v3.25.2
Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities

The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded in thousands on the Company's condensed consolidated balance sheet as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

 

 

Finance Leases

 

 

Operating Leases

 

Remainder of 2025

$

4,776

 

 

$

13,699

 

2026

 

9,232

 

 

 

24,672

 

2027

 

7,163

 

 

 

22,016

 

2028

 

6,484

 

 

 

16,232

 

2029

 

6,217

 

 

 

13,820

 

2030 and thereafter

 

8,662

 

 

 

30,593

 

Total minimum lease payments

 

42,534

 

 

 

121,032

 

Less amount representing interest

 

12,861

 

 

 

37,482

 

Present value of minimum lease payments

 

29,673

 

 

 

83,550

 

Less current portion

 

5,656

 

 

 

16,124

 

Long-term portion

$

24,017

 

 

$

67,426

 

Schedule of Lease Costs Related to Finance and Operating Leases

The table below presents information for lease costs related to the Company's finance and operating leases in thousands:

 

 

For The Three Months Ended June 30,

 

For The Six Months Ended June 30,

 

2025

 

2024

 

2025

 

2024

Finance lease cost

 

 

 

 

 

 

 

Amortization of leased assets

$1,573

 

$756

 

$2,986

 

$1,087

Interest of lease liabilities

1,095

 

733

 

2,181

 

1,042

Operating lease cost

 

 

 

 

 

 

 

Operating lease cost (1)

4,014

 

4,377

 

7,955

 

7,081

Short-term lease cost (2)

467

 

478

 

965

 

820

Total lease cost

$7,149

 

$6,344

 

$14,087

 

$10,030

 

(1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations.

(2) Expenses are classified within Other on the Company's condensed consolidated statements of operations.

Schedule of Lease Terms and Discount Rates Related to Finance and Operating Leases The table below presents lease terms and discount rates related to the Company's finance and operating leases:

 

 

 

June 30, 2025

 

 

June 30, 2024

 

Weighted-average remaining lease term

 

 

 

 

 

 

Operating leases

 

5.62  years

 

 

6.51 years

 

Finance leases

 

5.46  years

 

 

6.36 years

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

14.00

%

 

 

13.87

%

Finance leases

 

 

14.78

%

 

 

14.62

%

 

Schedule of Cash and Non-cash Activities Associated with Leases

The table below presents cash and non-cash activities associated with our leases in thousands:

 

 

 

For The Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows from operating leases

 

$

8,440

 

 

$

6,838

 

Financing cash flows from finance leases

 

$

2,360

 

 

$

858