Leases (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Leases |
|
| Summary of classification and location of our right-of-use assets and lease liabilities on the consolidated balance sheet |
|
|
|
|
|
|
(in thousands) |
December 31, |
|
December 31, |
|
2024 |
|
2023 |
Operating Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Operating Lease Right-of-Use Assets, Net |
$ |
15,016 |
|
$ |
16,726 |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
|
1,568 |
|
|
1,676 |
Other Long-Term Liabilities |
|
14,040 |
|
|
14,716 |
|
|
|
|
|
|
Finance Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Property, Plant and Equipment |
$ |
2,902 |
|
$ |
— |
Less: Accumulated Depreciation |
|
(171) |
|
|
— |
Total Property, Plant and Equipment, Net |
|
2,731 |
|
|
— |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
|
571 |
|
|
— |
Other Long-Term Liabilities |
|
1,747 |
|
|
— |
|
| Summary of components of lease costs recognized in our consolidated statements of operations |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Year Ended December 31, |
|
|
|
2024 |
|
2023 |
|
|
2022 |
Operating Lease Costs |
|
|
|
|
|
|
|
|
|
Direct Operating Costs (1) |
|
$ |
1,388 |
|
$ |
1,253 |
|
$ |
969 |
General and Administrative (1) |
|
|
2,067 |
|
|
1,144 |
|
|
700 |
Finance Lease Costs |
|
|
|
|
|
|
|
|
|
Amortization of right-of-use asset (2) |
|
|
171 |
|
|
— |
|
|
— |
Interest on Lease Obligations (3) |
|
|
40 |
|
|
— |
|
|
— |
Total Lease Cost |
|
$ |
3,666 |
|
$ |
2,397 |
|
$ |
1,669 |
| (1) |
Does not include short-term lease costs. |
| (2) |
Included in “Depreciation, Amortization and Accretion” in our consolidated statements of operations. |
| (3) |
Included in “Interest Expense, Net” in our consolidated statements of operations. |
|
| Summary of supplemental statement of cash flow information |
|
|
|
|
|
|
|
|
|
(in thousands) |
Year Ended December 31, |
|
|
2024 |
|
|
2023 |
|
|
2022 |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |
|
|
|
|
|
|
|
|
Operating Cash Flows from Operating Leases |
$ |
2,528 |
|
$ |
1,543 |
|
$ |
1,282 |
Financing Cash Flows from Finance Leases |
|
553 |
|
|
— |
|
|
— |
Right-of-Use Assets Obtained in Exchange for Lease Liabilities, Net |
|
|
|
|
|
|
|
|
Operating Leases |
$ |
768 |
|
$ |
10,052 |
|
$ |
2,639 |
Finance Leases |
|
2,902 |
|
|
— |
|
|
— |
|
| Summary of lease terms and discount rates |
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
Weighted Average Remaining Lease Term (Years) |
|
|
|
|
|
|
Operating Leases |
|
|
|
6.9 |
|
|
7.6 |
Finance Leases |
|
|
|
3.7 |
|
|
— |
Weighted Average Discount Rate |
|
|
|
|
|
|
|
Operating Leases |
|
|
|
6.42% |
|
|
6.30% |
Finance Leases |
|
|
|
7.45% |
|
|
— |
|
| Summary of annual lease maturities |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
Operating Leases |
|
Finance Leases |
|
Total |
2025 |
|
|
$ |
2,230 |
|
$ |
725 |
|
$ |
2,955 |
2026 |
|
|
|
1,961 |
|
|
725 |
|
|
2,686 |
2027 |
|
|
|
3,302 |
|
|
702 |
|
|
4,004 |
2028 |
|
|
|
2,868 |
|
|
508 |
|
|
3,376 |
2029 |
|
|
|
2,423 |
|
|
— |
|
|
2,423 |
Thereafter |
|
|
|
6,819 |
|
|
— |
|
|
6,819 |
Total Lease Payments |
|
|
|
19,603 |
|
|
2,660 |
|
|
22,263 |
Less: Interest |
|
|
|
(3,995) |
|
|
(342) |
|
|
(4,337) |
Present Value of Lease Liabilities |
|
|
$ |
15,608 |
|
$ |
2,318 |
|
$ |
17,926 |
|
| Summary of maturity of undiscounted cash flows to be received by lessor under subleases. |
|
|
|
|
|
(in thousands) |
|
|
|
|
2025 |
|
|
$ |
388 |
2026 |
|
|
|
287 |
2027 |
|
|
|
292 |
2028 |
|
|
|
248 |
Total Sublease Income |
|
|
$ |
1,215 |
|