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v3.25.3

Leases | 9 Months Ended
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Sep. 30, 2025
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):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Type |  | Classification |  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense(1) |  | Operating expenses |  | $ | 7,160 |  |  | $ | 5,528 |  |  | $ | 20,978 |  |  | $ | 17,344 |
Financing lease amortization |  | Operating expenses |  | 142 |  |  | 171 |  |  | 441 |  |  | 436 |
Financing lease interest |  | Interest expense |  | 27 |  |  | 29 |  |  | 79 |  |  | 78 |
Financing lease expense |  |  |  | 169 |  |  | 200 |  |  | 520 |  |  | 514 |
Sublease income(2) |  |  |  | (190) |  |  | (160) |  |  | (509) |  |  | (266) |
Net lease cost |  |  |  | $ | 7,139 |  |  | $ | 5,568 |  |  | $ | 20,989 |  |  | $ | 17,592 |
(1) Includes short-term lease expense, which is immaterial. (2) The Company subleases excess property to third-party tenants. Sub lease 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 September 30, 2025 and December 31, 2024 was as follows (in thousands):
Lease Type |  | September 30, 2025 |  | December 31, 2024
Total right of use operating lease assets |  | $ | 105,312 |  |  | $ | 91,962 |
Total right of use financing lease assets |  | 1,590 |  |  | 1,702 |
Total lease assets |  | $ | 106,902 |  |  | $ | 93,664 |
Total current operating lease obligation |  | $ | 19,677 |  |  | $ | 18,413 |
Total current financing lease obligation |  | 579 |  |  | 538 |
Total current lease obligation |  | $ | 20,256 |  |  | $ | 18,951 |
Total long-term operating lease obligation |  | $ | 92,138 |  |  | $ | 76,759 |
Total long-term financing lease obligation |  | 855 |  |  | 999 |
Total long-term lease obligation |  | $ | 92,993 |  |  | $ | 77,758 |
The value of lease liabilities related to our operating and finance leases and sublease income as of September 30, 2025 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total |  | Sublease Income
Remaining 2025 |  | $ | 7,139 |  |  | $ | 173 |  |  | $ | 7,312 |  |  | $ | 173 |
2026 |  | 26,125 |  |  | 632 |  |  | 26,757 |  |  | 368 |
2027 |  | 24,356 |  |  | 384 |  |  | 24,740 |  |  | 42 |
2028 |  | 21,657 |  |  | 251 |  |  | 21,908 |  |  | 43 |
2029 |  | 17,933 |  |  | 107 |  |  | 18,040 |  |  | 44 |
Thereafter |  | 45,787 |  |  | 37 |  |  | 45,824 |  |  | 30 |
Total lease payments |  | 142,997 |  |  | 1,584 |  |  | 144,581 |  |  | 700 |
Less: Interest |  | (31,182) |  |  | (150) |  |  | (31,332) |  |  | — |
Present value of lease liabilities |  | $ | 111,815 |  |  | $ | 1,434 |  |  | $ | 113,249 |  |  | $ | 700 |
The weighted average lease terms and interest rates of leases held as of September 30, 2025 and December 31, 2024 were as follows:
|  | September 30, 2025 |  | December 31, 2024
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.4 years |  | 3.3 years |  | 6.3 years |  | 3.7 years
Weighted average interest rate |  | 7.4% |  | 7.1% |  | 7.6% |  | 7.3%
The cash outflows of leasing activity for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):
|  |  |  | Nine Months Ended September 30,
Cash Flow Source |  | Classification |  | 2025 |  | 2024
Operating cash flows from operating leases |  | Operating activities |  | $ | (19,506) |  |  | $ | (15,516) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (79) |  |  | $ | (77) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (445) |  |  | $ | (462) |
Refer to Note 4 – Revenue Recognition f or 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):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Type |  | Classification |  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense(1) |  | Operating expenses |  | $ | 7,160 |  |  | $ | 5,528 |  |  | $ | 20,978 |  |  | $ | 17,344 |
Financing lease amortization |  | Operating expenses |  | 142 |  |  | 171 |  |  | 441 |  |  | 436 |
Financing lease interest |  | Interest expense |  | 27 |  |  | 29 |  |  | 79 |  |  | 78 |
Financing lease expense |  |  |  | 169 |  |  | 200 |  |  | 520 |  |  | 514 |
Sublease income(2) |  |  |  | (190) |  |  | (160) |  |  | (509) |  |  | (266) |
Net lease cost |  |  |  | $ | 7,139 |  |  | $ | 5,568 |  |  | $ | 20,989 |  |  | $ | 17,592 |
(1) Includes short-term lease expense, which is immaterial. (2) The Company subleases excess property to third-party tenants. Sub lease 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 September 30, 2025 and December 31, 2024 was as follows (in thousands):
Lease Type |  | September 30, 2025 |  | December 31, 2024
Total right of use operating lease assets |  | $ | 105,312 |  |  | $ | 91,962 |
Total right of use financing lease assets |  | 1,590 |  |  | 1,702 |
Total lease assets |  | $ | 106,902 |  |  | $ | 93,664 |
Total current operating lease obligation |  | $ | 19,677 |  |  | $ | 18,413 |
Total current financing lease obligation |  | 579 |  |  | 538 |
Total current lease obligation |  | $ | 20,256 |  |  | $ | 18,951 |
Total long-term operating lease obligation |  | $ | 92,138 |  |  | $ | 76,759 |
Total long-term financing lease obligation |  | 855 |  |  | 999 |
Total long-term lease obligation |  | $ | 92,993 |  |  | $ | 77,758 |
The value of lease liabilities related to our operating and finance leases and sublease income as of September 30, 2025 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total |  | Sublease Income
Remaining 2025 |  | $ | 7,139 |  |  | $ | 173 |  |  | $ | 7,312 |  |  | $ | 173 |
2026 |  | 26,125 |  |  | 632 |  |  | 26,757 |  |  | 368 |
2027 |  | 24,356 |  |  | 384 |  |  | 24,740 |  |  | 42 |
2028 |  | 21,657 |  |  | 251 |  |  | 21,908 |  |  | 43 |
2029 |  | 17,933 |  |  | 107 |  |  | 18,040 |  |  | 44 |
Thereafter |  | 45,787 |  |  | 37 |  |  | 45,824 |  |  | 30 |
Total lease payments |  | 142,997 |  |  | 1,584 |  |  | 144,581 |  |  | 700 |
Less: Interest |  | (31,182) |  |  | (150) |  |  | (31,332) |  |  | — |
Present value of lease liabilities |  | $ | 111,815 |  |  | $ | 1,434 |  |  | $ | 113,249 |  |  | $ | 700 |
The weighted average lease terms and interest rates of leases held as of September 30, 2025 and December 31, 2024 were as follows:
|  | September 30, 2025 |  | December 31, 2024
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.4 years |  | 3.3 years |  | 6.3 years |  | 3.7 years
Weighted average interest rate |  | 7.4% |  | 7.1% |  | 7.6% |  | 7.3%
The cash outflows of leasing activity for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):
|  |  |  | Nine Months Ended September 30,
Cash Flow Source |  | Classification |  | 2025 |  | 2024
Operating cash flows from operating leases |  | Operating activities |  | $ | (19,506) |  |  | $ | (15,516) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (79) |  |  | $ | (77) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (445) |  |  | $ | (462) |
Refer to Note 4 – Revenue Recognition f or 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):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Type |  | Classification |  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense(1) |  | Operating expenses |  | $ | 7,160 |  |  | $ | 5,528 |  |  | $ | 20,978 |  |  | $ | 17,344 |
Financing lease amortization |  | Operating expenses |  | 142 |  |  | 171 |  |  | 441 |  |  | 436 |
Financing lease interest |  | Interest expense |  | 27 |  |  | 29 |  |  | 79 |  |  | 78 |
Financing lease expense |  |  |  | 169 |  |  | 200 |  |  | 520 |  |  | 514 |
Sublease income(2) |  |  |  | (190) |  |  | (160) |  |  | (509) |  |  | (266) |
Net lease cost |  |  |  | $ | 7,139 |  |  | $ | 5,568 |  |  | $ | 20,989 |  |  | $ | 17,592 |
(1) Includes short-term lease expense, which is immaterial. (2) The Company subleases excess property to third-party tenants. Sub lease 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 September 30, 2025 and December 31, 2024 was as follows (in thousands):
Lease Type |  | September 30, 2025 |  | December 31, 2024
Total right of use operating lease assets |  | $ | 105,312 |  |  | $ | 91,962 |
Total right of use financing lease assets |  | 1,590 |  |  | 1,702 |
Total lease assets |  | $ | 106,902 |  |  | $ | 93,664 |
Total current operating lease obligation |  | $ | 19,677 |  |  | $ | 18,413 |
Total current financing lease obligation |  | 579 |  |  | 538 |
Total current lease obligation |  | $ | 20,256 |  |  | $ | 18,951 |
Total long-term operating lease obligation |  | $ | 92,138 |  |  | $ | 76,759 |
Total long-term financing lease obligation |  | 855 |  |  | 999 |
Total long-term lease obligation |  | $ | 92,993 |  |  | $ | 77,758 |
The value of lease liabilities related to our operating and finance leases and sublease income as of September 30, 2025 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total |  | Sublease Income
Remaining 2025 |  | $ | 7,139 |  |  | $ | 173 |  |  | $ | 7,312 |  |  | $ | 173 |
2026 |  | 26,125 |  |  | 632 |  |  | 26,757 |  |  | 368 |
2027 |  | 24,356 |  |  | 384 |  |  | 24,740 |  |  | 42 |
2028 |  | 21,657 |  |  | 251 |  |  | 21,908 |  |  | 43 |
2029 |  | 17,933 |  |  | 107 |  |  | 18,040 |  |  | 44 |
Thereafter |  | 45,787 |  |  | 37 |  |  | 45,824 |  |  | 30 |
Total lease payments |  | 142,997 |  |  | 1,584 |  |  | 144,581 |  |  | 700 |
Less: Interest |  | (31,182) |  |  | (150) |  |  | (31,332) |  |  | — |
Present value of lease liabilities |  | $ | 111,815 |  |  | $ | 1,434 |  |  | $ | 113,249 |  |  | $ | 700 |
The weighted average lease terms and interest rates of leases held as of September 30, 2025 and December 31, 2024 were as follows:
|  | September 30, 2025 |  | December 31, 2024
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.4 years |  | 3.3 years |  | 6.3 years |  | 3.7 years
Weighted average interest rate |  | 7.4% |  | 7.1% |  | 7.6% |  | 7.3%
The cash outflows of leasing activity for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):
|  |  |  | Nine Months Ended September 30,
Cash Flow Source |  | Classification |  | 2025 |  | 2024
Operating cash flows from operating leases |  | Operating activities |  | $ | (19,506) |  |  | $ | (15,516) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (79) |  |  | $ | (77) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (445) |  |  | $ | (462) |
Refer to Note 4 – Revenue Recognition f or a discussion on the Company’s activities as lessor.

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