| Schedule of Quantitative Information and Other Information Related to Leases |
Quantitative information related to leases is presented in the following table (dollars in thousands):
|
|
|
|
|
|
|
|
For the Quarter Ended June 30, 2025 |
|
For the Quarter Ended June 30, 2024 |
|
Lease expenses (1) |
|
|
|
|
Operating fixed lease expenses |
$ |
2,594 |
|
$ |
1,122 |
|
Finance lease and failed sale leaseback amortization expense |
|
1,573 |
|
|
- |
|
Finance lease and failed sale leaseback interest expense |
|
1,557 |
|
|
- |
|
Variable lease expenses |
|
1,100 |
|
|
279 |
|
Sublease income (2) |
|
(91 |
) |
|
- |
|
Total lease expenses |
$ |
6,733 |
|
$ |
1,401 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (3) |
$ |
(3,271 |
) |
$ |
(2,016 |
) |
Gross operating cash flows for finance leases and failed sale leasebacks |
|
(1,451 |
) |
|
- |
|
Gross financing cash flows for finance leases |
|
(1,225 |
) |
|
- |
|
Operating cash flows from subleases (3) |
|
91 |
|
|
- |
|
|
|
|
|
|
|
For the Year to Date Ended June 30, 2025 |
|
For the Year to Date Ended June 30, 2024 |
|
Lease expenses (1) |
|
|
|
|
Operating fixed lease expenses |
$ |
5,207 |
|
$ |
2,566 |
|
Finance lease and failed sale leaseback amortization expense |
|
3,146 |
|
|
- |
|
Finance lease and failed sale leaseback interest expense |
|
3,129 |
|
|
- |
|
Variable lease expenses |
|
2,218 |
|
|
337 |
|
Sublease income (2) |
|
(168 |
) |
|
- |
|
Total lease expenses |
$ |
13,532 |
|
$ |
2,903 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (3) |
$ |
(7,184 |
) |
$ |
(4,482 |
) |
Gross operating cash flows for finance leases and failed sale leasebacks |
|
(2,866 |
) |
|
- |
|
Gross financing cash flows for finance leases |
|
(2,432 |
) |
|
- |
|
Gross financing cash flows for failed sale leaseback |
|
(489 |
) |
|
- |
|
Operating cash flows from subleases (3) |
|
168 |
|
|
- |
|
|
As of June 30, 2025 |
|
As of June 30, 2024 |
|
Weighted average remaining lease term (in months) – operating leases |
|
89 |
|
|
69 |
|
Weighted average remaining lease term (in months) – finance leases |
|
31 |
|
|
- |
|
|
|
|
|
|
Weighted average discount rate – operating leases |
|
6.2 |
% |
|
5.1 |
% |
Weighted average discount rate– finance leases |
|
5.9 |
% |
|
- |
|
|
|
|
|
|
__________________ (1)Lease expense and sublease income represent the amount recorded within our unaudited condensed consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. (2)For certain of our leased locations, we have vacated the facility and have fully or partially subleased the space. (3)Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.
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| Schedule of Future Minimum Lease Payments for Sale Leaseback Transactions |
Future minimum lease payments for sale-leaseback financing transactions as of June 30, 2025 are as follows:
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|
|
|
|
|
|
Sale Leaseback
Payments |
|
|
|
|
|
|
|
|
|
2025 (1) |
|
$ |
2,472 |
|
2026 |
|
|
5,043 |
|
2027 |
|
|
5,143 |
|
2028 |
|
|
5,246 |
|
2029 |
|
|
5,351 |
|
2030 and thereafter |
|
|
133,284 |
|
Total minimum lease payments |
|
$ |
156,539 |
|
|
|
|
|
Less – Amount representing interest |
|
|
(113,555 |
) |
Present value of minimum lease payments |
|
|
42,984 |
|
Plus - liability remaining at term end representing residual value of asset |
|
|
13,782 |
|
Failed sale leaseback liability |
|
|
56,766 |
|
__________________ (1)Liabilities remaining for the year ending December 31, 2025.
|