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Lease Obligations (Tables)
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
June 30,
2025
December 31,
2024
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$45,322 $42,648 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation2,599 3,215 
Total right-of-use lease assets$47,921 $45,863 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$12,848 $12,141 
Finance lease obligationsCurrent portion of finance lease obligations915 1,046 
Total current obligations13,763 13,187 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities32,446 30,496 
Finance lease obligationsFinance lease obligations, net of current maturities1,632 1,930 
Total non-current obligations34,078 32,426 
Total lease obligations$47,841 $45,613 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
June 30,
2025
December 31,
2024
Weighted-average remaining lease term - finance leases2.9 years3.3 years
Weighted-average remaining lease term - operating leases3.9 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
June 30,
Six months ended
June 30,
2025202420252024
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$245 $233 $494 $432 
Interest on lease liabilities24 22 53 39 
Operating lease cost4,563 3,764 8,869 7,478 
Variable lease costs117 91 223 184 
Total lease cost$4,949 $4,110 $9,639 $8,133 
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:
Six months ended June 30,
(in thousands)20252024
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$8,760 $7,195 
Right-of-use asset obtained in exchange for new operating lease obligations$9,809 $9,958 
Right-of-use asset obtained in exchange for new finance lease obligations$— $2,255 
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 June 30, 2025 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2025
$561 $9,346 $9,907 
2026872 15,840 16,712 
2027872 10,403 11,275 
2028389 8,421 8,810 
2029— 5,604 5,604 
2030— 2,189 2,189 
Thereafter— 1,927 1,927 
Total minimum lease payments2,694 53,730 56,424 
Financing component(147)(8,436)(8,583)
Net present value of minimum lease payments2,547 45,294 47,841 
Less: current portion of finance and operating lease obligations(915)(12,848)(13,763)
Long-term finance and operating lease obligations$1,632 $32,446 $34,078 
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 June 30, 2025 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2025
$561 $9,346 $9,907 
2026872 15,840 16,712 
2027872 10,403 11,275 
2028389 8,421 8,810 
2029— 5,604 5,604 
2030— 2,189 2,189 
Thereafter— 1,927 1,927 
Total minimum lease payments2,694 53,730 56,424 
Financing component(147)(8,436)(8,583)
Net present value of minimum lease payments2,547 45,294 47,841 
Less: current portion of finance and operating lease obligations(915)(12,848)(13,763)
Long-term finance and operating lease obligations$1,632 $32,446 $34,078