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Leases | 12 Months Ended
--- | ---
Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company leases real estate, vehicles, and equipment under various arrangements. Certain real estate operating leases are under non-cancelable agreements with entities owned by members of its management team and/or Parent interests holders. The Company's operating leases primarily consist of real estate and equipment leases while finance leases primarily consist of vehicle leases. Many of the real estate operating leases contain options to renew or terminate the lease, generally at the Company's discretion. Lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. The Company does not have any leases that have not yet commenced that create significant rights and obligations for the lessee. The Company has short-term leases ranging in terms of 12 months or less. The majority of the Company's short-term leases relate to facilities and equipment used on construction projects. Construction equipment leases are generally entered into at agreed upon hourly, daily, weekly, or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such leases are considered short-term in nature unless it is reasonably certain that they will be leased for a period greater than 12 months. The below tables present information for lease positions, lease expense, cash flow and other information, and maturity of lease liabilities. Lease position: Supplemental balance sheet information related to operating and finance leases was as follows (in thousands):
|  |  | December 31,
| Balance Sheet Classification |  | 2025 |  | 2024
Finance leases |  |  |  |  |
Assets |  |  |  |  |
Finance lease assets | Property and equipment, net |  | $ | 10,965 |  | $ | 7,444
Liabilities |  |  |  |  |
Current finance lease liabilities | Current portion of long-term debt |  | $ | 3,747 |  | $ | 2,548
Long-term finance lease liabilities | Long-term debt, net of current portion |  | 6,895 |  | 4,668
Total finance lease liabilities |  |  | $ | 10,642 |  | $ | 7,216
Weighted-average remaining lease term in years: |  |  |  |
Operating leases - related parties |  | 5.5 |  | 6.3
Operating leases |  | 5.6 |  | 6.5
Finance leases |  |  | 3.1 |  | 3.1
Weighted-average discount rate: |  |  |  |
Operating leases - related parties |  | 7.8 | % |  | 7.8 | %
Operating leases |  | 7.2 | % |  | 7.5 | %
Finance leases |  |  | 7.2 | % |  | 8.1 | %
Lease expense: The components of lease expense recognized in the Consolidated Statements of Operations are as follows (in thousands):
| Consolidated Statements of Operations Classification |  |  | Year Ended December 31,
|  |  | 2025 |  | 2024 |  | 2023
Finance lease expense: |  |  |  |  |  |  |  |
Amortization expense | Depreciation and amortization |  |  | $ | 3,752 |  |  | $ | 2,460 |  |  | $ | 2,397 |
Interest expense | Interest expense, net of capitalized interest |  |  | 670 |  |  | 474 |  |  | 381 |
Operating lease expense - related parties | Cost of revenue |  |  | 960 |  |  | 882 |  |  | 510 |
Operating lease expense - related parties | Selling, general and administrative |  |  | 4,365 |  |  | 4,024 |  |  | 2,408 |
Operating lease expense | Cost of revenue |  |  | 1,637 |  |  | 2,921 |  |  | 2,511 |
Operating lease expense | Selling, general and administrative |  |  | 19,431 |  |  | 11,533 |  |  | 7,456 |
Short-term lease expense | Cost of revenue |  |  | 24,541 |  |  | 19,096 |  |  | 13,867 |
Short-term lease expense | Selling, general and administrative |  |  | 773 |  |  | 1,153 |  |  | 1,508 |
Variable lease expense | Selling, general and administrative |  |  | 2,874 |  |  | 1,642 |  |  | 2,338 |
Total lease expense |  |  |  | $ | 59,003 |  |  | $ | 44,185 |  |  | $ | 33,376 |
Cash flow and other information: Supplemental cash flow and other information related to operating and finance leases was as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases - related parties | $ | 5,387 |  |  | $ | 4,763 |  |  | $ | 2,866 |
Operating cash flows from operating leases | $ | 17,846 |  |  | $ | 11,986 |  |  | $ | 9,601 |
Operating cash flows from finance leases | $ | 666 |  |  | $ | 468 |  |  | $ | 380 |
Financing cash flows from finance leases | $ | 3,843 |  |  | $ | 2,460 |  |  | $ | 1,937 |
Supplemental noncash information: |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities - related parties (1) | $ | — |  |  | $ | 3,429 |  |  | $ | 13,317 |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ | 40,530 |  |  | $ | 31,452 |  |  | $ | 795 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 7,589 |  |  | $ | 4,732 |  |  | $ | 2,752 |
Right-of-use asset modifications for operating leases | $ | 4,012 |  |  | $ | 2,844 |  |  | $ | 3,846 |
(1)Includes right-of-use assets acquired. Refer to “Note 4—Acquisitions”. Maturities of lease liabilities: The following table presents maturities of lease liabilities and reconciles future lease payments on an undiscounted cash flow basis to the lease liabilities in the Consolidated Balance Sheet as of December 31, 2025 (in thousands):
Year ending December 31, | Operating Leases |  | Finance Leases
2026 | $ | 29,518 |  |  | $ | 4,357 |
2027 | 30,082 |  |  | 3,572 |
2028 | 27,155 |  |  | 2,616 |
2029 | 23,564 |  |  | 1,199 |
2030 | 18,789 |  |  | 43 |
Thereafter | 25,175 |  |  | — |
Total minimum lease payments | 154,283 |  |  | 11,787 |
Less: Amount of lease payments representing interest | (29,221) |  |  | (1,145) |
Lease liabilities | $ | 125,062 |  |  | $ | 10,642 |
Leases | Leases The Company leases real estate, vehicles, and equipment under various arrangements. Certain real estate operating leases are under non-cancelable agreements with entities owned by members of its management team and/or Parent interests holders. The Company's operating leases primarily consist of real estate and equipment leases while finance leases primarily consist of vehicle leases. Many of the real estate operating leases contain options to renew or terminate the lease, generally at the Company's discretion. Lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. The Company does not have any leases that have not yet commenced that create significant rights and obligations for the lessee. The Company has short-term leases ranging in terms of 12 months or less. The majority of the Company's short-term leases relate to facilities and equipment used on construction projects. Construction equipment leases are generally entered into at agreed upon hourly, daily, weekly, or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such leases are considered short-term in nature unless it is reasonably certain that they will be leased for a period greater than 12 months. The below tables present information for lease positions, lease expense, cash flow and other information, and maturity of lease liabilities. Lease position: Supplemental balance sheet information related to operating and finance leases was as follows (in thousands):
|  |  | December 31,
| Balance Sheet Classification |  | 2025 |  | 2024
Finance leases |  |  |  |  |
Assets |  |  |  |  |
Finance lease assets | Property and equipment, net |  | $ | 10,965 |  | $ | 7,444
Liabilities |  |  |  |  |
Current finance lease liabilities | Current portion of long-term debt |  | $ | 3,747 |  | $ | 2,548
Long-term finance lease liabilities | Long-term debt, net of current portion |  | 6,895 |  | 4,668
Total finance lease liabilities |  |  | $ | 10,642 |  | $ | 7,216
Weighted-average remaining lease term in years: |  |  |  |
Operating leases - related parties |  | 5.5 |  | 6.3
Operating leases |  | 5.6 |  | 6.5
Finance leases |  |  | 3.1 |  | 3.1
Weighted-average discount rate: |  |  |  |
Operating leases - related parties |  | 7.8 | % |  | 7.8 | %
Operating leases |  | 7.2 | % |  | 7.5 | %
Finance leases |  |  | 7.2 | % |  | 8.1 | %
Lease expense: The components of lease expense recognized in the Consolidated Statements of Operations are as follows (in thousands):
| Consolidated Statements of Operations Classification |  |  | Year Ended December 31,
|  |  | 2025 |  | 2024 |  | 2023
Finance lease expense: |  |  |  |  |  |  |  |
Amortization expense | Depreciation and amortization |  |  | $ | 3,752 |  |  | $ | 2,460 |  |  | $ | 2,397 |
Interest expense | Interest expense, net of capitalized interest |  |  | 670 |  |  | 474 |  |  | 381 |
Operating lease expense - related parties | Cost of revenue |  |  | 960 |  |  | 882 |  |  | 510 |
Operating lease expense - related parties | Selling, general and administrative |  |  | 4,365 |  |  | 4,024 |  |  | 2,408 |
Operating lease expense | Cost of revenue |  |  | 1,637 |  |  | 2,921 |  |  | 2,511 |
Operating lease expense | Selling, general and administrative |  |  | 19,431 |  |  | 11,533 |  |  | 7,456 |
Short-term lease expense | Cost of revenue |  |  | 24,541 |  |  | 19,096 |  |  | 13,867 |
Short-term lease expense | Selling, general and administrative |  |  | 773 |  |  | 1,153 |  |  | 1,508 |
Variable lease expense | Selling, general and administrative |  |  | 2,874 |  |  | 1,642 |  |  | 2,338 |
Total lease expense |  |  |  | $ | 59,003 |  |  | $ | 44,185 |  |  | $ | 33,376 |
Cash flow and other information: Supplemental cash flow and other information related to operating and finance leases was as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases - related parties | $ | 5,387 |  |  | $ | 4,763 |  |  | $ | 2,866 |
Operating cash flows from operating leases | $ | 17,846 |  |  | $ | 11,986 |  |  | $ | 9,601 |
Operating cash flows from finance leases | $ | 666 |  |  | $ | 468 |  |  | $ | 380 |
Financing cash flows from finance leases | $ | 3,843 |  |  | $ | 2,460 |  |  | $ | 1,937 |
Supplemental noncash information: |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities - related parties (1) | $ | — |  |  | $ | 3,429 |  |  | $ | 13,317 |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ | 40,530 |  |  | $ | 31,452 |  |  | $ | 795 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 7,589 |  |  | $ | 4,732 |  |  | $ | 2,752 |
Right-of-use asset modifications for operating leases | $ | 4,012 |  |  | $ | 2,844 |  |  | $ | 3,846 |
(1)Includes right-of-use assets acquired. Refer to “Note 4—Acquisitions”. Maturities of lease liabilities: The following table presents maturities of lease liabilities and reconciles future lease payments on an undiscounted cash flow basis to the lease liabilities in the Consolidated Balance Sheet as of December 31, 2025 (in thousands):
Year ending December 31, | Operating Leases |  | Finance Leases
2026 | $ | 29,518 |  |  | $ | 4,357 |
2027 | 30,082 |  |  | 3,572 |
2028 | 27,155 |  |  | 2,616 |
2029 | 23,564 |  |  | 1,199 |
2030 | 18,789 |  |  | 43 |
Thereafter | 25,175 |  |  | — |
Total minimum lease payments | 154,283 |  |  | 11,787 |
Less: Amount of lease payments representing interest | (29,221) |  |  | (1,145) |
Lease liabilities | $ | 125,062 |  |  | $ | 10,642 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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