v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.
Operating and Finance Leases
The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.
The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2026December 31, 2025
Assets:
Operating lease assetsOperating lease, right-of-use assets$45,835 $45,822 
Finance lease assetsProperty and equipment, net$47,879 $34,259 
Total lease assets$93,714 $80,081 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(12,557)$(11,951)
Finance lease liabilitiesFinance lease obligation, current portion$(16,602)$(13,735)
Total current lease liabilities$(29,159)$(25,686)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(39,842)$(40,430)
Finance lease liabilitiesFinance lease obligation, less current portion$(34,691)$(23,718)
Total non-current lease liabilities$(74,533)$(64,148)

The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease cost
Lease expense of right-of-use assets$3,903 $3,613 $7,720 $7,154 
Short-term and variable lease cost— — 1 — 
Finance lease cost:
Amortization of right-of-use assets4,090 3,128 8,416 6,124 
Interest on lease liabilities603 443 1,191 891 
Sublease income(7)(31)(14)(58)
Total lease cost$8,589 $7,153 $17,314 $14,111 

Six Months Ended
(Amounts in thousands)June 30, 2026June 30, 2025
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$7,821 $7,221 
Operating cash flows from finance leases1,191 891 
Financing cash flows from finance leases7,943 5,600 
Right-of-use assets obtained in exchange for new operating leases7,111 5,835 
Right-of-use assets obtained in exchange for new finance leases22,385 10,166 
As ofAs of
June 30, 2026December 31, 2025
Weighted average remaining lease term (in years):
Operating leases4.414.59
Finance leases3.022.72
Weighted average discount rates:
Operating leases6.7 %6.8 %
Finance leases6.2 %6.4 %
Future minimum commitments under leases for the remainder of 2026 and succeeding years are as follows (in thousands):
(Amounts in thousands)
Operating LeaseFinance Lease
2026$8,004 $9,160 
202714,852 15,104 
202813,543 11,920 
202910,555 8,474 
20306,721 1,908 
Thereafter7,014 – 
Total lease payments$60,689 $46,566 
Less: Amounts representing interest$(8,301)$(5,592)
Total lease liabilities$52,388 $40,974 
The above table is exclusive of $0.1 million sub-lease income associated with the $52.4 million total liability of operating leases as presented on the condensed consolidated balance sheet.
The above table is exclusive of the $10.3 million purchase price associated with the $51.3 million total liability of finance leases as presented on the condensed consolidated balance sheet.
Leases Leases
We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.
Operating and Finance Leases
The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.
The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2026December 31, 2025
Assets:
Operating lease assetsOperating lease, right-of-use assets$45,835 $45,822 
Finance lease assetsProperty and equipment, net$47,879 $34,259 
Total lease assets$93,714 $80,081 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(12,557)$(11,951)
Finance lease liabilitiesFinance lease obligation, current portion$(16,602)$(13,735)
Total current lease liabilities$(29,159)$(25,686)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(39,842)$(40,430)
Finance lease liabilitiesFinance lease obligation, less current portion$(34,691)$(23,718)
Total non-current lease liabilities$(74,533)$(64,148)

The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease cost
Lease expense of right-of-use assets$3,903 $3,613 $7,720 $7,154 
Short-term and variable lease cost— — 1 — 
Finance lease cost:
Amortization of right-of-use assets4,090 3,128 8,416 6,124 
Interest on lease liabilities603 443 1,191 891 
Sublease income(7)(31)(14)(58)
Total lease cost$8,589 $7,153 $17,314 $14,111 

Six Months Ended
(Amounts in thousands)June 30, 2026June 30, 2025
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$7,821 $7,221 
Operating cash flows from finance leases1,191 891 
Financing cash flows from finance leases7,943 5,600 
Right-of-use assets obtained in exchange for new operating leases7,111 5,835 
Right-of-use assets obtained in exchange for new finance leases22,385 10,166 
As ofAs of
June 30, 2026December 31, 2025
Weighted average remaining lease term (in years):
Operating leases4.414.59
Finance leases3.022.72
Weighted average discount rates:
Operating leases6.7 %6.8 %
Finance leases6.2 %6.4 %
Future minimum commitments under leases for the remainder of 2026 and succeeding years are as follows (in thousands):
(Amounts in thousands)
Operating LeaseFinance Lease
2026$8,004 $9,160 
202714,852 15,104 
202813,543 11,920 
202910,555 8,474 
20306,721 1,908 
Thereafter7,014 – 
Total lease payments$60,689 $46,566 
Less: Amounts representing interest$(8,301)$(5,592)
Total lease liabilities$52,388 $40,974 
The above table is exclusive of $0.1 million sub-lease income associated with the $52.4 million total liability of operating leases as presented on the condensed consolidated balance sheet.
The above table is exclusive of the $10.3 million purchase price associated with the $51.3 million total liability of finance leases as presented on the condensed consolidated balance sheet.