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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.
Operating and Finance Leases
The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.
The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2024December 31, 2023
Assets:
Operating lease assetsOperating lease, right-of-use assets$40,316 $40,743 
Finance lease assetsProperty and equipment, net$26,598 $19,543 
Total lease assets$66,914 $60,286 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(10,059)$(9,016)
Finance lease liabilitiesFinance lease obligation, current portion$(9,182)$(6,586)
Total current lease liabilities$(19,241)$(15,602)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(36,332)$(37,660)
Finance lease liabilitiesFinance lease obligation, less current portion$(19,099)$(14,408)
Total non-current lease liabilities$(55,431)$(52,068)

The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Operating lease cost
Amortization of right-of-use assets$3,230 $2,711 $6,316 $5,204 
Finance lease cost:
Amortization of right-of-use assets2,323 1,778 4,287 3,448 
Interest on lease liabilities411 367 775 723 
Sublease Income(27)(22)(53)(22)
Total lease cost$5,937 $4,834 $11,325 $9,353 
Six Months Ended
(Amounts in thousands)June 30, 2024June 30, 2023
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$6,207 $4,736 
Operating cash flows from finance leases775 722 
Financing cash flows from finance leases4,053 3,285 
Right-of-use assets obtained in exchange for new operating leases4,316 13,255 
Right-of-use assets obtained in exchange for new finance leases10,775 4,377 
As ofAs of
June 30, 2024December 31, 2023
Weighted average remaining lease term (in years):
Operating leases4.925.28
Finance leases2.672.73
Weighted average discount rates:
Operating leases6.8 %7.1 %
Finance leases6.9 %7.4 %
Future minimum commitments under leases for the succeeding years are as follows (in thousands):
(Amounts in thousands)
Year ending December 31,Operating LeaseFinance Lease
2024 (six months remaining)$6,470 $5,436 
202512,006 10,572 
202610,396 7,120 
20278,971 2,915 
20287,979 412 
Thereafter8,830 – 
Total lease payments$54,652 $26,455 
Less: Amounts representing interest$(8,436)$(2,981)
Total lease liabilities$46,216 $23,474 
The above table is inclusive of $0.2 million sub-lease income associated with the $46.2 million total liability of operating leases as presented on the condensed consolidated balance sheet.
The above table is exclusive of the $4.8 million purchase price associated with the $23.5 million total liability of finance leases as presented on the condensed consolidated balance sheet.
Leases Leases
We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.
Operating and Finance Leases
The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.
The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2024December 31, 2023
Assets:
Operating lease assetsOperating lease, right-of-use assets$40,316 $40,743 
Finance lease assetsProperty and equipment, net$26,598 $19,543 
Total lease assets$66,914 $60,286 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(10,059)$(9,016)
Finance lease liabilitiesFinance lease obligation, current portion$(9,182)$(6,586)
Total current lease liabilities$(19,241)$(15,602)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(36,332)$(37,660)
Finance lease liabilitiesFinance lease obligation, less current portion$(19,099)$(14,408)
Total non-current lease liabilities$(55,431)$(52,068)

The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Operating lease cost
Amortization of right-of-use assets$3,230 $2,711 $6,316 $5,204 
Finance lease cost:
Amortization of right-of-use assets2,323 1,778 4,287 3,448 
Interest on lease liabilities411 367 775 723 
Sublease Income(27)(22)(53)(22)
Total lease cost$5,937 $4,834 $11,325 $9,353 
Six Months Ended
(Amounts in thousands)June 30, 2024June 30, 2023
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$6,207 $4,736 
Operating cash flows from finance leases775 722 
Financing cash flows from finance leases4,053 3,285 
Right-of-use assets obtained in exchange for new operating leases4,316 13,255 
Right-of-use assets obtained in exchange for new finance leases10,775 4,377 
As ofAs of
June 30, 2024December 31, 2023
Weighted average remaining lease term (in years):
Operating leases4.925.28
Finance leases2.672.73
Weighted average discount rates:
Operating leases6.8 %7.1 %
Finance leases6.9 %7.4 %
Future minimum commitments under leases for the succeeding years are as follows (in thousands):
(Amounts in thousands)
Year ending December 31,Operating LeaseFinance Lease
2024 (six months remaining)$6,470 $5,436 
202512,006 10,572 
202610,396 7,120 
20278,971 2,915 
20287,979 412 
Thereafter8,830 – 
Total lease payments$54,652 $26,455 
Less: Amounts representing interest$(8,436)$(2,981)
Total lease liabilities$46,216 $23,474 
The above table is inclusive of $0.2 million sub-lease income associated with the $46.2 million total liability of operating leases as presented on the condensed consolidated balance sheet.
The above table is exclusive of the $4.8 million purchase price associated with the $23.5 million total liability of finance leases as presented on the condensed consolidated balance sheet.