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LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Summary of Components of Lease Expense
The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating lease expense
Rent - cost of services (1)
$72,632 $58,366 $200,954 $154,926 
General and administrative expense607 233 2,024 941 
Other variable lease costs (2)
7,045 6,507 24,078 18,471 
Total operating lease expense$80,284 $65,106 $227,056 $174,338 
Finance lease expense
Amortization of right-of-use assets$947 $322 $2,285 $943 
Interest on lease liabilities2,164 327 5,074 656 
Total financing lease expense$3,111 $649 $7,359 $1,599 
Total Lease Expense$83,395 $65,755 $234,415 $175,937 
__________________
(1)Rent - cost of services includes variable lease costs such as Consumer Price Index (CPI) increases and other rent adjustments of $633 and $566 for the three months ended September 30, 2024 and 2023, respectively, and $1,826 and $2,144 for the nine months ended September 30, 2024 and 2023, respectively.
(2)Other variable lease costs of facilities, including property taxes and insurance, are classified in cost of services in the Company’s unaudited condensed combined/consolidated statements of income
The following table summarizes supplemental cash flow information related to leases:
Nine Months Ended September 30,
20242023
Operating cash paid for amounts included in the measurement of operating lease liabilities$180,006 $139,979 
Operating cash paid for amounts included in the measurement of finance lease liabilities5,074 657 
Financing cash paid for amounts included in the measurement of finance lease liabilities577 1,442 
Operating lease right-of-use assets obtained in exchange for lease liabilities784,291 723,584 
Finance lease right-of-use assets obtained in exchange for lease liabilities
18,298 2,028 
Decrease in finance lease right-of-use assets and liabilities due to lease termination/modification
(2,272)— 
Information relating to the lease term and discount rate is as follows:
As of September 30, 2024
Weighted-average remaining lease term (years)
Operating leases13
Finance leases
7
Weighted-average discount rate
Operating leases6.0 %
Finance leases
6.1 %
Summary of Supplemental Cash Flow Related to Leases
The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating lease expense
Rent - cost of services (1)
$72,632 $58,366 $200,954 $154,926 
General and administrative expense607 233 2,024 941 
Other variable lease costs (2)
7,045 6,507 24,078 18,471 
Total operating lease expense$80,284 $65,106 $227,056 $174,338 
Finance lease expense
Amortization of right-of-use assets$947 $322 $2,285 $943 
Interest on lease liabilities2,164 327 5,074 656 
Total financing lease expense$3,111 $649 $7,359 $1,599 
Total Lease Expense$83,395 $65,755 $234,415 $175,937 
__________________
(1)Rent - cost of services includes variable lease costs such as Consumer Price Index (CPI) increases and other rent adjustments of $633 and $566 for the three months ended September 30, 2024 and 2023, respectively, and $1,826 and $2,144 for the nine months ended September 30, 2024 and 2023, respectively.
(2)Other variable lease costs of facilities, including property taxes and insurance, are classified in cost of services in the Company’s unaudited condensed combined/consolidated statements of income
The following table summarizes supplemental cash flow information related to leases:
Nine Months Ended September 30,
20242023
Operating cash paid for amounts included in the measurement of operating lease liabilities$180,006 $139,979 
Operating cash paid for amounts included in the measurement of finance lease liabilities5,074 657 
Financing cash paid for amounts included in the measurement of finance lease liabilities577 1,442 
Operating lease right-of-use assets obtained in exchange for lease liabilities784,291 723,584 
Finance lease right-of-use assets obtained in exchange for lease liabilities
18,298 2,028 
Decrease in finance lease right-of-use assets and liabilities due to lease termination/modification
(2,272)— 
Information relating to the lease term and discount rate is as follows:
As of September 30, 2024
Weighted-average remaining lease term (years)
Operating leases13
Finance leases
7
Weighted-average discount rate
Operating leases6.0 %
Finance leases
6.1 %
Summary of Operating Lease Maturity
Maturities of lease liabilities as of September 30, 2024 were as follows:
Finance LeasesOperating LeasesTotal
2024 (remainder)$2,531 $70,313 $72,844 
202529,891 280,539 310,430 
202692,513 281,184 373,697 
202719,132 280,095 299,227 
20281,949 282,587 284,536 
20291,588 284,217 285,805 
Thereafter54,734 2,421,350 2,476,084 
Total lease payments$202,338 $3,900,285 $4,102,623 
Less: present value discount (55,457)(1,277,576)(1,333,033)
Present value of lease liabilities
$146,881 $2,622,709 $2,769,590 
Summary of Finance Lease Maturity
Maturities of lease liabilities as of September 30, 2024 were as follows:
Finance LeasesOperating LeasesTotal
2024 (remainder)$2,531 $70,313 $72,844 
202529,891 280,539 310,430 
202692,513 281,184 373,697 
202719,132 280,095 299,227 
20281,949 282,587 284,536 
20291,588 284,217 285,805 
Thereafter54,734 2,421,350 2,476,084 
Total lease payments$202,338 $3,900,285 $4,102,623 
Less: present value discount (55,457)(1,277,576)(1,333,033)
Present value of lease liabilities
$146,881 $2,622,709 $2,769,590