| Leases |
As of June 30, 2026, the weighted-average remaining lease term was 6.1 and 3.4 years for operating and finance leases, respectively. As of June 30, 2026, the weighted-average discount rate was 3.7% and 6.6% for operating and finance leases, respectively.
The components of lease expense were as follows (U.S. dollars in thousands):
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
Operating lease expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease cost
|
|
$ |
5,552 |
|
|
$ |
5,956 |
|
|
$ |
11,374 |
|
|
$ |
11,872 |
|
|
Variable lease cost
|
|
|
881 |
|
|
|
1,273 |
|
|
|
1,744 |
|
|
|
2,234 |
|
|
Finance lease expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets
|
|
|
499 |
|
|
|
551 |
|
|
|
1,011 |
|
|
|
1,081 |
|
|
Interest on lease liabilities
|
|
|
123 |
|
|
|
165 |
|
|
|
256 |
|
|
|
333 |
|
|
Total lease expense
|
|
$ |
7,055 |
|
|
$ |
7,945 |
|
|
$ |
14,385 |
|
|
$ |
15,520 |
|
Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):
|
|
Six Months Ended
June 30,
|
|
| |
|
2026
|
|
|
2025
|
|
| |
|
|
|
|
|
|
|
Operating cash outflow from operating leases
|
|
$
|
11,204 |
|
|
$
|
11,956 |
|
|
Operating cash outflow from finance leases
|
|
$
|
244 |
|
|
$
|
351 |
|
|
Financing cash outflow from finance leases
|
|
$
|
978 |
|
|
$
|
1,120 |
|
|
Right-of-use assets obtained in exchange for operating lease obligations
|
|
$
|
2,850 |
|
|
$
|
15,201 |
|
|
Right-of-use assets obtained in exchange for finance lease obligations
|
|
$
|
38 |
|
|
$
|
47 |
|
Maturities of lease liabilities were as follows (U.S. dollars in thousands):
|
Year Ending December 31,
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
|
2026
|
|
$
|
10,548 |
|
|
$
|
1,183 |
|
|
2027
|
|
|
16,662 |
|
|
|
2,346 |
|
|
2028
|
|
|
12,420 |
|
|
|
2,310 |
|
|
2029
|
|
|
10,328 |
|
|
|
1,879 |
|
|
2030
|
|
|
5,424 |
|
|
|
9 |
|
|
Thereafter
|
|
|
19,277 |
|
|
|
- |
|
|
Total
|
|
|
74,659 |
|
|
|
7,727 |
|
|
Less: Finance Charges
|
|
|
7,153 |
|
|
|
801 |
|
|
Total Principal Liability
|
|
$
|
67,506 |
|
|
$
|
6,926 |
|
The Company has additional lease liabilities of $37.6 million which have not yet commenced as of June 30, 2026, and as such, have not been recognized on the consolidated balance sheets.
|