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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Quantitative Information and Other Information Related to Leases

Quantitative information related to leases for the years ended December 31, 2024, 2023 and 2022 is presented in the following table (dollars in thousands):

 

 

For the Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Lease expenses (1)

 

 

 

 

 

 

 

 

Operating fixed lease expenses

$

5,213

 

 

$

6,410

 

 

$

11,033

 

Finance lease amortization expense

 

426

 

 

 

-

 

 

 

-

 

Finance lease interest expense

 

81

 

 

 

-

 

 

 

-

 

Variable lease expenses

 

986

 

 

 

1,401

 

 

 

3,726

 

Sublease income (2)

 

(32

)

 

 

(500

)

 

 

(1,087

)

Total lease expenses

$

6,674

 

 

$

7,311

 

 

$

13,672

 

 

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

 

 

Gross operating cash flows for operating leases (3)

$

(8,961

)

 

$

(9,845

)

 

$

(16,827

)

Gross operating cash flows for finance leases

 

(81

)

 

 

-

 

 

 

-

 

Gross financing cash flows for finance leases

 

(398

)

 

 

-

 

 

 

-

 

Operating cash flows from subleases (3)

$

32

 

 

$

488

 

 

$

1,108

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

As of December 31, 2023

 

 

As of December 31, 2022

 

Weighted average remaining lease term (in months) – operating leases

 

92

 

 

 

55

 

 

 

63

 

Weighted average remaining lease term (in months) – finance leases

 

37

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate – operating leases

 

6.1

%

 

 

4.9

%

 

 

4.8

%

Weighted average discount rate– finance leases

 

5.9

%

 

 

-

 

 

 

-

 
_____________
(1)
Lease expense and sublease income represent the amount recorded within our consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability.
(2)
For certain of our leased locations we have vacated the facility and have fully or partially subleased the space.
(3)
Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.
Schedule of Future Minimum Lease Payments under Leases Included in Lease Liabilities As of December 31, 2024, future minimum lease payments under leases which are included in lease liabilities on our consolidated balance sheet are as follows (dollars in thousands):

 

 

 

Operating Leases Total

 

 

Finance Leases Total

 

 

Total Lease Liabilities

 

 

 

 

 

 

 

 

 

 

 

2025 (1)

 

$

11,118

 

 

$

6,280

 

 

$

17,398

 

2026

 

 

9,486

 

 

 

5,964

 

 

 

15,450

 

2027

 

 

10,365

 

 

 

5,325

 

 

 

15,690

 

2028

 

 

7,844

 

 

 

957

 

 

 

8,801

 

2029

 

 

7,113

 

 

 

-

 

 

 

7,113

 

2030 and thereafter

 

 

28,505

 

 

 

-

 

 

 

28,505

 

Total

 

$

74,431

 

 

$

18,526

 

 

$

92,957

 

Less: imputed interest

 

 

16,415

 

 

 

1,505

 

 

 

17,920

 

Present value of future minimum lease payments

 

 

58,016

 

 

 

17,021

 

 

 

75,037

 

Less: current lease liabilities

 

 

7,792

 

 

 

5,466

 

 

 

13,258

 

Non-current lease liabilities

 

$

50,224

 

 

$

11,555

 

 

$

61,779

 

_____________

(1)
Amounts provided are for unpaid lease obligations remaining as of December 31, 2024.