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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Operating Leases
The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space and transportation equipment, expiring at various dates through 2032. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property. The Company is required to hold certain funds in restricted cash and cash equivalents accounts under some of these agreements.
Certain leases for property and transportation equipment contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be included in the calculation of the associated right-of-use asset and lease obligation. In making the determination of such judgment, the Company considers all relevant economic factors that would require whether to exercise or not exercise the option.
The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019 for all leases that commenced prior to that date for office spaces and transportation equipment.
Lease Costs
The table below comprises lease expenses for the years ended December 31, 2023, 2022 and 2021, respectively:
December 31,
Components of total lease cost:202320222021
Operating lease expense$3,418,134 $2,294,636 $1,993,984 
Short-term lease expense1,678,487 1,201,622 1,012,260 
Total lease cost - operating leases$5,096,621 $3,496,258 $3,006,244 
Lease Position as of December 31, 2023
Right-of-use lease assets and lease liabilities for the Company’s operating leases were recorded in the Consolidated Balance Sheets as follows:
December 31, 2023December 31, 2022
Assets
Lease right-of-use assets$9,580,535 $9,074,277 
Total lease assets$9,580,535 $9,074,277 
Liabilities  
Current liabilities:  
Lease liability - current portion$2,773,020 $2,325,024 
Noncurrent liabilities: 
Lease liability, net of current portion7,223,941 7,040,982 
Total lease liability$9,996,961 $9,366,006 
Lease Terms and Discount Rate
Weighted average remaining lease term (in years) - operating leases3.67
Weighted average discount rate - operating leases5.71 %
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of December 31, 2023 are as follows:
Operating
Leases
2024$3,271,821 
20253,305,703 
20262,429,393 
20271,219,709 
2028597,566 
Thereafter318,901 
Total future minimum lease payments11,143,093 
Less effects of discounting(1,146,132)
Present value of future minimum lease payments$9,996,961 
Operating lease expenses approximated $3,418,134, $2,294,636 and $1,993,984 for the years ended December 31, 2023, 2022 and 2021, respectively.
For the years ended December 31, 2023, 2022, 2021, the Company made $3,287,125, $2,294,636, $1,993,984 of fixed cash payments related to operating leases and $4,270,553, $2,985,568, $2,741,784 related to finance leases, respectively.
Finance Leases
The Company leases vehicles under non-cancelable finance lease agreements with a liability of $11,430,465, $8,646,803 and $10,139,410 for the years ended December 31, 2023, 2022 and 2021, respectively (accumulated depreciation of $11,679,823, $7,906,966 and $7,095,242 as of December 31, 2023, 2022 and 2021, respectively).
Depreciation expenses for the vehicles under non-cancelable lease agreements amounted to $6,352,754, $3,236,418 and $2,913,925 for the years ended December 31, 2023, 2022 and 2021, respectively.
Gain on Lease Remeasurement
In June 2022, the Company reassessed its finance lease estimates relating to vehicle mileage and residual value. As a result, the Company determined to purchase the vehicles at the end of the leases, which resulted in a gain of $1.4 million recorded as gains from lease accounting on the Consolidated Statements of Operations and Comprehensive Income.
Lease Payments
The table below comprises lease payments for the years ended December 31, 2023, 2022 and 2021, respectively:
 Year Ended December 31,
Components of total lease cost:202320222021
Finance lease payment$4,270,553 $2,985,568 $2,741,784 
Short-term lease payment— — — 
Total lease payments$4,270,553 $2,985,568 $2,741,784 
Lease Position as of December 31, 2023
Right-of-use lease assets and lease liabilities for the Company’s finance leases were recorded in the Consolidated Balance Sheets as follows:
December 31,
2023		December 31,
2022
Assets
Lease right-of-use assets$12,003,919 $9,039,663 
Total lease assets$12,003,919 $9,039,663 
Liabilities
Current liabilities:
Lease liability - current portion$3,534,073 $2,732,639 
Noncurrent liabilities: 
Lease liability, net of current portion7,896,392 5,914,164 
Total lease liability$11,430,465 $8,646,803 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of December 31, 2023:
Weighted average remaining lease term (in years) - finance leases3.37
Weighted average discount rate - finance leases5.42 %
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of December 31, 2023 are as follows:
Finance Leases
2024$4,072,021 
20253,745,030 
20262,868,368 
20271,495,766 
2028352,811 
Thereafter— 
Total future minimum lease payments12,533,996 
Less effects of discounting(1,103,531)
Present value of future minimum lease payments$11,430,465 
Leases Leases
Operating Leases
The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space and transportation equipment, expiring at various dates through 2032. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property. The Company is required to hold certain funds in restricted cash and cash equivalents accounts under some of these agreements.
Certain leases for property and transportation equipment contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be included in the calculation of the associated right-of-use asset and lease obligation. In making the determination of such judgment, the Company considers all relevant economic factors that would require whether to exercise or not exercise the option.
The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019 for all leases that commenced prior to that date for office spaces and transportation equipment.
Lease Costs
The table below comprises lease expenses for the years ended December 31, 2023, 2022 and 2021, respectively:
December 31,
Components of total lease cost:202320222021
Operating lease expense$3,418,134 $2,294,636 $1,993,984 
Short-term lease expense1,678,487 1,201,622 1,012,260 
Total lease cost - operating leases$5,096,621 $3,496,258 $3,006,244 
Lease Position as of December 31, 2023
Right-of-use lease assets and lease liabilities for the Company’s operating leases were recorded in the Consolidated Balance Sheets as follows:
December 31, 2023December 31, 2022
Assets
Lease right-of-use assets$9,580,535 $9,074,277 
Total lease assets$9,580,535 $9,074,277 
Liabilities  
Current liabilities:  
Lease liability - current portion$2,773,020 $2,325,024 
Noncurrent liabilities: 
Lease liability, net of current portion7,223,941 7,040,982 
Total lease liability$9,996,961 $9,366,006 
Lease Terms and Discount Rate
Weighted average remaining lease term (in years) - operating leases3.67
Weighted average discount rate - operating leases5.71 %
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of December 31, 2023 are as follows:
Operating
Leases
2024$3,271,821 
20253,305,703 
20262,429,393 
20271,219,709 
2028597,566 
Thereafter318,901 
Total future minimum lease payments11,143,093 
Less effects of discounting(1,146,132)
Present value of future minimum lease payments$9,996,961 
Operating lease expenses approximated $3,418,134, $2,294,636 and $1,993,984 for the years ended December 31, 2023, 2022 and 2021, respectively.
For the years ended December 31, 2023, 2022, 2021, the Company made $3,287,125, $2,294,636, $1,993,984 of fixed cash payments related to operating leases and $4,270,553, $2,985,568, $2,741,784 related to finance leases, respectively.
Finance Leases
The Company leases vehicles under non-cancelable finance lease agreements with a liability of $11,430,465, $8,646,803 and $10,139,410 for the years ended December 31, 2023, 2022 and 2021, respectively (accumulated depreciation of $11,679,823, $7,906,966 and $7,095,242 as of December 31, 2023, 2022 and 2021, respectively).
Depreciation expenses for the vehicles under non-cancelable lease agreements amounted to $6,352,754, $3,236,418 and $2,913,925 for the years ended December 31, 2023, 2022 and 2021, respectively.
Gain on Lease Remeasurement
In June 2022, the Company reassessed its finance lease estimates relating to vehicle mileage and residual value. As a result, the Company determined to purchase the vehicles at the end of the leases, which resulted in a gain of $1.4 million recorded as gains from lease accounting on the Consolidated Statements of Operations and Comprehensive Income.
Lease Payments
The table below comprises lease payments for the years ended December 31, 2023, 2022 and 2021, respectively:
 Year Ended December 31,
Components of total lease cost:202320222021
Finance lease payment$4,270,553 $2,985,568 $2,741,784 
Short-term lease payment— — — 
Total lease payments$4,270,553 $2,985,568 $2,741,784 
Lease Position as of December 31, 2023
Right-of-use lease assets and lease liabilities for the Company’s finance leases were recorded in the Consolidated Balance Sheets as follows:
December 31,
2023		December 31,
2022
Assets
Lease right-of-use assets$12,003,919 $9,039,663 
Total lease assets$12,003,919 $9,039,663 
Liabilities
Current liabilities:
Lease liability - current portion$3,534,073 $2,732,639 
Noncurrent liabilities: 
Lease liability, net of current portion7,896,392 5,914,164 
Total lease liability$11,430,465 $8,646,803 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of December 31, 2023:
Weighted average remaining lease term (in years) - finance leases3.37
Weighted average discount rate - finance leases5.42 %
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of December 31, 2023 are as follows:
Finance Leases
2024$4,072,021 
20253,745,030 
20262,868,368 
20271,495,766 
2028352,811 
Thereafter— 
Total future minimum lease payments12,533,996 
Less effects of discounting(1,103,531)
Present value of future minimum lease payments$11,430,465