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Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Condensed Consolidated Balance Sheet Operating and Finance Leases

The condensed consolidated balance sheets consist of the following amounts relating to operating and finance leases (in thousands):

 

 

 

As of
March 31,

 

 

As of
December 31,

 

 

 

2025

 

 

2024

 

Operating right-of-use assets

 

 

 

 

 

 

 

 

Real property

 

$

 

18,065

 

 

$

 

19,480

 

 

$

 

18,065

 

 

$

 

19,480

 

Operating lease liabilities

 

 

 

 

 

 

 

 

Current

 

$

 

7,530

 

 

$

 

6,809

 

Non-current

 

 

 

10,672

 

 

 

 

12,739

 

 

$

 

18,202

 

 

$

 

19,548

 

 

 

 

As of
March 31,

 

 

As of
December 31,

 

 

 

2025

 

 

2024

 

Finance right-of-use assets

 

 

 

 

 

 

 

 

Vehicles

 

$

 

23,077

 

 

$

 

21,871

 

 

$

 

23,077

 

 

$

 

21,871

 

Finance lease liabilities

 

 

 

 

 

 

 

 

Current

 

$

 

12,162

 

 

$

 

7,837

 

Non-current

 

 

 

9,934

 

 

 

 

13,389

 

 

$

 

22,096

 

 

$

 

21,226

 
Schedule of Condensed Consolidated Statements of Operations

The condensed consolidated statements of operations consist of the following amounts relating to leases (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Amortization of real property operating
   right-of-use assets

 

 

 

 

 

 

 

 

(included in general and administrative expenses)

 

$

 

2,052

 

 

$

 

161

 

Interest expense of vehicles finance right-of-use
   assets

 

 

 

 

 

 

 

 

(included in interest expense)

 

$

 

1,037

 

 

$

 

572

 

Depreciation of vehicles finance right-of-use assets

 

 

 

 

 

 

 

 

(included in depreciation and amortization)

 

$

 

2,154

 

 

$

 

56

 

 

 

 

 

 

 

 

 

 

Variable lease expense

 

$

 

—

 

 

$

 

—

 

Short-term lease expense

 

$

 

225

 

 

$

 

—

 
Schedule of Total Cash Outflows Leases

The below table shows the total cash outflows for leases for the periods presented (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Operating cash flows from operating leases

 

$

 

1,848

 

 

$

 

—

 

Financing cash flows from finance leases

 

 

 

2,829

 

 

 

 

1,109

 

Total cash outflows for leases

 

$

 

4,677

 

 

$

 

1,109

 
Schedule of Operating and Finance Lease Payments Maturity

The table below reconciles the undiscounted future minimum operating and finance lease payments to the operating and finance lease liabilities recorded on the balance sheet as of March 31, 2025 (in thousands):

 

 

 

Operating
Lease

 

 

Finance
Lease

 

Remainder of 2025

 

$

 

6,532

 

 

$

 

10,082

 

2026

 

 

 

6,618

 

 

 

 

9,909

 

2027

 

 

 

3,261

 

 

 

 

4,303

 

2028

 

 

 

1,539

 

 

 

 

117

 

2029

 

 

 

1,194

 

 

 

 

—

 

Thereafter

 

 

 

1,278

 

 

 

 

—

 

Total future minimum lease payments

 

 

 

20,422

 

 

 

 

24,411

 

Less: Amount of lease payments representing
   interest

 

 

 

(2,220

)

 

 

 

(2,315

)

Present values of future minimum lease payments

 

$

 

18,202

 

 

$

 

22,096

 
Scheduled Future Minimum Lease Payments Received

Scheduled future minimum lease payments to be received by the Company as of March 31, 2025 for each of the next five years is as follows (in thousands):

 

 

 

Amount

 

Remainder of 2025

 

$

 

125,983

 

2026

 

 

 

69,598

 

2027

 

 

 

30,679

 

2028

 

 

 

961

 

2029

 

 

 

—

 

Thereafter

 

 

 

—

 

Total

 

$

 

227,221