v3.25.2
Leases
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
Lease TypeClassification2025202420252024
Operating lease expense(1)
Operating expenses$6,991 $6,086 $13,818 $11,816 
Financing lease amortizationOperating expenses149 136 299 265 
Financing lease interestInterest expense26 26 52 49 
Financing lease expense175 162 351 314 
Sublease income(2)
(160)(106)(319)(106)
Net lease cost$7,006 $6,142 $13,850 $12,024 
(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 year 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 June 30, 2025 and December 31, 2024 was as follows (in thousands):
Lease TypeJune 30, 2025December 31, 2024
Total right of use operating lease assets
$103,268 $91,962 
Total right of use financing lease assets
1,714 1,702 
Total lease assets$104,982 $93,664 
Total current operating lease obligation
$18,543 $18,413 
Total current financing lease obligation
588 538 
Total current lease obligation$19,131 $18,951 
Total long-term operating lease obligation
$90,711 $76,759 
Total long-term financing lease obligation
993 999 
Total long-term lease obligation
$91,704 $77,758 

The value of lease liabilities related to our operating and finance leases and sublease income as of June 30, 2025 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotalSublease Income
Remaining 2025$13,037 $348 $13,385 $326 
202624,641 631 25,272 326 
202722,846 383 23,229 — 
202820,191 251 20,442 — 
202916,472 108 16,580 — 
Thereafter43,830 38 43,868 — 
Total lease payments141,017 1,759 142,776 652 
Less: Interest(31,763)(178)(31,941)— 
Present value of lease liabilities$109,254 $1,581 $110,835 $652 

The weighted average lease terms and interest rates of leases held as of June 30, 2025 and December 31, 2024 were as follows:
June 30, 2025December 31, 2024
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.3 years3.5 years6.3 years3.7 years
Weighted average interest rate
7.5%7.1%7.6%7.3%

The cash outflows of leasing activity for the six months ended June 30, 2025 and 2024 were as follows (in thousands):
Six Months Ended June 30,
Cash Flow SourceClassification20252024
Operating cash flows from operating leasesOperating activities$(13,111)$(9,786)
Operating cash flows from financing leasesOperating activities$(54)$(97)
Financing cash flows from financing leasesFinancing activities$(296)$(237)

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 June 30,Six Months Ended June 30,
Lease TypeClassification2025202420252024
Operating lease expense(1)
Operating expenses$6,991 $6,086 $13,818 $11,816 
Financing lease amortizationOperating expenses149 136 299 265 
Financing lease interestInterest expense26 26 52 49 
Financing lease expense175 162 351 314 
Sublease income(2)
(160)(106)(319)(106)
Net lease cost$7,006 $6,142 $13,850 $12,024 
(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 year 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 June 30, 2025 and December 31, 2024 was as follows (in thousands):
Lease TypeJune 30, 2025December 31, 2024
Total right of use operating lease assets
$103,268 $91,962 
Total right of use financing lease assets
1,714 1,702 
Total lease assets$104,982 $93,664 
Total current operating lease obligation
$18,543 $18,413 
Total current financing lease obligation
588 538 
Total current lease obligation$19,131 $18,951 
Total long-term operating lease obligation
$90,711 $76,759 
Total long-term financing lease obligation
993 999 
Total long-term lease obligation
$91,704 $77,758 

The value of lease liabilities related to our operating and finance leases and sublease income as of June 30, 2025 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotalSublease Income
Remaining 2025$13,037 $348 $13,385 $326 
202624,641 631 25,272 326 
202722,846 383 23,229 — 
202820,191 251 20,442 — 
202916,472 108 16,580 — 
Thereafter43,830 38 43,868 — 
Total lease payments141,017 1,759 142,776 652 
Less: Interest(31,763)(178)(31,941)— 
Present value of lease liabilities$109,254 $1,581 $110,835 $652 

The weighted average lease terms and interest rates of leases held as of June 30, 2025 and December 31, 2024 were as follows:
June 30, 2025December 31, 2024
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.3 years3.5 years6.3 years3.7 years
Weighted average interest rate
7.5%7.1%7.6%7.3%

The cash outflows of leasing activity for the six months ended June 30, 2025 and 2024 were as follows (in thousands):
Six Months Ended June 30,
Cash Flow SourceClassification20252024
Operating cash flows from operating leasesOperating activities$(13,111)$(9,786)
Operating cash flows from financing leasesOperating activities$(54)$(97)
Financing cash flows from financing leasesFinancing activities$(296)$(237)

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 June 30,Six Months Ended June 30,
Lease TypeClassification2025202420252024
Operating lease expense(1)
Operating expenses$6,991 $6,086 $13,818 $11,816 
Financing lease amortizationOperating expenses149 136 299 265 
Financing lease interestInterest expense26 26 52 49 
Financing lease expense175 162 351 314 
Sublease income(2)
(160)(106)(319)(106)
Net lease cost$7,006 $6,142 $13,850 $12,024 
(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 year 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 June 30, 2025 and December 31, 2024 was as follows (in thousands):
Lease TypeJune 30, 2025December 31, 2024
Total right of use operating lease assets
$103,268 $91,962 
Total right of use financing lease assets
1,714 1,702 
Total lease assets$104,982 $93,664 
Total current operating lease obligation
$18,543 $18,413 
Total current financing lease obligation
588 538 
Total current lease obligation$19,131 $18,951 
Total long-term operating lease obligation
$90,711 $76,759 
Total long-term financing lease obligation
993 999 
Total long-term lease obligation
$91,704 $77,758 

The value of lease liabilities related to our operating and finance leases and sublease income as of June 30, 2025 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotalSublease Income
Remaining 2025$13,037 $348 $13,385 $326 
202624,641 631 25,272 326 
202722,846 383 23,229 — 
202820,191 251 20,442 — 
202916,472 108 16,580 — 
Thereafter43,830 38 43,868 — 
Total lease payments141,017 1,759 142,776 652 
Less: Interest(31,763)(178)(31,941)— 
Present value of lease liabilities$109,254 $1,581 $110,835 $652 

The weighted average lease terms and interest rates of leases held as of June 30, 2025 and December 31, 2024 were as follows:
June 30, 2025December 31, 2024
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.3 years3.5 years6.3 years3.7 years
Weighted average interest rate
7.5%7.1%7.6%7.3%

The cash outflows of leasing activity for the six months ended June 30, 2025 and 2024 were as follows (in thousands):
Six Months Ended June 30,
Cash Flow SourceClassification20252024
Operating cash flows from operating leasesOperating activities$(13,111)$(9,786)
Operating cash flows from financing leasesOperating activities$(54)$(97)
Financing cash flows from financing leasesFinancing activities$(296)$(237)

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