Leases and Other (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Leases [Abstract] |
|
| Summary of Balance Sheet Presentation of Operating and Finance Leases |
The balance sheet presentation of the Company’s operating and finance leases as of June 30, 2026, December 31, 2025, and June 30, 2025, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Classification on the Condensed Consolidated Balance Sheets |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
June 30, 2025 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
Operating lease right-of-use assets |
|
$ |
9,288 |
|
|
$ |
26,297 |
|
|
$ |
27,191 |
|
Finance lease right-of-use assets, net |
|
Property and equipment, net |
|
|
40,157 |
|
|
|
52,488 |
|
|
|
54,184 |
|
Total lease right-of-use assets |
|
|
|
$ |
49,445 |
|
|
$ |
78,785 |
|
|
$ |
81,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
Operating lease obligations |
|
Other current liabilities |
|
$ |
1,641 |
|
|
$ |
3,352 |
|
|
$ |
3,771 |
|
Finance lease obligations |
|
Other current liabilities |
|
|
455 |
|
|
|
1,259 |
|
|
|
1,009 |
|
Noncurrent: |
|
|
|
|
|
|
|
|
|
|
|
Operating lease obligations |
|
Long-term operating lease obligations |
|
|
6,884 |
|
|
|
35,339 |
|
|
|
35,996 |
|
Finance lease obligations |
|
Long-term debt and finance lease obligations |
|
|
44,973 |
|
|
|
58,571 |
|
|
|
59,179 |
|
Total lease liabilities |
|
|
|
$ |
53,953 |
|
|
$ |
98,521 |
|
|
$ |
99,955 |
|
|
| Components of Lease Expense |
The components of lease expense for the three and six months ended June 30, 2026 and 2025, consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Finance lease cost: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
284 |
|
|
$ |
503 |
|
|
$ |
631 |
|
|
$ |
986 |
|
Interest on lease liabilities |
|
|
1,335 |
|
|
|
1,337 |
|
|
|
2,697 |
|
|
|
2,666 |
|
Operating lease cost |
|
|
1,233 |
|
|
|
1,747 |
|
|
|
2,618 |
|
|
|
3,394 |
|
Short-term lease cost |
|
|
898 |
|
|
|
775 |
|
|
|
1,485 |
|
|
|
1,261 |
|
Variable lease cost |
|
|
67 |
|
|
|
30 |
|
|
|
135 |
|
|
|
60 |
|
Total lease cost, net |
|
$ |
3,817 |
|
|
$ |
4,392 |
|
|
$ |
7,566 |
|
|
$ |
8,367 |
|
|
| Schedule of Other Information Related to Operating and Finance Leases |
Other information related to operating and finance leases for the three and six months ended June 30, 2026 and 2025, consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
1,954 |
|
|
$ |
1,814 |
|
|
$ |
3,773 |
|
|
$ |
3,496 |
|
Operating cash flows from finance leases |
|
$ |
1,781 |
|
|
$ |
1,599 |
|
|
$ |
3,113 |
|
|
$ |
3,119 |
|
Financing cash flows from finance leases |
|
$ |
466 |
|
|
$ |
239 |
|
|
$ |
725 |
|
|
$ |
460 |
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases |
|
$ |
417 |
|
|
$ |
418 |
|
|
$ |
2,258 |
|
|
$ |
2,139 |
|
The weighted-average remaining lease terms and discount rates for operating and finance leases as of June 30, 2026, December 31, 2025, and June 30, 2025, were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
June 30, 2025 |
|
Weighted-average remaining lease term (years): |
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
8.3 |
|
|
|
9.9 |
|
|
|
10.2 |
|
Finance leases |
|
|
39.7 |
|
|
|
33.8 |
|
|
|
33.9 |
|
Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
7.1 |
% |
|
|
7.3 |
% |
|
|
7.3 |
% |
Finance leases |
|
|
9.2 |
% |
|
|
9.2 |
% |
|
|
9.2 |
% |
|
| Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components |
As of June 30, 2026, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, included:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Operating Leases |
|
|
Finance Leases |
|
|
Total |
|
Remainder of 2026 |
|
$ |
1,714 |
|
|
$ |
2,168 |
|
|
$ |
3,882 |
|
2027 |
|
|
1,803 |
|
|
|
4,336 |
|
|
|
6,139 |
|
2028 |
|
|
1,496 |
|
|
|
4,336 |
|
|
|
5,832 |
|
2029 |
|
|
1,365 |
|
|
|
4,336 |
|
|
|
5,701 |
|
2030 |
|
|
1,159 |
|
|
|
4,336 |
|
|
|
5,495 |
|
Thereafter |
|
|
4,161 |
|
|
|
149,402 |
|
|
|
153,563 |
|
Total future lease payments |
|
|
11,698 |
|
|
|
168,914 |
|
|
|
180,612 |
|
Less: Amount representing interest |
|
|
(3,173 |
) |
|
|
(123,486 |
) |
|
|
(126,659 |
) |
Present value of minimum lease payments |
|
|
8,525 |
|
|
|
45,428 |
|
|
|
53,953 |
|
Current portion |
|
|
(1,641 |
) |
|
|
(455 |
) |
|
|
(2,096 |
) |
Long-term portion |
|
$ |
6,884 |
|
|
$ |
44,973 |
|
|
$ |
51,857 |
|
|
| Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases |
As of June 30, 2026, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that the Company owns, included:
|
|
|
|
|
(in thousands) |
|
|
|
Remainder of 2026 |
|
$ |
1,022 |
|
2027 |
|
|
1,530 |
|
2028 |
|
|
1,216 |
|
2029 |
|
|
991 |
|
2030 |
|
|
859 |
|
Thereafter |
|
|
849 |
|
Total minimum rental income |
|
$ |
6,467 |
|
|