Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Leases |
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| Schedule of operating and finance lease right-of-use assets and related lease obligations |
| | | | | | | | | | | | June 30, | | December 31, | | Leases | Classification | | 2026 | | 2025 | | | Assets | | | (in thousands) | | Operating leases | Operating lease assets | | $ | 27,568 | | $ | 28,927 | | Finance lease | Finance lease assets* | | | 13,516 | | | 14,154 | | Total leased assets | | | $ | 41,084 | | $ | 43,081 | | Liabilities | | | | | | | | | Current | | | | | | | | | Operating | Other current liabilities | | $ | 4,664 | | $ | 4,859 | | Finance | Current portion of finance lease obligation | | | 1,722 | | | 1,575 | | Non-current | | | | | | | | | Operating | Other long-term liabilities | | | 23,578 | | | 24,613 | | Finance | Finance lease obligation | | | 39,845 | | | 40,754 | | Total lease liabilities | | | $ | 69,809 | | $ | 71,801 | |
*As of June 30, 2026, finance lease assets are recorded net of accumulated depreciation of $48.0 million and include $0.5 million of prepaid financing costs. As of December 31, 2025, finance lease assets are recorded net of accumulated depreciation of $47.7 million and include $0.5 million of prepaid financing costs.
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| Schedule of lease costs |
| | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | | | | June 30, | | June 30, | | Lease cost | Classification | | 2026 | | 2025 | | 2026 | | 2025 | | | Operating lease cost | | | (in thousands) | | Product / services* | Cost of revenue | | $ | 1,555 | | $ | 1,606 | | $ | 3,239 | | $ | 3,280 | | Research and development | Operating expenses | | | 113 | | | 149 | | | 393 | | | 368 | | Sales and marketing* | Operating expenses | | | 500 | | | 450 | | | 1,035 | | | 894 | | General and administrative* | Operating expenses | | | 155 | | | 212 | | | 432 | | | 538 | | Total operating lease cost | | | $ | 2,323 | | $ | 2,417 | | $ | 5,099 | | $ | 5,080 | | Finance lease cost | | | | | | | | | | | | | | | Depreciation of leased assets | Cost of revenue, Research and development, Sales and marketing and General and administrative | | $ | 319 | | $ | 321 | | $ | 638 | | $ | 643 | | Interest on lease liabilities | Interest expense | | | 1,110 | | | 1,148 | | | 2,231 | | | 2,304 | | Total finance lease cost | | | $ | 1,429 | | $ | 1,469 | | $ | 2,869 | | $ | 2,947 | | | | | | | | | | | | | | | | | Total lease cost | | | $ | 3,752 | | $ | 3,886 | | $ | 7,968 | | $ | 8,027 | |
* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.3 million and $1.0 million for the three and six months ended June 30, 2026, respectively, and includes short-term lease and variable lease costs of approximately $0.4 million and $1.0 million for the three and six months ended June 30, 2025, respectively.
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| Schedule of future minimum operating and finance leases |
| | | | | | | | | | | | | Finance | | Operating | | Total | | Maturity of Lease Liabilities | | Leases | | Leases | | Leases | | | | | (in thousands) | | 2026 | | $ | 3,009 | | $ | 3,302 | | $ | 6,311 | | 2027 | | | 6,128 | | | 4,990 | | | 11,118 | | 2028 | | | 6,251 | | | 3,551 | | | 9,802 | | 2029 | | | 6,376 | | | 2,745 | | | 9,121 | | 2030 | | | 6,503 | | | 2,679 | | | 9,182 | | Thereafter | | | 42,456 | | | 20,219 | | | 62,675 | | Total lease payments | | $ | 70,723 | | $ | 37,486 | | $ | 108,209 | | Less interest portion* | | | (29,156) | | | (9,244) | | | (38,400) | | Finance lease and operating lease obligations | | $ | 41,567 | | $ | 28,242 | | $ | 69,809 | |
* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.
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| Schedule of weighted-average remaining lease term and discount rates |
| | | | | | | June 30, | | Lease term and discount rate | | 2026 | | Weighted average remaining lease term (years): | | | | | Operating leases | | | 10.1 | | Finance leases | | | 10.6 | | Weighted average discount rate: | | | | | Operating leases | | | 5.3% | | Finance leases | | | 10.5% | |
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| Schedule of cash outflows by lease type |
| | | | | | | | | | | | | | | | Six months ended June 30, | Cash paid for amounts included in the measurement of lease liabilities | | 2026 | | 2025 | | | | (in thousands) | Operating cash outflows from operating leases | | $ | 5,099 | | $ | 5,080 | Operating cash outflows from finance leases | | | 2,231 | | | 2,304 | Financing cash outflows from finance leases | | | 768 | | | 676 | Operating lease assets obtained in exchange for operating lease liabilities | | | 1,587 | | | 1,411 | Finance lease assets obtained in exchange for new finance lease liabilities | | | — | | | — |
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