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Lease Obligations (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
December 31,
2024
December 31,
2023
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets
Operating lease right-of-use assets$42,648 $35,012 
Finance lease right-of-use assets
Property and equipment, net of accumulated depreciation3,215 2,363 
Total right-of-use lease assets
$45,863 $37,375 
Liabilities
Current
Operating lease obligations
Current portion of operating lease obligations$12,141 $9,237 
Finance lease obligations
Current portion of finance lease obligations1,046 2,039 
Total current obligations
13,187 11,276 
Non-current
Operating lease obligations
Operating lease obligations, net of current maturities30,496 25,775 
Finance lease obligations
Finance lease obligations, net of current maturities1,930 314 
Total non-current obligations
32,426 26,089 
Total lease obligations
$45,613 $37,365 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
December 31,
2024
December 31,
2023
Weighted-average remaining lease term – finance leases3.3 years0.9 years
Weighted-average remaining lease term – operating leases3.7 years4.0 years
Weighted-average discount rate – finance leases3.9 %3.1 %
Weighted-average discount rate – operating leases4.0 %4.0 %
Schedule of lease costs
The following is a summary of certain information related to the lease costs for finance and operating leases:
Year ended December 31,
(in thousands)202420232022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$968 $791 $1,138 
Interest on lease liabilities101 83 128 
Operating lease cost15,621 14,302 13,428 
Variable lease costs385 353 415 
Total lease cost$17,075 $15,529 $15,109 
Summary of supplemental cash flow information
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Year ended December 31,
(in thousands)202420232022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$15,025 $14,519 $13,287 
Right-of-use asset obtained in exchange for new operating lease obligations$19,264 $11,039 $21,663 
Right-of-use asset obtained in exchange for new finance lease obligations$3,226 $— $517 
Schedule of future minimum operating lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2024 were as follows:
(in thousands)Finance
Lease
Obligations
Operating Lease
Obligations
Total
Lease
Obligations
2025$1,142 $16,415 $17,557 
2026828 13,218 14,046 
2027829 8,347 9,176 
2028370 6,709 7,079 
2029— 4,062 4,062 
Thereafter— 904 904 
Total minimum lease payments3,169 49,655 52,824 
Financing component(193)(7,018)(7,211)
Net present value of minimum lease payments2,976 42,637 45,613 
Less: current portion of operating lease obligations(1,046)(12,141)(13,187)
Long-term operating lease obligations$1,930 $30,496 $32,426 
Schedule of future minimum finance lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2024 were as follows:
(in thousands)Finance
Lease
Obligations
Operating Lease
Obligations
Total
Lease
Obligations
2025$1,142 $16,415 $17,557 
2026828 13,218 14,046 
2027829 8,347 9,176 
2028370 6,709 7,079 
2029— 4,062 4,062 
Thereafter— 904 904 
Total minimum lease payments3,169 49,655 52,824 
Financing component(193)(7,018)(7,211)
Net present value of minimum lease payments2,976 42,637 45,613 
Less: current portion of operating lease obligations(1,046)(12,141)(13,187)
Long-term operating lease obligations$1,930 $30,496 $32,426