v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
The Company leases certain equipment, vehicles, office and storage facilities via various operating and financing lease agreements. Our leases have initial lease terms ranging from one year to seventeen years. Certain lease agreements require the Company to pay taxes, insurance, and maintenance, and provide for options to extend the term beyond the initial lease termination date. We use judgment to determine whether it is reasonably possible that we will extend the lease beyond the initial term and the length of the possible extension. Leases that have terms of less than 12 months are treated as short-term and we do not recognize right-of-use assets or lease liabilities for such leases. We generally estimate discount rates using our incremental borrowing rate, and based on other information available, at commencement date of a lease when determining the present value of future payments, as most of our leases do not provide an implicit rate.
The Company includes financing lease right-of-use assets in other assets, short-term financing lease liabilities in accrued expenses, and long-term financing lease liabilities in other liabilities on the condensed consolidated balance sheet. Operating lease expense is recognized, on a straight-line basis over the term of the lease, as a component of operating income on the condensed consolidated statement of operations and comprehensive income. Finance leases amortize the right-of-use assets and amortize the interest on the lease liability over the term of the lease.
Amounts reported in the condensed consolidated balance sheet were as follows as of June 30, 2026 and December 31, 2025, respectively:
June 30,December 31,
(In thousands)20262025
Asset:
Operating lease right-of-use asset$59,155 $63,786 
Finance lease right-of-use asset 697 718 
Total leased assets$59,852 $64,504 
Liabilities:
Current:
Operating lease liability 14,385 14,738 
Finance lease liability340 348 
Long-term:
Operating lease liability 96,807 103,918 
Finance lease liability380 436 
Total lease liabilities$111,912 $119,440 
The table below summarizes the Company’s lease costs arising from the operating and financing lease obligations for the three and six months ended June 30, 2026 and 2025, respectively:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2026202520262025
Lease expense:
Operating lease expense$6,462 $5,017 $12,407 $8,516 
Finance lease expense
Depreciation of right-of-use asset84 42 178 111 
Interest expense on lease liabilities11 4 23 12 
Total lease expense$6,557 $5,063 $12,608 $8,639 
Future minimum lease payments under non-cancellable leases as of June 30, 2026, are as follows:
(In thousands)Finance
Leases		Operating
Leases
2026$192 $11,384 
2027301 21,042 
2028185 18,578 
202969 18,226 
203028 17,961 
Thereafter— 57,722 
Total minimum lease payments$776 $144,913 
Less: amount representing interest(56)(33,721)
Present value of obligations under leases720 111,192 
Less: current portion(340)(14,385)
Long-term lease obligations$380 $96,807 
The table below summarizes the Company’s supplemental cash flow information and assumptions used for the six months ended June 30, 2026 and 2025, respectively:
Six Months Ended
June 30,
(In thousands, except weighted average lease term and discount rate)20262025
Other supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases$11,458 $10,926 
Operating cash flows for finance leases25 12 
Financing cash flows for finance leases169 139 
Total cash paid for amounts included in the measurement of lease liabilities$11,652 $11,077 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$2,659 $16,984 
Financing leases$431 $81 
Weighted-average remaining lease term
Operating leases7.18.1
Financing leases2.62.8
Weighted-average discount rate
Operating leases7.0 %7.5 %
Financing leases5.8 %5.7 %
LEASES LEASES
The Company leases certain equipment, vehicles, office and storage facilities via various operating and financing lease agreements. Our leases have initial lease terms ranging from one year to seventeen years. Certain lease agreements require the Company to pay taxes, insurance, and maintenance, and provide for options to extend the term beyond the initial lease termination date. We use judgment to determine whether it is reasonably possible that we will extend the lease beyond the initial term and the length of the possible extension. Leases that have terms of less than 12 months are treated as short-term and we do not recognize right-of-use assets or lease liabilities for such leases. We generally estimate discount rates using our incremental borrowing rate, and based on other information available, at commencement date of a lease when determining the present value of future payments, as most of our leases do not provide an implicit rate.
The Company includes financing lease right-of-use assets in other assets, short-term financing lease liabilities in accrued expenses, and long-term financing lease liabilities in other liabilities on the condensed consolidated balance sheet. Operating lease expense is recognized, on a straight-line basis over the term of the lease, as a component of operating income on the condensed consolidated statement of operations and comprehensive income. Finance leases amortize the right-of-use assets and amortize the interest on the lease liability over the term of the lease.
Amounts reported in the condensed consolidated balance sheet were as follows as of June 30, 2026 and December 31, 2025, respectively:
June 30,December 31,
(In thousands)20262025
Asset:
Operating lease right-of-use asset$59,155 $63,786 
Finance lease right-of-use asset 697 718 
Total leased assets$59,852 $64,504 
Liabilities:
Current:
Operating lease liability 14,385 14,738 
Finance lease liability340 348 
Long-term:
Operating lease liability 96,807 103,918 
Finance lease liability380 436 
Total lease liabilities$111,912 $119,440 
The table below summarizes the Company’s lease costs arising from the operating and financing lease obligations for the three and six months ended June 30, 2026 and 2025, respectively:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2026202520262025
Lease expense:
Operating lease expense$6,462 $5,017 $12,407 $8,516 
Finance lease expense
Depreciation of right-of-use asset84 42 178 111 
Interest expense on lease liabilities11 4 23 12 
Total lease expense$6,557 $5,063 $12,608 $8,639 
Future minimum lease payments under non-cancellable leases as of June 30, 2026, are as follows:
(In thousands)Finance
Leases		Operating
Leases
2026$192 $11,384 
2027301 21,042 
2028185 18,578 
202969 18,226 
203028 17,961 
Thereafter— 57,722 
Total minimum lease payments$776 $144,913 
Less: amount representing interest(56)(33,721)
Present value of obligations under leases720 111,192 
Less: current portion(340)(14,385)
Long-term lease obligations$380 $96,807 
The table below summarizes the Company’s supplemental cash flow information and assumptions used for the six months ended June 30, 2026 and 2025, respectively:
Six Months Ended
June 30,
(In thousands, except weighted average lease term and discount rate)20262025
Other supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases$11,458 $10,926 
Operating cash flows for finance leases25 12 
Financing cash flows for finance leases169 139 
Total cash paid for amounts included in the measurement of lease liabilities$11,652 $11,077 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$2,659 $16,984 
Financing leases$431 $81 
Weighted-average remaining lease term
Operating leases7.18.1
Financing leases2.62.8
Weighted-average discount rate
Operating leases7.0 %7.5 %
Financing leases5.8 %5.7 %