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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Note 7 – Leases The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The components of lease cost were as follows (in thousands):
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating lease expense(1) |  | Operating expenses |  | $ | 23,958 |  |  | $ | 21,131 |  |  | $ | 15,151 |
Financing lease amortization |  | Operating expenses |  | 612 |  |  | 546 |  |  | 466 |
Financing lease interest |  | Interest expense |  | 108 |  |  | 93 |  |  | 41 |
Financing lease expense |  |  |  | 720 |  |  | 639 |  |  | 507 |
Sublease income(2) |  |  |  | (425) |  |  | — |  |  | — |
Net lease cost |  |  |  | $ | 24,253 |  |  | $ | 21,770 |  |  | $ | 15,658 |
(1) Includes short-term lease expense, which is immaterial. (2) The Company subleases one of its leased properties with a remaining lease term of approximately 1.5 years that terminates on June 30, 2026. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset to operating lease expense. The value of net assets and liabilities related to our operating and finance leases as of December 31, 2024 and December 31, 2023 was as follows (in thousands):
|  | December 31,
Lease Type |  | 2024 |  | 2023
Total right of use operating lease assets |  | $ | 91,962 |  |  | $ | 76,340 |
Total right of use financing lease assets |  | 1,702 |  |  | 1,560 |
Total lease assets |  | $ | 93,664 |  |  | $ | 77,900 |
Total current operating lease obligation |  | $ | 18,413 |  |  | $ | 13,010 |
Total current financing lease obligation |  | 538 |  |  | 539 |
Total current lease obligation |  | $ | 18,951 |  |  | $ | 13,549 |
Total long-term operating lease obligation |  | $ | 76,759 |  |  | $ | 66,234 |
Total long-term financing lease obligation |  | 999 |  |  | 831 |
Total long-term lease obligation |  | $ | 77,758 |  |  | $ | 67,065 |
The value of lease liabilities related to our operating and finance leases and sublease income as of December 31, 2024 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total |  | Sublease Income
2025 |  | $ | 24,854 |  |  | $ | 628 |  |  | $ | 25,482 |  |  | $ | 640 |
2026 |  | 20,775 |  |  | 533 |  |  | 21,308 |  |  | 326 |
2027 |  | 17,859 |  |  | 310 |  |  | 18,169 |  |  | — |
2028 |  | 15,130 |  |  | 182 |  |  | 15,312 |  |  | — |
2029 |  | 11,313 |  |  | 45 |  |  | 11,358 |  |  | — |
Thereafter |  | 32,998 |  |  | 20 |  |  | 33,018 |  |  | — |
Total lease payments |  | 122,929 |  |  | 1,718 |  |  | 124,647 |  |  | 966 |
Less: Interest |  | (27,757) |  |  | (181) |  |  | (27,938) |  |  | — |
Present value of lease liabilities |  | $ | 95,172 |  |  | $ | 1,537 |  |  | $ | 96,709 |  |  | $ | 966 |
The weighted average lease terms and interest rates of leases held as of December 31, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.3 years |  | 3.7 years |  | 6.6 years |  | 2.8 years
Weighted average interest rate |  | 7.6% |  | 7.3% |  | 7.8% |  | 7.1%
The cash outflows of leasing activity for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
|  |  |  | Year Ended December 31,
Cash Flow Source |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (21,980) |  |  | $ | (15,516) |  |  | $ | (12,149) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (111) |  |  | $ | (242) |  |  | $ | (184) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (653) |  |  | $ | (515) |  |  | $ | (429) |
Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.
Leases | Note 7 – Leases The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The components of lease cost were as follows (in thousands):
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating lease expense(1) |  | Operating expenses |  | $ | 23,958 |  |  | $ | 21,131 |  |  | $ | 15,151 |
Financing lease amortization |  | Operating expenses |  | 612 |  |  | 546 |  |  | 466 |
Financing lease interest |  | Interest expense |  | 108 |  |  | 93 |  |  | 41 |
Financing lease expense |  |  |  | 720 |  |  | 639 |  |  | 507 |
Sublease income(2) |  |  |  | (425) |  |  | — |  |  | — |
Net lease cost |  |  |  | $ | 24,253 |  |  | $ | 21,770 |  |  | $ | 15,658 |
(1) Includes short-term lease expense, which is immaterial. (2) The Company subleases one of its leased properties with a remaining lease term of approximately 1.5 years that terminates on June 30, 2026. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset to operating lease expense. The value of net assets and liabilities related to our operating and finance leases as of December 31, 2024 and December 31, 2023 was as follows (in thousands):
|  | December 31,
Lease Type |  | 2024 |  | 2023
Total right of use operating lease assets |  | $ | 91,962 |  |  | $ | 76,340 |
Total right of use financing lease assets |  | 1,702 |  |  | 1,560 |
Total lease assets |  | $ | 93,664 |  |  | $ | 77,900 |
Total current operating lease obligation |  | $ | 18,413 |  |  | $ | 13,010 |
Total current financing lease obligation |  | 538 |  |  | 539 |
Total current lease obligation |  | $ | 18,951 |  |  | $ | 13,549 |
Total long-term operating lease obligation |  | $ | 76,759 |  |  | $ | 66,234 |
Total long-term financing lease obligation |  | 999 |  |  | 831 |
Total long-term lease obligation |  | $ | 77,758 |  |  | $ | 67,065 |
The value of lease liabilities related to our operating and finance leases and sublease income as of December 31, 2024 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total |  | Sublease Income
2025 |  | $ | 24,854 |  |  | $ | 628 |  |  | $ | 25,482 |  |  | $ | 640 |
2026 |  | 20,775 |  |  | 533 |  |  | 21,308 |  |  | 326 |
2027 |  | 17,859 |  |  | 310 |  |  | 18,169 |  |  | — |
2028 |  | 15,130 |  |  | 182 |  |  | 15,312 |  |  | — |
2029 |  | 11,313 |  |  | 45 |  |  | 11,358 |  |  | — |
Thereafter |  | 32,998 |  |  | 20 |  |  | 33,018 |  |  | — |
Total lease payments |  | 122,929 |  |  | 1,718 |  |  | 124,647 |  |  | 966 |
Less: Interest |  | (27,757) |  |  | (181) |  |  | (27,938) |  |  | — |
Present value of lease liabilities |  | $ | 95,172 |  |  | $ | 1,537 |  |  | $ | 96,709 |  |  | $ | 966 |
The weighted average lease terms and interest rates of leases held as of December 31, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.3 years |  | 3.7 years |  | 6.6 years |  | 2.8 years
Weighted average interest rate |  | 7.6% |  | 7.3% |  | 7.8% |  | 7.1%
The cash outflows of leasing activity for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
|  |  |  | Year Ended December 31,
Cash Flow Source |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (21,980) |  |  | $ | (15,516) |  |  | $ | (12,149) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (111) |  |  | $ | (242) |  |  | $ | (184) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (653) |  |  | $ | (515) |  |  | $ | (429) |
Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.
Leases | Note 7 – Leases The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The components of lease cost were as follows (in thousands):
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating lease expense(1) |  | Operating expenses |  | $ | 23,958 |  |  | $ | 21,131 |  |  | $ | 15,151 |
Financing lease amortization |  | Operating expenses |  | 612 |  |  | 546 |  |  | 466 |
Financing lease interest |  | Interest expense |  | 108 |  |  | 93 |  |  | 41 |
Financing lease expense |  |  |  | 720 |  |  | 639 |  |  | 507 |
Sublease income(2) |  |  |  | (425) |  |  | — |  |  | — |
Net lease cost |  |  |  | $ | 24,253 |  |  | $ | 21,770 |  |  | $ | 15,658 |
(1) Includes short-term lease expense, which is immaterial. (2) The Company subleases one of its leased properties with a remaining lease term of approximately 1.5 years that terminates on June 30, 2026. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset to operating lease expense. The value of net assets and liabilities related to our operating and finance leases as of December 31, 2024 and December 31, 2023 was as follows (in thousands):
|  | December 31,
Lease Type |  | 2024 |  | 2023
Total right of use operating lease assets |  | $ | 91,962 |  |  | $ | 76,340 |
Total right of use financing lease assets |  | 1,702 |  |  | 1,560 |
Total lease assets |  | $ | 93,664 |  |  | $ | 77,900 |
Total current operating lease obligation |  | $ | 18,413 |  |  | $ | 13,010 |
Total current financing lease obligation |  | 538 |  |  | 539 |
Total current lease obligation |  | $ | 18,951 |  |  | $ | 13,549 |
Total long-term operating lease obligation |  | $ | 76,759 |  |  | $ | 66,234 |
Total long-term financing lease obligation |  | 999 |  |  | 831 |
Total long-term lease obligation |  | $ | 77,758 |  |  | $ | 67,065 |
The value of lease liabilities related to our operating and finance leases and sublease income as of December 31, 2024 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total |  | Sublease Income
2025 |  | $ | 24,854 |  |  | $ | 628 |  |  | $ | 25,482 |  |  | $ | 640 |
2026 |  | 20,775 |  |  | 533 |  |  | 21,308 |  |  | 326 |
2027 |  | 17,859 |  |  | 310 |  |  | 18,169 |  |  | — |
2028 |  | 15,130 |  |  | 182 |  |  | 15,312 |  |  | — |
2029 |  | 11,313 |  |  | 45 |  |  | 11,358 |  |  | — |
Thereafter |  | 32,998 |  |  | 20 |  |  | 33,018 |  |  | — |
Total lease payments |  | 122,929 |  |  | 1,718 |  |  | 124,647 |  |  | 966 |
Less: Interest |  | (27,757) |  |  | (181) |  |  | (27,938) |  |  | — |
Present value of lease liabilities |  | $ | 95,172 |  |  | $ | 1,537 |  |  | $ | 96,709 |  |  | $ | 966 |
The weighted average lease terms and interest rates of leases held as of December 31, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.3 years |  | 3.7 years |  | 6.6 years |  | 2.8 years
Weighted average interest rate |  | 7.6% |  | 7.3% |  | 7.8% |  | 7.1%
The cash outflows of leasing activity for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
|  |  |  | Year Ended December 31,
Cash Flow Source |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (21,980) |  |  | $ | (15,516) |  |  | $ | (12,149) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (111) |  |  | $ | (242) |  |  | $ | (184) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (653) |  |  | $ | (515) |  |  | $ | (429) |
Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.

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