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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | NOTE 11. LEASES The Company leases vehicles, office space, warehouse space, and manufacturing equipment under operating and finance leases expiring in various years. In addition, the Company has generated sublease income for when the Company acts as lessor. Total lease expense was $18.1 million, $14.9 million and $10.6 million for the years ended December 31, 2024, 2023 and 2022 respectively. The Company’s components of net lease cost for the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | For the Twelve Months Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Finance lease – amortization of right of use assets |  | $ | 6,072 |  |  | $ | 4,116 |  |  | $ | 2,110 |
Finance lease – interest on lease liabilities |  |  | 678 |  |  |  | 453 |  |  |  | 170 |
Operating lease cost |  |  | 10,464 |  |  |  | 9,003 |  |  |  | 7,333 |
Variable lease cost |  |  | 806 |  |  |  | 1,781 |  |  |  | 1,778 |
Short-term lease cost |  |  | 120 |  |  |  | 100 |  |  |  | 52 |
Sublease income |  |  | — |  |  |  | (529 | ) |  |  | (874 | )
Total |  | $ | 18,140 |  |  | $ | 14,924 |  |  | $ | 10,569 |
Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 is as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Weighted average remaining lease term: |  |  |  |  |  |
Operating leases |  | 6.50 years |  |  | 6.27 years |
Finance leases |  | 2.12 years |  |  | 2.24 years |
Weighted average discount rate: |  |  |  |  |  |
Operating leases |  |  | 6.59 | % |  |  | 5.27 | %
Finance leases |  |  | 7.23 | % |  |  | 6.20 | %
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | For the Twelve Months Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 31,563 |  |  | $ | 13,138 |  |  | $ | 6,431 |
Finance leases |  |  | 6,373 |  |  |  | 6,369 |  |  |  | 6,003 |
Cash payments on leases |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 10,615 |  |  | $ | 8,251 |  |  | $ | 8,088 |
Operating cash flows from finance leases |  |  | 489 |  |  |  | 413 |  |  |  | 160 |
Financing cash flows from finance leases |  |  | 5,698 |  |  |  | 3,865 |  |  |  | 2,272 |
Future minimum non-cancelable operating and finance leases mature as follows:
|  | Leases |  |  |  |
(in thousands) |  | Finance |  |  | Operating |  |  | Total |
2025 |  | $ | 5,998 |  |  | $ | 13,660 |  |  | $ | 19,658 |
2026 |  |  | 3,706 |  |  |  | 11,885 |  |  |  | 15,591 |
2027 |  |  | 1,143 |  |  |  | 10,266 |  |  |  | 11,409 |
2028 |  |  | 330 |  |  |  | 8,615 |  |  |  | 8,945 |
2029 |  |  | 9 |  |  |  | 7,176 |  |  |  | 7,185 |
Thereafter |  |  | — |  |  |  | 18,184 |  |  |  | 18,184 |
Subtotal |  |  | 11,186 |  |  |  | 69,786 |  |  |  | 80,972 |
Less: amounts representing interest* |  |  | (841 | ) |  |  | (14,086 | ) |  |  | (14,927 | )
Present value of payments |  | $ | 10,345 |  |  | $ | 55,700 |  |  | $ | 66,045 |
* Interest rates range from 2.08% - 13.09%. The Company acts as a lessor where it leases rental tools to customers on a short-term basis. Rental tools are included within Property and equipment, net on the Consolidated Balance Sheets. Refer to Note 6. Property and Equipment for additional details. We recognize revenue from rental payments. Refer to Note 2. Summary of Significant Accounting Policies and Note 4. Revenue for additional details.

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