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Lease Obligations
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lease Obligations Lease Obligations
From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from less than one to eight years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At June 30, 2025, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is ongoing and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease.
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 
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 %
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 
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 
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 
The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.
Certain subsidiaries of the Company have ongoing operating leases for facilities that were entered into or extended with third-party companies that, are or were, owned in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at or below market rental rates. Lease expense associated with these leases was $0.6 million and $1.3 million for the three and six months ended June 30, 2025 and $0.6 million and $1.3 million for the three and six months ended June 30, 2024. As of June 30, 2025, the minimum lease payments required under these leases totaled $8.7 million, which are due over the next 4.2 years.
Lease Obligations Lease Obligations
From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from less than one to eight years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At June 30, 2025, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is ongoing and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease.
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 
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 %
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 
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 
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 
The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.
Certain subsidiaries of the Company have ongoing operating leases for facilities that were entered into or extended with third-party companies that, are or were, owned in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at or below market rental rates. Lease expense associated with these leases was $0.6 million and $1.3 million for the three and six months ended June 30, 2025 and $0.6 million and $1.3 million for the three and six months ended June 30, 2024. As of June 30, 2025, the minimum lease payments required under these leases totaled $8.7 million, which are due over the next 4.2 years.