a loss contingency or loss recovery is recognized when it is probable and the amount of loss or recovery can be reasonably estimated. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s business, results of operations, financial position and cash flows for that reporting period could be materially adversely affected. As of March 31, 2025 and 2024, in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.