| Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities |
The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded in thousands on the Company's condensed consolidated balance sheets as of March 31, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
Operating Leases |
|
Remainder of 2025 |
$ |
7,164 |
|
|
$ |
20,705 |
|
2026 |
|
9,232 |
|
|
|
24,474 |
|
2027 |
|
7,163 |
|
|
|
22,016 |
|
2028 |
|
6,484 |
|
|
|
16,232 |
|
2029 |
|
6,217 |
|
|
|
13,820 |
|
2030 and thereafter |
|
8,663 |
|
|
|
30,592 |
|
Total minimum lease payments |
|
44,923 |
|
|
|
127,839 |
|
Less amount representing interest |
|
13,956 |
|
|
|
40,356 |
|
Present value of minimum lease payments |
|
30,967 |
|
|
|
87,483 |
|
Less current portion |
|
5,454 |
|
|
|
16,233 |
|
Long-term portion |
$ |
25,513 |
|
|
$ |
71,250 |
|
|
Future minimum lease payments under finance and operating lease liabilities in thousands with initial terms in excess of one year are as follows:
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
Operating Leases |
|
2025 |
|
7,337 |
|
|
|
27,835 |
|
2026 |
|
7,342 |
|
|
|
24,474 |
|
2027 |
|
7,163 |
|
|
|
22,016 |
|
2028 |
|
6,484 |
|
|
|
16,232 |
|
2029 |
|
6,217 |
|
|
|
13,820 |
|
2030 and thereafter |
|
8,663 |
|
|
|
30,592 |
|
Total minimum lease payments |
|
43,206 |
|
|
|
134,969 |
|
Less amount representing interest |
|
(14,590 |
) |
|
|
(43,362 |
) |
Present value of minimum lease payments |
|
28,616 |
|
|
|
91,607 |
|
Less current portion |
|
(3,434 |
) |
|
|
(16,479 |
) |
Long-term portion |
$ |
25,182 |
|
|
$ |
75,128 |
|
|
| Schedule of Lease Costs Related to Finance and Operating Leases |
The table below presents information for lease costs related to the Company's finance and operating leases in thousands:
|
|
|
|
|
|
|
|
|
For The Three Months Ended March 31, |
|
|
2025 |
|
|
2024 |
|
Finance lease cost |
|
|
|
|
|
Amortization of leased assets |
$ |
1,413 |
|
|
$ |
330 |
|
Interest of lease liabilities |
|
1,086 |
|
|
|
309 |
|
Operating lease cost |
|
|
|
|
|
Operating lease cost (1) |
|
3,844 |
|
|
|
2,704 |
|
Short-term lease cost (2) |
|
498 |
|
|
|
342 |
|
Total lease cost |
$ |
6,841 |
|
|
$ |
3,685 |
|
(1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. (2) Expenses are classified within Other on the Company's condensed consolidated statements of operations.
|
The following table presents lease costs related to the Company’s finance and operating leases in thousands:
|
|
|
|
|
|
|
|
|
For The Year Ended December 31, |
|
|
2024 |
|
|
2023 |
|
Finance lease cost |
|
|
|
|
|
Amortization of leased assets |
$ |
3,238 |
|
|
$ |
530 |
|
Interest of lease liabilities |
|
3,043 |
|
|
|
435 |
|
Operating lease cost |
|
|
|
|
|
Operating lease cost (1) |
|
25,517 |
|
|
|
8,173 |
|
Short-term lease cost (2) |
|
1,516 |
|
|
|
1,316 |
|
Total lease cost |
|
33,314 |
|
|
|
10,454 |
|
(1) Expenses are classified within Aircraft Rent on the Company's Consolidated Statements of Operations. (2) Expenses are classified within Other on the Company's Consolidated Statements of Operations.
|
| Schedule of Lease Terms and Discount Rates Related to Finance and Operating Leases |
The table below presents lease terms and discount rates related to the Company's finance and operating leases:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
Weighted-average remaining lease term |
|
|
|
|
|
|
Operating leases |
|
5.77 years |
|
|
6.69 years |
|
Finance leases |
|
5.66 years |
|
|
6.60 years |
|
Weighted-average discount rate |
|
|
|
|
|
|
Operating leases |
|
|
13.98 |
% |
|
|
13.41 |
% |
Finance leases |
|
|
14.78 |
% |
|
|
14.61 |
% |
|
The table below presents lease terms and discount rates related to the Company's finance and operating leases:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Weighted-average remaining lease term |
|
|
|
|
|
|
Operating leases |
|
5.92 years |
|
|
6.14 years |
|
Finance leases |
|
6.34 years |
|
|
5.22 years |
|
Weighted-average discount rate |
|
|
|
|
|
|
Operating leases |
|
|
13.96 |
% |
|
|
13.03 |
% |
Finance leases |
|
|
14.76 |
% |
|
|
12.53 |
% |
|
| Schedule of Cash and Non-cash Activities Associated with Leases |
The table below presents cash and non-cash activities associated with our leases:
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
4,124 |
|
|
$ |
3,073 |
|
Financing cash flows from finance leases |
|
$ |
1,067 |
|
|
$ |
231 |
|
|
The table below presents cash and non-cash activities associated with our leases in thousands:
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
14,430 |
|
|
$ |
7,928 |
|
Operating cash flows from finance leases |
|
|
3,043 |
|
|
|
435 |
|
Financing cash flows from finance leases |
|
|
1,815 |
|
|
|
480 |
|
|