Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leases

The following table provides the components of lease expense for the periods indicated (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of ROU assets	$	1,933	$	1,261	$	3,707	$	2,469
Interest on lease liabilities	308		78		546		158
Operating lease cost	914		676		1,793		1,349
Short-term lease cost	3,440		3,802		7,138		7,583
Variable lease cost	6		4		11		10
Total lease expense	$	6,601	$	5,821	$	13,195	$	11,569

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):

	Six Months Ended
	June 30,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	1,576	$	1,347
Operating cash flows from finance leases (1)	515		139
Financing cash flows from finance leases	3,247		2,306
ROU assets obtained in exchange for new lease liabilities:
Finance leases	13,917		1,888
Operating leases	501		549

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:

	Six Months Ended
	June 30,
	2023	2022
Weighted-average remaining lease term (years):
Finance leases	3.67	3.16
Operating leases	3.17	3.53
Weighted-average discount rate:
Finance leases	5.0%	2.5%
Operating leases	4.1%	3.7%

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):

	June 30,		December 31,
	2023		2022
Assets
Finance lease ROU assets (1)	$	25,663	$	15,264
Operating lease ROU assets	6,783		7,720
Liabilities
Current
Finance lease liabilities	6,444		4,382
Operating lease liabilities	2,802		2,712
Noncurrent
Finance lease liabilities	20,693		12,085
Operating lease liabilities	3,986		5,007

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands):

	Finance		Operating
	Lease		Lease
Remainder of 2023	$	3,962	$	1,553
2024	7,277		2,826
2025	7,582		1,098
2026	4,754		904
2027	5,185		570
Thereafter	1,557		237
Total lease payments	30,317		7,188
Less: Interest	(3,180)		(400)
Present value of lease liabilities	27,137		6,788
Less: Current portion of lease obligation	(6,444)		(2,802)
Total long-term lease obligation	$	20,693	$	3,986

The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands):

	Finance		Operating
	Lease		Lease
2023	$	4,870	$	2,958
2024	3,629		2,617
2025	4,652		962
2026	2,482		879
2027	2,179		570
Thereafter	—		237
Total lease payments	17,812		8,223
Less: Interest	(1,345)		(504)
Present value of lease liabilities	16,467		7,719
Less: Current portion of lease obligation	(4,382)		(2,712)
Total long-term lease obligation	$	12,085	$	5,007

Leases

Leases

The following table provides the components of lease expense for the periods indicated (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of ROU assets	$	1,933	$	1,261	$	3,707	$	2,469
Interest on lease liabilities	308		78		546		158
Operating lease cost	914		676		1,793		1,349
Short-term lease cost	3,440		3,802		7,138		7,583
Variable lease cost	6		4		11		10
Total lease expense	$	6,601	$	5,821	$	13,195	$	11,569

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):

	Six Months Ended
	June 30,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	1,576	$	1,347
Operating cash flows from finance leases (1)	515		139
Financing cash flows from finance leases	3,247		2,306
ROU assets obtained in exchange for new lease liabilities:
Finance leases	13,917		1,888
Operating leases	501		549

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:

	Six Months Ended
	June 30,
	2023	2022
Weighted-average remaining lease term (years):
Finance leases	3.67	3.16
Operating leases	3.17	3.53
Weighted-average discount rate:
Finance leases	5.0%	2.5%
Operating leases	4.1%	3.7%

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):

	June 30,		December 31,
	2023		2022
Assets
Finance lease ROU assets (1)	$	25,663	$	15,264
Operating lease ROU assets	6,783		7,720
Liabilities
Current
Finance lease liabilities	6,444		4,382
Operating lease liabilities	2,802		2,712
Noncurrent
Finance lease liabilities	20,693		12,085
Operating lease liabilities	3,986		5,007

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands):

	Finance		Operating
	Lease		Lease
Remainder of 2023	$	3,962	$	1,553
2024	7,277		2,826
2025	7,582		1,098
2026	4,754		904
2027	5,185		570
Thereafter	1,557		237
Total lease payments	30,317		7,188
Less: Interest	(3,180)		(400)
Present value of lease liabilities	27,137		6,788
Less: Current portion of lease obligation	(6,444)		(2,802)
Total long-term lease obligation	$	20,693	$	3,986

The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands):

	Finance		Operating
	Lease		Lease
2023	$	4,870	$	2,958
2024	3,629		2,617
2025	4,652		962
2026	2,482		879
2027	2,179		570
Thereafter	—		237
Total lease payments	17,812		8,223
Less: Interest	(1,345)		(504)
Present value of lease liabilities	16,467		7,719
Less: Current portion of lease obligation	(4,382)		(2,712)
Total long-term lease obligation	$	12,085	$	5,007