LEASES

6 Months Ended

Jun. 30, 2025

NOTE E – LEASES

The Company has operating lease arrangements for certain facilities and revenue equipment used in the Asset-Based and Asset-Light segment operations and certain other facilities and office equipment.

The components of operating lease expense were as follows:


	Three Months Ended				Six Months Ended
	June 30				June 30
	2025		2024		2025		2024

	(in thousands)
Operating lease expense	$	11,630	$	10,742	$	22,767	$	21,018
Variable lease expense		2,658		1,938		4,707		3,619
Sublease income		(1,162)		(728)		(2,159)		(1,374)
Total operating lease expense	$	13,126	$	11,952	$	25,315	$	23,263

The operating cash flows from operating lease activity were as follows:


	Six Months Ended
	June 30
	2025		2024

	(in thousands)
Noncash change in operating right-of-use assets	$	16,326	$	16,971
Cash payments to obtain right-of-use assets		(11,500)		(7,752)
Change in operating lease liabilities		(16,247)		(16,481)
Changes in operating right-of-use assets and lease liabilities, net	$	(11,421)	$	(7,262)

Supplemental cash flow information
Cash paid for amounts included in the measurement of operating lease liabilities	$	22,734	$	20,518
Right-of-use assets obtained in exchange for operating lease liabilities	$	41,978	$	26,001

Maturities of operating lease liabilities at June 30, 2025, were as follows:


	Operating
	Lease
	Liabilities⁽¹⁾
	(in thousands)
Remainder of 2025	$	22,972
2026		44,885
2027		40,301
2028		36,670
2029		31,594
Thereafter		131,342
Total lease payments		307,764
Less imputed interest		(57,691)
Total	$	250,073

(1)	Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2025, totaling $0.4 million, which will be paid over approximately 2 years.