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Note 9 - Leases

12 Months Ended

Dec. 31, 2024

9.	LEASES:

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

	*December 31,*
	*2024*		*2023*
Right-of-use assets:
Finance leases, net, included in Property and equipment (1)	$	6,497	$	7,092
Operating leases		87,747		88,155
Total right-of-use assets	$	94,244	$	95,247

Lease liabilities:
Finance leases	$	6,824	$	7,481
Operating leases		90,731		90,216
Total lease liabilities	$	97,555	$	97,697

(1)

Finance lease right-of-use assets are presented net of accumulated amortization of $2.3 million and $1.4 million as of December 31, 2024 and 2023, respectively.

Lease cost consists of the following (in thousands):

	*Year Ended December 31,*
	*2024*		*2023*		*2022*
Finance lease cost:
Amortization of right-of-use assets	$	1,356	$	795	$	577
Interest on lease liabilities		488		266		148
Operating lease cost		7,882		7,765		7,770
Short-term lease cost		1,481		1,402		1,000
Variable lease cost		494		313		251
Total lease cost	$	11,701	$	10,541	$	9,746

The future payments of lease liabilities as of December 31, 2024 are as follows (in thousands):

	Finance Leases			Operating Leases

2025	$	2,171		$	7,250
2026		2,092			6,924
2027		1,859			6,524
2028		1,392			6,655
2029		320			6,440
Thereafter		-			80,565
Total lease payments		7,834			114,358
Amount representing interest		(1,010	)		(23,627	)
Present value of lease liabilities		6,824			90,731
Current portion of lease liabilities (1)		(1,741	)		(4,987	)
Long-term lease liabilities (2)	$	5,083		$	85,744

	(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,*
	*2024*			*2023*
Weighted-average remaining lease term (years)
Finance leases		3.39			3.90
Operating leases		16.51			16.73
Weighted-average discount rate
Finance leases		7.06	%		6.93	%
Operating leases		2.54	%		2.17	%

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

	*Year Ended December 31,*
	*2024*			*2023*			*2022*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	(488	)	$	(266	)	$	(148	)
Operating cash flows from operating leases		(7,121	)		(6,930	)		(6,818	)
Financing cash flows from finance leases		(1,419	)		(826	)		(597	)
Right-of-use assets obtained in exchange for finance lease liabilities		1,130			5,270			1,466
Right-of-use assets obtained in exchange for operating lease liabilities		4,057			952			568