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Lease Obligations (Tables)
9 Months Ended
Sep. 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:
September 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$44,789 $42,648 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation2,321 3,215 
Total right-of-use lease assets$47,110 $45,863 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$13,140 $12,141 
Finance lease obligationsCurrent portion of finance lease obligations824 1,046 
Total current obligations13,964 13,187 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities31,623 30,496 
Finance lease obligationsFinance lease obligations, net of current maturities1,402 1,930 
Total non-current obligations33,025 32,426 
Total lease obligations$46,989 $45,613 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
September 30,
2025
December 31,
2024
Weighted-average remaining lease term - finance leases2.7 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
September 30,
Nine months ended
September 30,
2025202420252024
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$242 $335 $736 $653 
Interest on lease liabilities23 30 77 69 
Operating lease cost4,776 3,956 13,750 11,446 
Variable lease costs109 95 332 279 
Total lease cost$5,150 $4,416 $14,895 $12,447 
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:
Nine months ended September 30,
(in thousands)20252024
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$13,673 $10,969 
Right-of-use asset obtained in exchange for new operating lease obligations$14,123 $13,458 
Right-of-use asset obtained in exchange for new finance lease obligations$— $3,595 
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 September 30, 2025 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2025
$254 $4,852 $5,106 
2026856 16,682 17,538 
2027855 11,286 12,141 
2028382 9,089 9,471 
2029— 5,984 5,984 
2030— 2,185 2,185 
Thereafter— 1,914 1,914 
Total minimum lease payments2,347 51,992 54,339 
Financing component(121)(7,229)(7,350)
Net present value of minimum lease payments2,226 44,763 46,989 
Less: current portion of finance and operating lease obligations(824)(13,140)(13,964)
Long-term finance and operating lease obligations$1,402 $31,623 $33,025 
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 September 30, 2025 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2025
$254 $4,852 $5,106 
2026856 16,682 17,538 
2027855 11,286 12,141 
2028382 9,089 9,471 
2029— 5,984 5,984 
2030— 2,185 2,185 
Thereafter— 1,914 1,914 
Total minimum lease payments2,347 51,992 54,339 
Financing component(121)(7,229)(7,350)
Net present value of minimum lease payments2,226 44,763 46,989 
Less: current portion of finance and operating lease obligations(824)(13,140)(13,964)
Long-term finance and operating lease obligations$1,402 $31,623 $33,025