v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
Note 7 – Leases

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The components of lease cost were as follows (in thousands):
Three Months Ended March 31,
Lease TypeClassification20252024
Operating lease expense(1)
Operating expenses$6,827 $5,716 
Financing lease amortizationOperating expenses150 134 
Financing lease interestInterest expense26 27 
Financing lease expense176 161 
Sublease income(2)
(159)— 
Net lease cost$6,844 $5,877 
(1)    Includes short-term lease expense, which is immaterial.
(2)    The Company subleases one of its leased properties with a remaining lease term of approximately 1.25 years that terminates on June 30, 2026. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset to operating lease expense.
The value of net assets and liabilities related to our operating and finance leases as of March 31, 2025 and December 31, 2024 was as follows (in thousands):
Lease TypeMarch 31, 2025December 31, 2024
Total right of use operating lease assets
$106,468 $91,962 
Total right of use financing lease assets
1,558 1,702 
Total lease assets$108,026 $93,664 
Total current operating lease obligation
$18,137 $18,413 
Total current financing lease obligation
527 538 
Total current lease obligation$18,664 $18,951 
Total long-term operating lease obligation
$93,176 $76,759 
Total long-term financing lease obligation
881 999 
Total long-term lease obligation
$94,057 $77,758 

The value of lease liabilities related to our operating and finance leases and sublease income as of March 31, 2025 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotalSublease Income
Remaining 2025$19,388 $463 $19,851 $483 
202624,140 541 24,681 326 
202722,413 312 22,725 — 
202819,782 182 19,964 — 
202916,088 45 16,133 — 
Thereafter42,545 20 42,565 — 
Total lease payments144,356 1,563 145,919 809 
Less: Interest(33,043)(155)(33,198)— 
Present value of lease liabilities$111,313 $1,408 $112,721 $809 

The weighted average lease terms and interest rates of leases held as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.5 years3.5 years6.3 years3.7 years
Weighted average interest rate
7.5%7.3%7.6%7.3%

The cash outflows of leasing activity for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three Months Ended March 31,
Cash Flow SourceClassification20252024
Operating cash flows from operating leasesOperating activities$(6,558)$(4,674)
Operating cash flows from financing leasesOperating activities(26)(50)
Financing cash flows from financing leasesFinancing activities(146)(124)

Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.
Leases
Note 7 – Leases

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The components of lease cost were as follows (in thousands):
Three Months Ended March 31,
Lease TypeClassification20252024
Operating lease expense(1)
Operating expenses$6,827 $5,716 
Financing lease amortizationOperating expenses150 134 
Financing lease interestInterest expense26 27 
Financing lease expense176 161 
Sublease income(2)
(159)— 
Net lease cost$6,844 $5,877 
(1)    Includes short-term lease expense, which is immaterial.
(2)    The Company subleases one of its leased properties with a remaining lease term of approximately 1.25 years that terminates on June 30, 2026. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset to operating lease expense.
The value of net assets and liabilities related to our operating and finance leases as of March 31, 2025 and December 31, 2024 was as follows (in thousands):
Lease TypeMarch 31, 2025December 31, 2024
Total right of use operating lease assets
$106,468 $91,962 
Total right of use financing lease assets
1,558 1,702 
Total lease assets$108,026 $93,664 
Total current operating lease obligation
$18,137 $18,413 
Total current financing lease obligation
527 538 
Total current lease obligation$18,664 $18,951 
Total long-term operating lease obligation
$93,176 $76,759 
Total long-term financing lease obligation
881 999 
Total long-term lease obligation
$94,057 $77,758 

The value of lease liabilities related to our operating and finance leases and sublease income as of March 31, 2025 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotalSublease Income
Remaining 2025$19,388 $463 $19,851 $483 
202624,140 541 24,681 326 
202722,413 312 22,725 — 
202819,782 182 19,964 — 
202916,088 45 16,133 — 
Thereafter42,545 20 42,565 — 
Total lease payments144,356 1,563 145,919 809 
Less: Interest(33,043)(155)(33,198)— 
Present value of lease liabilities$111,313 $1,408 $112,721 $809 

The weighted average lease terms and interest rates of leases held as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.5 years3.5 years6.3 years3.7 years
Weighted average interest rate
7.5%7.3%7.6%7.3%

The cash outflows of leasing activity for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three Months Ended March 31,
Cash Flow SourceClassification20252024
Operating cash flows from operating leasesOperating activities$(6,558)$(4,674)
Operating cash flows from financing leasesOperating activities(26)(50)
Financing cash flows from financing leasesFinancing activities(146)(124)

Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.
Leases
Note 7 – Leases

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The components of lease cost were as follows (in thousands):
Three Months Ended March 31,
Lease TypeClassification20252024
Operating lease expense(1)
Operating expenses$6,827 $5,716 
Financing lease amortizationOperating expenses150 134 
Financing lease interestInterest expense26 27 
Financing lease expense176 161 
Sublease income(2)
(159)— 
Net lease cost$6,844 $5,877 
(1)    Includes short-term lease expense, which is immaterial.
(2)    The Company subleases one of its leased properties with a remaining lease term of approximately 1.25 years that terminates on June 30, 2026. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset to operating lease expense.
The value of net assets and liabilities related to our operating and finance leases as of March 31, 2025 and December 31, 2024 was as follows (in thousands):
Lease TypeMarch 31, 2025December 31, 2024
Total right of use operating lease assets
$106,468 $91,962 
Total right of use financing lease assets
1,558 1,702 
Total lease assets$108,026 $93,664 
Total current operating lease obligation
$18,137 $18,413 
Total current financing lease obligation
527 538 
Total current lease obligation$18,664 $18,951 
Total long-term operating lease obligation
$93,176 $76,759 
Total long-term financing lease obligation
881 999 
Total long-term lease obligation
$94,057 $77,758 

The value of lease liabilities related to our operating and finance leases and sublease income as of March 31, 2025 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotalSublease Income
Remaining 2025$19,388 $463 $19,851 $483 
202624,140 541 24,681 326 
202722,413 312 22,725 — 
202819,782 182 19,964 — 
202916,088 45 16,133 — 
Thereafter42,545 20 42,565 — 
Total lease payments144,356 1,563 145,919 809 
Less: Interest(33,043)(155)(33,198)— 
Present value of lease liabilities$111,313 $1,408 $112,721 $809 

The weighted average lease terms and interest rates of leases held as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.5 years3.5 years6.3 years3.7 years
Weighted average interest rate
7.5%7.3%7.6%7.3%

The cash outflows of leasing activity for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three Months Ended March 31,
Cash Flow SourceClassification20252024
Operating cash flows from operating leasesOperating activities$(6,558)$(4,674)
Operating cash flows from financing leasesOperating activities(26)(50)
Financing cash flows from financing leasesFinancing activities(146)(124)

Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.