XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.25.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2025
Leases [Abstract] |
Leases | Note 8—Leases The Company recognizes ROU Assets and lease liabilities for automobiles, office buildings, IT equipment and small storage units for the temporary storage of operational equipment. The Company’s leases have remaining lease terms ranging from less than 1 year to 5 years. The Company recognizes extension options as part of the initial lease term for ROU Assets and lease liabilities when it is reasonably certain that the Company will exercise the extension option upon the completion of the initial lease term. Most leases include the option to terminate the lease within 1 year. The Company uses practical expedients offered under ASC 842 to combine lease and non-lease components within leasing arrangements and to recognize the payments associated with short-term leases in earnings on a straight-line basis over the lease term, with the cost associated with variable lease payments recognized when incurred. These accounting policy elections impact the value of the Company’s ROU Assets and lease liabilities. The value of the Company’s ROU Assets is determined as the carrying value of its leasing arrangements and is recorded in “Property and equipment, net” on the Company’s Consolidated Balance Sheets. The value of the Company’s lease liabilities is the present value of fixed lease payments not yet paid, which is discounted using either the rate implicit in the lease contract if that rate can be determined or the Company’s incremental borrowing rate (“IBR”) and is recorded in “Other accrued expenses and current liabilities” and “Lease liability — long-term” on the Company’s Consolidated Balance Sheets. The Company’s IBR is determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. Any future lease payments that are not fixed based on the terms of the lease contract, or fluctuate based on a factor other than an index or rate, are considered variable lease payments and are not included in the value of the Company’s ROU Assets or lease liabilities. The Company’s variable lease payments are mostly incurred from automobile leases and relate to miscellaneous transportation costs including repair costs, insurance, and terminal rental adjustment payments due at lease settlement. Such rental adjustment payments can result in a reduction to the Company’s total variable lease payments. Components of lease expense required by ASC 842 are presented below for the three and nine months ended September 30, 2025 and 2024.
|  | Three Months Ended September 30,
|  | 2025 |  | 2024
|  | (in thousands)
Lease cost |  |  |  |
Operating lease cost |  | $ | 2,103 |  |  | $ | 1,982 |
Short-term lease cost |  | 193 |  |  | 174 |
Variable lease cost |  | 454 |  |  | 375 |
Total lease cost |  | $ | 2,750 |  |  | $ | 2,531 |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | (in thousands)
Lease cost |  |  |  |
Operating lease cost |  | $ | 6,314 |  |  | $ | 5,764 |
Short-term lease cost |  | 663 |  |  | 668 |
Variable lease cost |  | 1,415 |  |  | 1,216 |
Total lease cost |  | $ | 8,392 |  |  | $ | 7,648 |
Supplemental information required by ASC 842 is presented below for the nine months ended September 30, 2025 and 2024.
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | (dollar amounts in thousands)
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 6,552 |  | $ | 6,024
Weighted-average remaining lease term — operating leases |  | 2.3 years |  | 2.7 years
Weighted-average discount rate — operating leases |  | 6.8 | % |  | 5.9 | %
During the three and nine months ended September 30, 2025, the Company’s ROU Assets and lease liabilities were reduced by $0.3 million and $1.9 million, respectively, due to lease cancellations. During the three and nine months ended September 30, 2024, the Company's ROU Assets and lease liabilities were reduced by $0.1 million and $0.6 million, respectively, due to lease cancellations. The following is a schedule by calendar year of future minimum lease payments under operating leases that have remaining terms as of September 30, 2025:
Period/Year |  | Operating Leases
|  | (in thousands)
October to December 31, 2025 |  | $ | 2,146 |
2026 |  | 6,853 |
2027 |  | 3,999 |
2028 |  | 1,872 |
2029 |  | 154 |
2030 and thereafter |  | 27 |
Total minimum lease payments |  | $ | 15,051 |
Less: imputed interest |  | 1,192 |
Present value of lease liabilities |  | $ | 13,859 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration