Leases

3 Months Ended

Mar. 31, 2023

The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of March 31, 2023, the Company’s operating leases have remaining lease terms ranging from less than one year to 15 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The following table presents components of lease expense for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(in thousands)	2023		2022
Operating lease expense	$	3,474	$	4,157
Short-term lease expense(a)	13,919		14,444
	17,393		18,601
Less: Sublease income	194		190
Total lease expense	$	17,199	$	18,411

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(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

The following table presents supplemental balance sheet information related to operating leases:


(dollars in thousands)	Balance Sheet Line Item	As of March 31, 2023			As of December 31, 2022
Assets
Right-of-use assets	Other assets	$	49,147		$	50,825
Total lease assets		$	49,147		$	50,825
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	6,290		$	6,709
Long-term lease liabilities	Other long-term liabilities	48,006			49,176
Total lease liabilities		$	54,296		$	55,885
Weighted-average remaining lease term		11.0 years			11.0 years
Weighted-average discount rate		11.81		%	11.77		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:


	Three Months Ended March 31,
(in thousands)	2023		2022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(3,446)	$	(3,927)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	318	$	6,757

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2023:


Year (in thousands)	Operating Leases
2023 (excluding the three months ended March 31, 2023)	$	9,198
2024	10,028
2025	8,910
2026	7,478
2027	6,770
Thereafter	58,094
Total lease payments	100,478
Less: Imputed interest	46,182
Total	$	54,296