The Company primarily leases office space used in connection with its operations under various operating leases, the majority of which contain escalation clauses.

ROU assets represent the Company’s right to use the underlying assets for the lease term and lease liabilities represent the present value of the Company’s obligation to make payments arising from these leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over the lease term using the Company’s incremental borrowing rate on the lease commencement date, the date of acquisition for any leases acquired in connection with a business combination, or January 1, 2019, the date ASC Topic 842, Leases (“ASC 842”) was adopted, for leases that commenced prior to that date. The Company combines the lease and non-lease components of lease payments in determining ROU assets and related lease liabilities. If the lease includes one or more options to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain the Company will exercise the option(s). Lease expense is recognized on a straight-line basis over the term of the lease. As permitted by ASC 842, leases with an initial term of twelve months or less (“short-term leases”) are not recorded on the balance sheet.

Variable lease payments consist primarily of common area maintenance, utilities, and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table presents the balances of ROU assets and lease liabilities within the balance sheet:


		December 31,
Leases	Balance Sheet Classification	2025		2024
		(In thousands)
Assets:
ROU assets	Other non-current assets	$	25,333	$	30,418

Liabilities:
Current lease liabilities	Accrued expenses and other current liabilities	$	13,460	$	12,824
Long-term lease liabilities	Other long-term liabilities	24,168		35,494
Total lease liabilities		$	37,628	$	48,318

The following table presents the net lease expense within the statement of operations:


		Year Ended December 31,
Lease Expense	Statement of Operations Classification	2025		2024		2023
		(In thousands)
Fixed lease expense	Cost of revenue	$	241	$	410	$	392
Fixed lease expense	Selling and marketing expense	198		196		116
Fixed lease expense	General and administrative expense	5,752		13,184		11,225
Fixed lease expense	Product development expense	537		643		399
Total fixed lease expense(a)		6,728		14,433		12,132

Variable lease expense	Selling and marketing expense	3		—		36
Variable lease expense	General and administrative expense	2,723		3,691		5,071
Variable lease expense	Product development expense	13		—		156
Total variable lease expense		2,739		3,691		5,263
Net lease expense		$	9,467	$	18,124	$	17,395

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(a) Includes (i) lease impairment charges of $0.0 million, $7.2 million, and $0.7 million, and (ii) sublease income of $3.9 million, $4.3 million, and $4.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Maturities of lease liabilities as of December 31, 2025(b) are summarized below:


Year Ending December 31:	(In thousands)
2026	$	15,196
2027	12,951
2028	6,815
2029	4,278
2030	825
Thereafter	1,955
Total	42,020
Less: Interest	4,392
Present value of lease liabilities	$	37,628

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(b) At December 31, 2025 there were no legally binding minimum lease payments for leases signed but not yet commenced.

The following are the weighted average assumptions used for lease term and discount rate:


	December 31,
	2025		2024
Remaining lease term	3.34 years		4.0 years
Discount rate	6.58	%	6.63	%

The following is the supplemental cash flow information:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
ROU assets obtained in exchange for lease liabilities	$	2,161	$	1,241	$	6,696
Derecognition of ROU assets due to termination or modification	$	(469)	$	(415)	$	(5,266)
Cash paid for amounts included in the measurement of lease liabilities	$	15,902	$	23,143	$	25,806