Leases

6 Months Ended

Jun. 30, 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 June 30, 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 and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Operating lease expense	$	3,561	$	3,202	$	6,721	$	6,522
Short-term lease expense(a)	14,577		13,545		28,062		25,868
	18,138		16,747		34,783		32,390
Less: Sublease income	297		203		591		402
Total lease expense	$	17,841	$	16,544	$	34,192	$	31,988

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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, 2025			As of December 31, 2024
Assets
Right-of-use assets	Other assets	$	55,604		$	41,695
Total lease assets		$	55,604		$	41,695
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	10,367		$	7,066
Long-term lease liabilities	Other long-term liabilities	49,746			38,630
Total lease liabilities		$	60,113		$	45,696
Weighted-average remaining lease term		6.8 years			8.0 years
Weighted-average discount rate		9.02		%	9.73		%

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


	Six Months Ended June 30,
(in thousands)	2025		2024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,218)	$	(6,359)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	18,295	$	6,147

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2025:


Year (in thousands)	Operating Leases
2025 (excluding the six months ended June 30, 2025)	$	7,751
2026	14,056
2027	12,559
2028	11,879
2029	9,410
Thereafter	26,699
Total lease payments	82,354
Less: Imputed interest	22,241
Total	$	60,113