Leases

3 Months Ended

Mar. 31, 2025

4. Leases

Amounts reported on the Company’s Unaudited Condensed Consolidated Balance Sheets for operating leases were as follows:


	March 31, 2025		December 31, 2024
	(Amounts in Thousands)
Operating lease assets, net	$	45,064	$	47,348

Short-term operating lease liabilities		12,649		12,800
Long-term operating lease liabilities		39,414		41,883
Total operating lease liabilities	$	52,063	$	54,683

Lease Costs

Components of lease costs were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows:


	For the Three Months Ended March 31, (Amounts in Thousands)
	2025			2024
Operating lease costs	$	3,657		$	3,296
Short-term lease costs		284			201
Total lease costs		3,941			3,497
Less: sublease income		(226	)		(598	)
Total lease costs, net	$	3,715		$	2,899

Lease Term and Discount Rate

Weighted average remaining lease terms and discount rates were as follows:


	March 31, 2025			December 31, 2024
Operating leases:
Weighted average remaining lease term		5.35			5.48
Weighted average discount rate		6.22	%		6.20	%

Maturity of Lease Liabilities

Remaining operating lease payments as of March 31, 2025 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended March 31,
2026	$	15,349
2027		12,435
2028		9,150
2029		6,801
2030		6,129
Thereafter		11,786
Total future minimum rental commitments		61,650
Less: Imputed interest		(9,587	)
Total lease liabilities	$	52,063

Supplemental Cash Flows Information


	For the Three Months Ended March 31,
	(Amounts in Thousands)
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,182	$	3,589

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	979	$	2,137