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LEASES

6 Months Ended

Jun. 30, 2024

The Company leases identified assets consisting primarily of office and warehouse space, warehouse equipment and vehicles. Leases are classified as either finance leases or operating leases based on criteria in ASC 842, “Leases”. The Company’s leases have remaining lease terms of less than one year to 10 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year.

The components of lease cost were as follows:


	Three-Months Ended June 30,				Six-Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	3,888	$	2,616	$	7,690	$	5,083
Short-term lease cost		2,151		1,070		4,821		2,049
Variable lease cost		228		226		441		441

Finance leases:
Amortization of right-of-use assets		489		202		1,084		325
Interest on lease liabilities		57		44		148		58
Finance lease cost		546		246		1,232		383

Total lease cost	$	6,813	$	4,158	$	14,184	$	7,956

Supplemental cash flow information was as follows:


	Six-Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	7,355	$	4,818
Operating cash outflows from finance leases		148		58
Financing cash outflows from finance leases		5,267		1,683

Right-of-use assets obtained in exchange for lease obligations:
Finance leases		987		5,115
Operating leases		3,704		1,847

Supplemental balance sheet information was as follows:


		June 30,		December 31,
	Balance Sheet Location	2024		2023
Operating leases:
Right-of-use assets	Other assets	$	55,731	$	58,845

Current lease liabilities	Accrued liabilities	$	11,105	$	11,088
Noncurrent lease liabilities	Other liabilities		45,862		48,459
Total operating lease liabilities		$	56,967	$	59,547

Finance leases:
Right-of-use assets	Property and equipment, net	$	7,722	$	11,147

Current lease liabilities	Accrued liabilities	$	2,167	$	6,449
Noncurrent lease liabilities	Other liabilities		10		19
Total finance lease liabilities		$	2,177	$	6,468

Weighted-average remaining lease term and weighted-average discount rate for the Company’s leases were as follows:


	June 30,		December 31,
	2024		2023
Weighted-average remaining lease term in years:
Operating leases	6.0		6.3
Finance leases	0.4		0.7

Weighted-average discount rate:
Operating leases	4.7	%	4.7	%
Finance leases	6.3	%	6.3	%

The following table outlines maturities of the Company’s lease liabilities as of June 30, 2024:


	Undiscounted Future Lease Payments
	Operating Leases		Finance Leases
2024 (from July 1, 2024 to December 31, 2024)	$	6,779	$	2,000
2025		12,617		211
2026		10,356		2
2027		9,633		—
2028		8,089		—
2029 and thereafter		18,295		—
Total lease payments		65,769		2,213
Less imputed interest		(8,802)		(36)
Total	$	56,967	$	2,177

As of June 30, 2024, the Company did not have any significant leases that had not yet commenced.