Leases

3 Months Ended

Mar. 31, 2025

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 March 31, 2025, the Company’s operating leases have remaining lease terms ranging from less than one year to 13 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 months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating lease expense	$	3,160	$	3,320
Short-term lease expense(a)	13,485		12,323
	16,645		15,643
Less: Sublease income	294		199
Total lease expense	$	16,351	$	15,444

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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 March 31, 2025			As of December 31, 2024
Assets
Right-of-use assets	Other assets	$	44,230		$	41,695
Total lease assets		$	44,230		$	41,695
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,636		$	7,066
Long-term lease liabilities	Other long-term liabilities	40,849			38,630
Total lease liabilities		$	48,485		$	45,696
Weighted-average remaining lease term		7.6 years			8.0 years
Weighted-average discount rate		9.54		%	9.73		%

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(2,912)	$	(3,168)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	4,581	$	4,154

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2025:


Year (in thousands)	Operating Leases
2025 (excluding the three months ended March 31, 2025)	$	8,846
2026	10,347
2027	8,820
2028	8,420
2029	7,625
Thereafter	25,660
Total lease payments	69,718
Less: Imputed interest	21,233
Total	$	48,485