Leases

6 Months Ended

Jun. 30, 2024

The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of June 30, 2024, the Company’s operating leases have remaining lease terms ranging from less than one year to 14 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The following table presents components of lease expense for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease expense	$	3,202	$	3,387	$	6,522	$	6,861
Short-term lease expense(a)	13,545		12,692		25,868		26,611
	16,747		16,079		32,390		33,472
Less: Sublease income	203		198		402		392
Total lease expense	$	16,544	$	15,881	$	31,988	$	33,080

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(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

The following table presents supplemental balance sheet information related to operating leases:


(dollars in thousands)	Balance Sheet Line Item	As of June 30, 2024			As of December 31, 2023
Assets
Right-of-use assets	Other assets	$	51,461		$	48,878
Total lease assets		$	51,461		$	48,878
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	6,817		$	6,275
Long-term lease liabilities	Other long-term liabilities	50,107			47,781
Total lease liabilities		$	56,924		$	54,056
Weighted-average remaining lease term		9.7 years			10.3 years
Weighted-average discount rate		11.97		%	12.13		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:


	Six Months Ended June 30,
(in thousands)	2024		2023
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,359)	$	(6,807)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	6,147	$	807

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2024:


Year (in thousands)	Operating Leases
2024 (excluding the six months ended June 30, 2024)	$	6,481
2025	12,044
2026	10,166
2027	8,750
2028	8,671
Thereafter	52,663
Total lease payments	98,775
Less: Imputed interest	41,851
Total	$	56,924