Leases (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Leases |
|
| Summary of classification and location of our right-of-use assets and lease liabilities on the consolidated balance sheet |
|
|
|
|
|
|
(in thousands) |
March 31, |
|
December 31, |
|
2025 |
|
2024 |
Operating Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Operating Lease Right-of-Use Assets, Net |
$ |
14,573 |
|
$ |
15,016 |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
|
1,530 |
|
|
1,568 |
Other Long-Term Liabilities |
|
13,751 |
|
|
14,040 |
|
|
|
|
|
|
Finance Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Property, Plant and Equipment |
$ |
3,765 |
|
$ |
2,902 |
Less: Accumulated Depreciation |
|
(386) |
|
|
(171) |
Total Property, Plant and Equipment, Net |
|
3,379 |
|
|
2,731 |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
|
743 |
|
|
571 |
Other Long-Term Liabilities |
|
2,139 |
|
|
1,747 |
|
| Summary of components of lease costs recognized in our consolidated statements of operations |
|
|
|
|
|
|
(in thousands) |
Three Months Ended March 31, |
|
|
2025 |
|
2024 |
Operating Lease Costs |
|
|
|
|
|
Direct Operating Costs (1) |
$ |
328 |
|
$ |
336 |
General and Administrative (1) |
|
540 |
|
|
517 |
Finance Lease Costs |
|
|
|
|
|
Amortization of Right-of-Use Assets (2) |
|
215 |
|
|
— |
Interest on Lease Obligations (3) |
|
48 |
|
|
— |
Total Lease Cost |
$ |
1,131 |
|
$ |
853 |
| (1) |
Does not include short-term lease costs. |
| (2) |
Included in “Depreciation, Amortization and Accretion” in our condensed consolidated statements of operations. |
| (3) |
Included in “Interest Expense, Net” in our condensed consolidated statements of operations.
|
|
| Summary of supplemental statement of cash flow information |
|
|
|
|
|
|
(in thousands) |
Three Months Ended March 31, |
|
|
2025 |
|
|
2024 |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |
|
|
|
|
|
Operating Cash Flows from Operating Leases |
$ |
751 |
|
$ |
620 |
Operating Cash Flows from Finance Leases |
|
45 |
|
|
— |
Financing Cash Flows from Finance Leases |
|
195 |
|
|
— |
Right-of-Use Assets Obtained in Exchange for Lease Liabilities, Net |
|
|
|
|
|
Operating Leases |
$ |
191 |
|
$ |
333 |
Finance Leases |
|
863 |
|
|
— |
|
| Summary of lease terms and discount rates |
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
December 31, 2024 |
Weighted Average Remaining Lease Term (Years) |
|
|
|
|
|
|
Operating Leases |
|
|
|
6.7 |
|
|
6.9 |
Finance Leases |
|
|
|
3.6 |
|
|
3.7 |
Weighted Average Discount Rate |
|
|
|
|
|
|
|
Operating Leases |
|
|
|
6.42% |
|
|
6.42% |
Finance Leases |
|
|
|
7.45% |
|
|
7.45% |
|
| Summary of annual lease maturities |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
Operating Leases |
|
Finance Leases |
|
Total |
Remainder of 2025 |
|
|
$ |
1,656 |
|
$ |
700 |
|
$ |
2,356 |
2026 |
|
|
|
1,977 |
|
|
933 |
|
|
2,910 |
2027 |
|
|
|
3,302 |
|
|
910 |
|
|
4,212 |
2028 |
|
|
|
2,868 |
|
|
716 |
|
|
3,584 |
2029 |
|
|
|
2,423 |
|
|
33 |
|
|
2,456 |
Thereafter |
|
|
|
6,819 |
|
|
— |
|
|
6,819 |
Total Lease Payments |
|
|
|
19,045 |
|
|
3,292 |
|
|
22,337 |
Less: Interest |
|
|
|
(3,764) |
|
|
(410) |
|
|
(4,174) |
Present Value of Lease Liabilities |
|
|
$ |
15,281 |
|
$ |
2,882 |
|
$ |
18,163 |
|