Operating and Financing Leases — We determine whether a contract contains a lease at contract inception and calculate the lease liability and right-of-use asset using our incremental borrowing rate. We have operating lease agreements primarily related to cell sites, data centers, satellites and office buildings. Our cell site leases generally have terms of five to ten years, with renewal options for an additional five to 25 years. For certain cell sites, the renewal options are deemed to be reasonably certain to be exercised. Our data center leases have original terms between one to four years with unlimited one-year renewal options, some of which are reasonably certain to be exercised. Our building leases have original terms of ten years, with renewal options for an additional five years. We recognize operating lease expense on a straight-line basis over the lease term. As of June 30, 2026, there were no significant leases which had not commenced.

The following is a summary of our lease expense included in the Unaudited Condensed Consolidated Statements of Operations (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost(1)	$	10,620	$	9,078	$	24,137	$	18,070
Financing lease cost:
Amortization of leased assets		13		14		26		28
Interest on lease liabilities		1		2		2		5
Total lease cost	$	10,634	$	9,094	$	24,165	$	18,103

(1) Includes short-term lease cost of $6.0 million and $15.1 million, respectively, for the three- and six-month periods ended June 30, 2026 and $4.5 million and $9.0 million, respectively, for the prior-year periods.

Other information regarding our leases is as follows (in thousands, except lease terms and discount rates):


	For the Six Months Ended June 30,
	2026			2025
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows used in operating leases	$	9,660		$	9,408
Operating cash flows used in financing leases	$	2		$	5
Financing cash flows used in financing leases	$	24		$	—
Non-cash items:
Operating leases obtained	$	1,661		$	1,055
Financing leases obtained	$	—		$	—
Weighted average remaining lease term
Operating leases	5 years			5 years
Financing leases	Less than one year			2 years
Weighted average discount rate
Operating leases		7.1	%		6.9	%
Financing leases		9.1	%		9.1	%

Annual future minimum lease payments as of June 30, 2026 (in thousands):


Years ending December 31,	Operating Leases			Financing Leases
2026 (period from July 1 to December 31)	$	9,001		$	40
2027		17,760			15
2028		15,228			—
2029		13,440			—
2030		9,582			—
Thereafter		10,592			—
Total future minimum lease payments		75,603			55
Less: Amount representing interest		(11,516	)		(1	)
Present value of net minimum lease payments	$	64,087		$	54
Reported as of June 30, 2026
Accrued liabilities	$	14,022		$	54
Non-current operating lease liabilities		50,065			—
Total lease liabilities	$	64,087		$	54