Leases (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Leases [Abstract] |
|
| Schedule of Condensed Consolidated Balance Sheet Operating and Finance Leases |
The condensed consolidated balance sheets consist of the following amounts relating to operating and finance leases (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
March 31, |
|
|
As of
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Operating right-of-use assets |
|
|
|
|
|
|
|
|
Real property |
|
$ |
|
16,871 |
|
|
$ |
|
17,556 |
|
|
|
$ |
|
16,871 |
|
|
$ |
|
17,556 |
|
Operating lease liabilities |
|
|
|
|
|
|
|
|
Current |
|
$ |
|
8,354 |
|
|
$ |
|
8,004 |
|
Non-current |
|
|
|
8,733 |
|
|
|
|
9,783 |
|
|
|
$ |
|
17,087 |
|
|
$ |
|
17,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
March 31, |
|
|
As of
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Finance right-of-use assets |
|
|
|
|
|
|
|
|
Vehicles |
|
$ |
|
25,098 |
|
|
$ |
|
25,861 |
|
|
|
$ |
|
25,098 |
|
|
$ |
|
25,861 |
|
Finance lease liabilities |
|
|
|
|
|
|
|
|
Current |
|
$ |
|
13,010 |
|
|
$ |
|
12,895 |
|
Non-current |
|
|
|
9,851 |
|
|
|
|
10,862 |
|
|
|
$ |
|
22,861 |
|
|
$ |
|
23,757 |
|
|
| Schedule of Condensed Consolidated Statements of Operations |
The condensed consolidated statements of operations consist of the following amounts relating to leases (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Amortization of real property operating
right-of-use assets |
|
|
|
|
|
|
|
|
(included in general and administrative expenses) |
|
$ |
|
2,542 |
|
|
$ |
|
2,052 |
|
Interest expense (recovery) of vehicles finance
right-of-use assets |
|
|
|
|
|
|
|
|
(included in interest expense) |
|
$ |
|
383 |
|
|
$ |
|
1,037 |
|
Depreciation of vehicles finance right-of-use assets |
|
|
|
|
|
|
|
|
(included in depreciation and amortization) |
|
$ |
|
3,481 |
|
|
$ |
|
2,154 |
|
|
|
|
|
|
|
|
|
|
Variable lease expense |
|
$ |
|
— |
|
|
$ |
|
— |
|
Short-term lease expense |
|
$ |
|
420 |
|
|
$ |
|
225 |
|
|
| Schedule of Total Cash Outflows Leases |
The below table shows the total cash outflows for leases for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Operating cash flows from operating leases |
|
$ |
|
2,804 |
|
|
$ |
|
1,848 |
|
Financing cash flows from finance leases |
|
|
|
4,055 |
|
|
|
|
2,829 |
|
Total cash outflows for leases |
|
$ |
|
6,859 |
|
|
$ |
|
4,677 |
|
|
| Schedule of Operating and Finance Lease Payments Maturity |
The table below reconciles the undiscounted future minimum operating and finance lease payments to the operating and finance lease liabilities recorded on the balance sheet as of March 31, 2026 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Lease |
|
|
Finance
Lease |
|
Remainder of 2026 |
|
$ |
|
7,082 |
|
|
$ |
|
11,065 |
|
2027 |
|
|
|
5,768 |
|
|
|
|
9,286 |
|
2028 |
|
|
|
2,866 |
|
|
|
|
3,255 |
|
2029 |
|
|
|
1,620 |
|
|
|
|
434 |
|
2030 |
|
|
|
886 |
|
|
|
|
157 |
|
Thereafter |
|
|
|
631 |
|
|
|
|
33 |
|
Total future minimum lease payments |
|
|
|
18,853 |
|
|
|
|
24,230 |
|
Less: Amount of lease payments representing
interest |
|
|
|
(1,766 |
) |
|
|
|
(1,369 |
) |
Present values of future minimum lease payments |
|
$ |
|
17,087 |
|
|
$ |
|
22,861 |
|
|
| Scheduled Future Minimum Lease Payments Received |
Scheduled future minimum lease payments to be received by the Company as of March 31, 2026 for each of the next five years is as follows (in thousands):
|
|
|
|
|
|
|
|
Amount |
|
Remainder of 2026 |
|
$ |
|
154,205 |
|
2027 |
|
|
|
85,497 |
|
2028 |
|
|
|
25,127 |
|
2029 |
|
|
|
2,152 |
|
2030 |
|
|
|
— |
|
Thereafter |
|
|
|
— |
|
Total |
|
$ |
|
266,981 |
|
|