Quarterly report [Sections 13 or 15(d)]

Leases

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Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company leases office locations, warehouse facilities and stores under various non-cancellable operating lease agreements. The Company’s leases have remaining lease terms of approximately 1 year to 10 years, which represent the non-cancellable periods of the leases and include extension options that the Company determined are reasonably certain to be exercised. The Company excludes from the lease terms any extension options that are not reasonably certain to be exercised, ranging from approximately 6 months to 3 years. Lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms as well as payments for common area maintenance and administrative services. The Company often receives customary incentives from landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases. Leases are classified as operating or financing at commencement. The Company does not have any material financing leases.
Operating lease right-of-use assets and liabilities on the condensed consolidated balance sheets represent the present value of the remaining lease payments over the remaining lease terms. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, as the implicit rates in the leases are not readily determinable. Operating lease costs consist primarily of the fixed lease payments included in the operating lease liabilities and are recorded on a straight-line basis over the lease terms.
The Company’s operating lease costs were as follows:
Three Months Ended March 31,
2026 2025
Operating lease costs $ 5,369 $ 4,175
Variable lease costs 661 436
Short-term lease costs 63 126
Total lease costs $ 6,093 $ 4,737
The Company does not have any sublease income and the Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.
Supplemental cash flow information relating to the Company’s operating leases was as follows:
Three Months Ended March 31,
2026 2025
Cash paid for operating lease liabilities $ 4,491 $ 2,930
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 6,927 10,728
Other information relating to the Company’s operating leases was as follows:
March 31,
2026		 December 31,
2025
Weighted-average remaining lease term
 6.7 years 6.6 years
Weighted-average discount rate
 7.4% 7.4%
As of March 31, 2026, the maturities of operating lease liabilities were as follows:
Remainder of 2026
 $ 14,306
2027 20,790
2028 20,310
2029 20,511
2030 17,842
Thereafter
 43,331
Total remaining lease payments
 137,090
Less: imputed interest
 31,056
Total operating lease liabilities
 106,034
Less: current portion
 (13,451)
Long-term operating lease liabilities
 $ 92,583