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Note 9 - Leases

12 Months Ended

Dec. 31, 2023

9.	LEASES:

The following table summarizes the Company’s leases recorded on the Consolidated Balance Sheets (in thousands):

	*December 31,*
	*2023*		*2022*
Right-of-use assets:
Finance leases, net, included in Property and equipment (1)	$	7,092	$	2,618
Operating leases		88,155		93,124
Total right-of-use assets	$	95,247	$	95,742

Lease liabilities:
Finance leases	$	7,481	$	3,037
Operating leases		90,216		94,174
Total lease liabilities	$	97,697	$	97,211

(1)

Finance lease right-of-use assets are presented net of accumulated amortization of $1.4 million and $1.2 million as of December 31, 2023 and 2022, respectively.

Lease cost consists of the following (in thousands):

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Finance lease cost:
Amortization of right-of-use assets	$	795	$	577	$	413
Interest on lease liabilities		266		148		90
Operating lease cost		7,765		7,770		4,627
Short-term lease cost		1,402		1,000		993
Variable lease cost		313		251		158
Total lease cost	$	10,541	$	9,746	$	6,281

The future maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):

	*Finance Leases*			*Operating Leases*

2024	$	2,212		$	6,874
2025		1,923			6,913
2026		1,847			6,583
2027		1,614			6,192
2028		1,147			6,308
Thereafter		-			76,453
Total lease payments		8,743			109,323
Amount representing interest		(1,262	)		(19,107	)
Present value of lease liabilities		7,481			90,216
Current portion of lease liabilities (1)		(1,721	)		(4,933	)
Long-term lease liabilities (2)	$	5,760		$	85,283

(1)

Current portion of finance lease liabilities are included in Accrued liabilities.

(2)

Long-term finance lease liabilities, less current portion are included in Other long-term liabilities.

The following table summarizes the lease terms and discount rates for the lease liabilities:

	*December 31,*
	*2023*			*2022*
Weighted-average remaining lease term (years)
Finance leases		3.90			3.52
Operating leases		16.73			17.83
Weighted-average discount rate
Finance leases		6.93	%		5.44	%
Operating leases		2.17	%		2.19	%

The following table presents other information related to the operating and finance leases (in thousands):

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	(266	)	$	(148	)	$	(90	)
Operating cash flows from operating leases		(6,930	)		(6,818	)		(4,142	)
Financing cash flows from finance leases		(826	)		(597	)		(415	)
Right-of-use assets obtained in exchange for finance lease liabilities		5,270			1,466			853
Right-of-use assets obtained in exchange for operating lease liabilities		952			568			16,043