LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| LEASES [Abstract] |
|
| Components of Lease Cost |
The following table presents
components of lease cost and classification on the Condensed Consolidated Statements of Operations:
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
in thousands
|
|
Consolidated Statement of Operations Classification
|
|
2025
|
|
|
2024
|
|
|
2025 |
|
|
2024 |
|
|
Operating Lease Cost
|
|
Selling, general and administrative
|
|
$
|
4,982
|
|
|
$
|
4,819
|
|
|
$ |
9,971 |
|
|
$ |
9,619 |
|
|
Finance lease cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of leased assets
|
|
Depreciation and amortization
|
|
|
418
|
|
|
|
418
|
|
|
|
835 |
|
|
|
787 |
|
|
Interest on lease Liabilities
|
|
Interest expense
|
|
|
591
|
|
|
|
552
|
|
|
|
1,173 |
|
|
|
1,039 |
|
|
Variable lease cost
|
|
Selling, general and administrative
|
|
|
244
|
|
|
|
88
|
|
|
|
460 |
|
|
|
176 |
|
|
|
|
|
|
$
|
6,235
|
|
|
$
|
5,877
|
|
|
$ |
12,439 |
|
|
$ |
11,621 |
|
|
| Supplemental Cash Flow Information and Non-cash Activity Related to Leases |
Supplemental
cash flow information and non-cash activity related to our leases are as follows:
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2025 |
|
|
2024 |
|
|
Cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flows - operating leases
|
|
$ |
4,913 |
|
|
$ |
4,515 |
|
|
$ |
9,697 |
|
|
$ |
9,010 |
|
Operating Cash Flows - finance leases
|
|
$ |
591 |
|
|
$ |
552 |
|
|
$ |
1,173 |
|
|
$ |
1,039 |
|
|
Financing Cash Flows - finance leases
|
|
$ |
(925 |
) |
|
$ |
107 |
|
|
$ |
(2,033 |
) |
|
$ |
64 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities arising from obtaining right-of-use assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases
|
|
$ |
- |
|
|
$ |
6,681 |
|
|
$ |
- |
|
|
$ |
22,395 |
|
|
Finance leases
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
12,570 |
|
|
| Weighted Average Remaining Lease Term and Discount Rate |
Weighted-average remaining lease term and discount rate for our leases are as follows:
|
|
As of
June 30,
|
|
| |
|
2025
|
|
|
2024
|
|
|
Weighted-average remaining lease term
|
|
|
|
|
|
|
Operating leases
|
|
12.64 years
|
|
|
12.11 years
|
|
Finance leases
|
|
16.04
years
|
|
|
|
16.83 years
|
|
|
|
|
|
|
|
|
|
|
Weighted-average discount rate
|
|
|
|
|
|
|
|
Operating leases
|
|
|
6.58 |
% |
|
|
6.74 |
% |
Finance leases
|
|
|
7.67 |
% |
|
|
7.71% |
|
|
| Maturities of Lease Liabilities |
Maturities of lease liabilities by fiscal year for our leases as of June 30, 2025, are as follows:
|
|
Operating Leases
|
|
|
Finance Leases
|
|
|
Year ending December 31,
|
|
|
|
|
|
|
|
2025 (excluding the six months ending June 30, 2025)
|
|
$
|
8,910
|
|
|
$ |
1,366 |
|
|
2026
|
|
|
19,332
|
|
|
|
2,817 |
|
|
2027
|
|
|
18,332
|
|
|
|
2,918 |
|
|
2028
|
|
|
19,140
|
|
|
|
3,023 |
|
|
2029
|
|
|
17,355
|
|
|
|
3,132 |
|
|
2030
|
|
|
14,555
|
|
|
|
3,244 |
|
|
Thereafter
|
|
|
118,024
|
|
|
|
40,174 |
|
|
Total lease payments
|
|
|
215,648
|
|
|
|
56,674 |
|
|
Less: imputed interest
|
|
|
(70,810
|
)
|
|
|
(25,379 |
) |
|
Present value of lease liabilities
|
|
$
|
144,838
|
|
|
$ |
31,295 |
|
|