v3.25.1
Leases
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
10.
LEASES

The Company leases manufacturing and training facilities, storage warehouses, office space, and certain office and plant equipment under various operating leases. The Company’s operating leases have remaining lease terms of up to 10 years. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

For the three months ended March 31, 2025 and March 31, 2024, total operating lease expense was $3.0 million and $2.0 million, respectively. The weighted average remaining lease term at March 31, 2025 and December 31, 2024 was 6.1 years and 6.3 years, respectively. The weighted average discount rate at March 31, 2025 and December 31, 2024 was 4.60% and 4.57%, respectively.

The following table includes supplemental cash flow information for the three months ended March 31, 2025 and March 31, 2024, and supplemental balance sheet information at March 31, 2025 and December 31, 2024 related to operating leases (in thousands):

 

 

Three Months Ended
March 31,

 

Supplemental cash flow information

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of
   operating lease liabilities

 

$

2,661

 

 

$

2,007

 

Operating ROU assets obtained in exchange for lease
   liabilities

 

$

692

 

 

$

578

 

 

Supplemental balance sheet information

 

March 31,
2025

 

 

December 31,
2024

 

Operating lease ROU assets

 

$

49,976

 

 

$

52,195

 

Operating lease liabilities:

 

 

 

 

 

 

Accrued expenses and other current liabilities

 

$

11,093

 

 

$

10,800

 

Operating lease liabilities

 

 

39,788

 

 

 

41,979

 

Total operating lease liabilities

 

$

50,881

 

 

$

52,779

 

 

 

The following table summarizes maturities of operating lease liabilities at March 31, 2025 (in thousands):

 

Maturities of operating lease liabilities

 

 

 

2025

 

$

8,518

 

2026

 

 

11,237

 

2027

 

 

10,641

 

2028

 

 

9,650

 

2029

 

 

4,385

 

Thereafter

 

 

15,555

 

Total lease payments

 

 

59,986

 

Less imputed interest

 

 

(9,105

)

Total operating lease liabilities

 

$

50,881