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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Components of Lease Expense | The following table summarizes the components of the Company’s lease expense recognized for the years ended December 31, 2024 and 2023:
| Year Ended December 31,
| 2024 |  | 2023
| (in thousands)
Operating lease expense |  |  |
Operating lease right of use assets | $ | 13,256 |  |  | $ | 12,524 |
Operating lease non right of use assets | 2,856 |  |  | 6,810 |
Total operating lease expense | $ | 16,112 |  |  | $ | 19,334 |
Finance lease expense |  |  |
Depreciation of right of use assets | $ | 26 |  |  | $ | 89 |
Interest on lease obligations | 27 |  |  | 69 |
Total finance lease expense | $ | 53 |  |  | $ | 158 |
Operating lease expense is included in the line items “Cost of revenues” and “General and administrative expenses”, depending on the nature of the lease, in the Company’s Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the years ended December 31, 2024 and 2023. Supplemental information related to leases was as follows as of December 31, 2024 and 2023:
| December 31,
| 2024 |  | 2023
Operating leases |  |  |
Weighted average remaining lease term | 3.6 |  | 4.3
Weighted average discount rate | 6.0% |  | 5.8%
Finance leases |  |  |
Weighted average remaining lease term | 0.7 |  | 0.7
Weighted average discount rate | 91.7% |  | 25.1%
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows as of December 31, 2024 and 2023:
| December 31,
| 2024 |  | 2023
| (in thousands)
Operating lease right of use assets |  |  |
Operating lease right of use assets, gross | $ | 70,226 |  |  | $ | 65,026 |
Less: Accumulated amortization | (32,974) |  |  | (22,970) |
Operating lease right of use assets, net | $ | 37,252 |  |  | $ | 42,056 |
Operating lease obligations |  |  |
Current portion of operating lease obligations | $ | 11,216 |  |  | $ | 10,314 |
Long-term operating lease obligations | 26,710 |  |  | 32,594 |
Total operating lease obligations | $ | 37,926 |  |  | $ | 42,908 |
Finance lease right of use assets |  |  |
Finance lease right of use assets, gross | $ | 39 |  |  | $ | 70 |
Less: Accumulated depreciation | (10) |  |  | (19) |
Finance lease right of use assets, net | $ | 29 |  |  | $ | 51 |
Finance lease obligations |  |  |
Current portion of finance lease obligations | $ | 21 |  |  | $ | 31 |
Long-term finance lease obligations | — |  |  | — |
Total finance lease obligations | $ | 21 |  |  | $ | 31 |
Schedule of Operating Lease Liability Maturity | Future annual minimum lease payments as of December 31, 2024 were as follows:
| Operating Lease Right of Use Obligations |  | Finance Leases |  | Total
| (in thousands)
2025 | $ | 13,110 |  |  | $ | 28 |  |  | $ | 13,138 |
2026 | 11,419 |  |  | — |  |  | 11,419 |
2027 | 8,469 |  |  | — |  |  | 8,469 |
2028 | 6,570 |  |  | — |  |  | 6,570 |
2029 | 2,185 |  |  | — |  |  | 2,185 |
Thereafter | 356 |  |  | — |  |  | 356 |
Total lease payments | $ | 42,109 |  |  | $ | 28 |  |  | $ | 42,137 |
Less: present value discount | (4,183) |  |  | (7) |  |  | (4,190) |
Present value of lease obligations | $ | 37,926 |  |  | $ | 21 |  |  | $ | 37,947 |
Schedule of Financing Lease Liability Maturity | Future annual minimum lease payments as of December 31, 2024 were as follows:
| Operating Lease Right of Use Obligations |  | Finance Leases |  | Total
| (in thousands)
2025 | $ | 13,110 |  |  | $ | 28 |  |  | $ | 13,138 |
2026 | 11,419 |  |  | — |  |  | 11,419 |
2027 | 8,469 |  |  | — |  |  | 8,469 |
2028 | 6,570 |  |  | — |  |  | 6,570 |
2029 | 2,185 |  |  | — |  |  | 2,185 |
Thereafter | 356 |  |  | — |  |  | 356 |
Total lease payments | $ | 42,109 |  |  | $ | 28 |  |  | $ | 42,137 |
Less: present value discount | (4,183) |  |  | (7) |  |  | (4,190) |
Present value of lease obligations | $ | 37,926 |  |  | $ | 21 |  |  | $ | 37,947 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 were as follows:
| Year Ended December 31,
| 2024 |  | 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease obligations: |  |  |
Operating cash flows from operating leases | $ | 13,080 |  |  | $ | 12,344 |
Operating cash flows from finance leases | $ | 26 |  |  | $ | 89 |
Financing cash flows from finance leases | $ | 49 |  |  | $ | 217 |
Right of use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 6,307 |  |  | $ | 15,955 |
Finance leases | $ | 39 |  |  | $ | 70 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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