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Leases

3 Months Ended

Mar. 31, 2026

6. Leases

As of March 31, 2026, the weighted-average remaining lease term was 6.2 and 3.6 years for operating and finance leases, respectively. As of March 31, 2026, the weighted-average discount rate was 3.8% and 6.6% for operating and finance leases, respectively.

The components of lease expense were as follows (U.S. dollars in thousands):

	Three Months Ended
	March 31,
	2026		2025
Operating lease expense
Operating lease cost	$	5,822	$	5,916
Variable lease cost		863		961
Finance lease expense
Amortization of right-of-use assets		512		530
Interest on lease liabilities		133		168
Total lease expense	$	7,330	$	7,575

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

	Three Months Ended
	March 31,
	2026		2025
Operating cash outflow from operating leases	$	5,709	$	5,744
Operating cash outflow from finance leases	$	129	$	166
Financing cash outflow from finance leases	$	489	$	621
Right-of-use assets obtained in exchange for operating lease obligations	$	2,469	$	11,496
Right-of-use assets obtained in exchange for finance lease obligations	$	-	$	277

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

	Operating		Finance
Year Ending December 31,	Leases		Leases
2026	$	16,095	$	1,797
2027		16,647		2,375
2028		12,345		2,340
2029		10,380		1,902
2030		5,449		6
Thereafter		19,379		-
Total		80,295		8,420
Less: Finance Charges		7,768		931
Total Principal Liability	$	72,527	$	7,489

The Company has additional lease liabilities of $37.6 million which have not yet commenced as of March 31, 2026, and as such, have not been recognized on the consolidated balance sheets.