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Leases

3 Months Ended

Mar. 31, 2025

8. Leases

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 9 years, with a weighted-average remaining lease term of 4 years at both March 31, 2025 and December 31, 2024. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend.

The components of lease costs for the three months ended March 31, 2025 and 2024 were as follows (in thousands):


		Three Months Ended March 31,
	Classification	2025		2024
Operating lease costs⁽¹⁾	Cost of revenues	$	724	$	585
Operating lease costs⁽¹⁾	Selling, general and administrative expenses		85		76
Rental revenues	Revenues		(55)		(122)
Rental revenues	Other (income) expense, net		(31)		(36)
Net operating lease costs		$	723	$	503

(1)	Includes the costs of leases with a term of one year or less.

As of March 31, 2025, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):


2025 (excluding the three months ended March 31, 2025)	$	1,301
2026		1,572
2027		1,205
2028		541
2029		184
Thereafter		459
Total future minimum lease payments		5,262
Less imputed interest		(434)
Present value of lease liabilities	$	4,828

Supplemental cash flow information pertaining to the Company’s leasing activity for the three months ended March 31, 2025 and 2024 is as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cash payments for lease liabilities included in operating cash flows	$	450	$	450
Right-of-use assets obtained in exchange for operating lease obligations	$	176	$	—