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Leases
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases 9. Leases
Real Estate Operating Leases
The Company has real estate property leases which are classified as operating leases. As of March 31, 2026, the remaining lease terms vary from approximately three months to eight years. For certain leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options.
Flexdrive Program
The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases. As of March 31, 2026, the remaining lease terms vary between one month to four years.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31,
2026
December 31,
2025
Operating Leases
Assets
Operating lease right-of-use assets
$159,347$165,579
Liabilities
Operating lease liabilities, current
$28,093$28,068
Operating lease liabilities, non-current
152,694159,904
Total operating lease liabilities$180,787$187,972
Finance Leases
Assets
Finance lease right-of-use assets(1)
$60,819$69,522
Liabilities
Finance lease liabilities, current(2)
$32,827$35,750
Finance lease liabilities, non-current(3)
33,19139,572
Total finance lease liabilities$66,018$75,322
Weighted-average remaining lease term (years)
Operating leases6.87.0
Finance leases2.02.1
Weighted-average discount rate
Operating leases6.5 %6.5 %
Finance leases6.0 %6.0 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the condensed consolidated balance sheets.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Three Months Ended March 31,
20262025
Operating Leases
Operating lease cost$10,395 $8,416 
Finance Leases
Amortization of right-of-use assets$8,082 $7,892 
Interest on lease liabilities1,053 1,301 
Other Lease Costs
Short-term lease cost$629 $762 
Variable lease cost(1)
1,923 1,714 
Total lease cost$22,082 $20,085 
_______________
(1)Consists primarily of common-area maintenance and taxes and utilities for real estate leases.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$11,204 $10,621 
Operating cash flows from finance leases904 1,187 
Financing cash flows from finance leases11,485 10,903 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of March 31, 2026 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2026
$27,908 $28,127 $56,035 
202739,617 23,728 63,345 
202832,342 18,451 50,793 
202930,972 424 31,396 
203022,044 17 22,061 
Thereafter72,152 — 72,152 
Total minimum lease payments225,035 70,747 295,782 
Less: amount of lease payments representing interest(44,248)(4,729)(48,977)
Present value of future lease payments180,787 66,018 246,805 
Less: current obligations under leases(28,093)(32,827)(60,920)
Long-term lease obligations$152,694 $33,191 $185,885 
Leases 9. Leases
Real Estate Operating Leases
The Company has real estate property leases which are classified as operating leases. As of March 31, 2026, the remaining lease terms vary from approximately three months to eight years. For certain leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options.
Flexdrive Program
The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases. As of March 31, 2026, the remaining lease terms vary between one month to four years.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31,
2026
December 31,
2025
Operating Leases
Assets
Operating lease right-of-use assets
$159,347$165,579
Liabilities
Operating lease liabilities, current
$28,093$28,068
Operating lease liabilities, non-current
152,694159,904
Total operating lease liabilities$180,787$187,972
Finance Leases
Assets
Finance lease right-of-use assets(1)
$60,819$69,522
Liabilities
Finance lease liabilities, current(2)
$32,827$35,750
Finance lease liabilities, non-current(3)
33,19139,572
Total finance lease liabilities$66,018$75,322
Weighted-average remaining lease term (years)
Operating leases6.87.0
Finance leases2.02.1
Weighted-average discount rate
Operating leases6.5 %6.5 %
Finance leases6.0 %6.0 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the condensed consolidated balance sheets.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Three Months Ended March 31,
20262025
Operating Leases
Operating lease cost$10,395 $8,416 
Finance Leases
Amortization of right-of-use assets$8,082 $7,892 
Interest on lease liabilities1,053 1,301 
Other Lease Costs
Short-term lease cost$629 $762 
Variable lease cost(1)
1,923 1,714 
Total lease cost$22,082 $20,085 
_______________
(1)Consists primarily of common-area maintenance and taxes and utilities for real estate leases.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$11,204 $10,621 
Operating cash flows from finance leases904 1,187 
Financing cash flows from finance leases11,485 10,903 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of March 31, 2026 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2026
$27,908 $28,127 $56,035 
202739,617 23,728 63,345 
202832,342 18,451 50,793 
202930,972 424 31,396 
203022,044 17 22,061 
Thereafter72,152 — 72,152 
Total minimum lease payments225,035 70,747 295,782 
Less: amount of lease payments representing interest(44,248)(4,729)(48,977)
Present value of future lease payments180,787 66,018 246,805 
Less: current obligations under leases(28,093)(32,827)(60,920)
Long-term lease obligations$152,694 $33,191 $185,885