Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases [Abstract] |
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| Summary of Lease Related Expense |
The components of lease related expense are as follows (amounts in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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Lease costs |
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2025 |
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|
2024 |
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2025 |
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|
2024 |
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Finance lease costs: |
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Amortization of right-of-use assets |
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$ |
719 |
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$ |
719 |
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$ |
1,437 |
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$ |
1,437 |
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Interest on lease liabilities |
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|
516 |
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|
562 |
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1,044 |
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|
1,134 |
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Operating lease costs |
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2,256 |
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|
2,243 |
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|
4,506 |
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|
4,492 |
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Variable lease costs |
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|
1,021 |
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|
|
800 |
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|
2,298 |
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|
1,656 |
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Total lease expense |
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$ |
4,512 |
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$ |
4,324 |
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|
$ |
9,285 |
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|
$ |
8,719 |
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| Summary of Supplemental Cash Flow Information Related to Leases |
The components of supplemental cash and non-cash information related to leases are as follows (amounts in thousands):
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Six Months Ended June 30, |
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2025 |
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2024 |
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Operating outgoing cash flows - finance lease |
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$ |
1,044 |
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$ |
1,134 |
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Financing outgoing cash flows - finance lease |
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1,580 |
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|
1,420 |
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Operating outgoing cash flows - operating lease |
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4,519 |
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|
4,388 |
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Right-of-use assets obtained in exchange for new operating lease liabilities |
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— |
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|
777 |
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| Summary of Additional Information for Leases |
The table below displays additional information for leases as of June 30, 2025 and December 31, 2024:
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June 30, 2025 |
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December 31, 2024 |
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Finance lease |
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Weighted-average remaining lease term - finance lease (in years) |
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7.3 |
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7.8 |
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Weighted-average discount rate - finance lease |
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6.06 |
% |
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|
6.06 |
% |
Operating lease |
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Weighted-average remaining lease term - operating lease (in years) |
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7.2 |
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7.7 |
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Weighted-average discount rate - operating lease |
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|
6.34 |
% |
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|
6.34 |
% |
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| Summary of Future Minimum Payments |
As of June 30, 2025, future minimum payments during the next five years and thereafter are as follows (amounts in thousands):
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Fiscal Year |
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Operating Leases |
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Finance Lease |
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2025 (remaining six months) |
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$ |
4,582 |
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$ |
2,647 |
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2026 |
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|
9,365 |
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|
5,417 |
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2027 |
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|
9,592 |
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|
|
5,566 |
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2028 |
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|
9,569 |
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|
5,719 |
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2029 |
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|
9,686 |
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|
5,876 |
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2030 |
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9,977 |
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|
6,038 |
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Thereafter |
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17,302 |
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|
10,433 |
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Total |
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70,073 |
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|
41,696 |
|
Less present value discount |
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(14,228 |
) |
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|
(8,178 |
) |
Lease liabilities |
|
$ |
55,845 |
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|
$ |
33,518 |
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