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Lease Obligations (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
March 31,
2025
December 31,
2024
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$42,363 $42,648 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation2,850 3,215 
Total right-of-use lease assets$45,213 $45,863 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$12,192 $12,141 
Finance lease obligationsCurrent portion of finance lease obligations938 1,046 
Total current obligations13,130 13,187 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities30,140 30,496 
Finance lease obligationsFinance lease obligations, net of current maturities1,744 1,930 
Total non-current obligations31,884 32,426 
Total lease obligations$45,014 $45,613 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
March 31,
2025
December 31,
2024
Weighted-average remaining lease term - finance leases3.1 years3.3 years
Weighted-average remaining lease term - operating leases3.8 years3.7 years
Weighted-average discount rate - finance leases3.9 %3.9 %
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:
(in thousands)Three months ended
March 31,
20252024
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$249 $147 
Interest on lease liabilities29 16 
Operating lease cost4,262 3,713 
Variable lease costs104 93 
Total lease cost$4,644 $3,969 
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:
Three months ended March 31,
(in thousands)20252024
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$4,242 $3,650 
Right-of-use asset obtained in exchange for new operating lease obligations$4,669 $4,864 
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 financial leases, less interest, and under operating leases, less imputed interest, as of March 31, 2025 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2025
$817 $12,679 $13,496 
2026830 13,804 14,634 
2027830 8,734 9,564 
2028370 7,163 7,533 
2029— 4,654 4,654 
2030— 1,368 1,368 
Thereafter— 1,005 1,005 
Total minimum lease payments2,847 49,407 52,254 
Financing component(165)(7,075)(7,240)
Net present value of minimum lease payments2,682 42,332 45,014 
Less: current portion of finance and operating lease obligations(938)(12,192)(13,130)
Long-term finance and operating lease obligations$1,744 $30,140 $31,884 
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 financial leases, less interest, and under operating leases, less imputed interest, as of March 31, 2025 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2025
$817 $12,679 $13,496 
2026830 13,804 14,634 
2027830 8,734 9,564 
2028370 7,163 7,533 
2029— 4,654 4,654 
2030— 1,368 1,368 
Thereafter— 1,005 1,005 
Total minimum lease payments2,847 49,407 52,254 
Financing component(165)(7,075)(7,240)
Net present value of minimum lease payments2,682 42,332 45,014 
Less: current portion of finance and operating lease obligations(938)(12,192)(13,130)
Long-term finance and operating lease obligations$1,744 $30,140 $31,884