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Note 7 - Lease Obligations

6 Months Ended

Jun. 30, 2025

Note 7.

Lease Obligations

The finance leases in effect at June 30, 2025 terminate from June 2028 through November 2033 and contain guarantees of the residual value of the related equipment by us.

A summary of our lease obligations at June 30, 2025 and 2024 are as follows:

(dollars in thousands)	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Finance lease cost:
Amortization of right-of-use assets	$	218		$	123		$	437		$	246
Interest on lease liabilities		120			222			243			421
Operating lease cost		3,993			3,325			7,834			6,959
Variable lease cost		17			125			(68	)		149
Short-term lease cost		1,473			914			2,679			1,974
Total lease cost	$	5,821		$	4,709		$	11,125		$	9,749

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		120			222			243			421
Operating cash flows from operating leases		3,026			2,505			6,046			5,435
Financing cash flows from finance leases		185			203			365			365
Right-of-use assets obtained in exchange for new finance lease liabilities		-			5			-			815
Right-of-use assets obtained in exchange for new operating lease liabilities		1,484			8,970			4,359			8,970
Weighted-average remaining lease term—finance leases (in years)		4.5			3.7
Weighted-average remaining lease term—operating leases (in years)		4.0			4.7
Weighted-average discount rate—finance leases		12.8	%		13.4	%
Weighted-average discount rate—operating leases		8.9	%		9.2	%

As of June 30, 2025 and December 31, 2024, right-of-use assets of $38.0 million and $40.0 million for operating leases and $3.2 million and $4.6 million for finance leases, respectively, are included in net property and equipment in our condensed consolidated balance sheets. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation and general supplies and expenses, depending on the underlying asset, in the condensed consolidated statement of operations. Amortization of finance leased assets is included in depreciation and amortization expense in the condensed consolidated statement of operations.

Our future minimum lease payments as of June 30, 2025, are summarized as follows by lease category:

(in thousands)	*Operating*			*Finance*
2025 ⁽¹⁾		6,673		$	606
2026		13,468			1,212
2027		11,921			1,212
2028		6,327			930
2029		3,703			340
Thereafter		4,563			531
Total minimum lease payments	$	46,655		$	4,831
Less: amount representing interest		(6,671	)		(1,253	)
Present value of minimum lease payments	$	39,984		$	3,578
Less: current portion		(10,796	)		(1,032	)
Lease obligations, long-term	$	29,188		$	2,546

⁽¹⁾ Excludes the six months ended June 30, 2025.