Leases

6 Months Ended

Jun. 30, 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 June 30, 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 and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease expense	$	3,387	$	3,912	$	6,861	$	8,069
Short-term lease expense(a)	12,692		12,991		26,611		27,435
	16,079		16,903		33,472		35,504
Less: Sublease income	198		190		392		380
Total lease expense	$	15,881	$	16,713	$	33,080	$	35,124

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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 June 30, 2023			As of December 31, 2022
Assets
Right-of-use assets	Other assets	$	47,692		$	50,825
Total lease assets		$	47,692		$	50,825
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	5,710		$	6,709
Long-term lease liabilities	Other long-term liabilities	47,154			49,176
Total lease liabilities		$	52,864		$	55,885
Weighted-average remaining lease term		11.0 years			11.0 years
Weighted-average discount rate		11.90		%	11.77		%

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


	Six Months Ended June 30,
(in thousands)	2023		2022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,807)	$	(7,717)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	807	$	7,887

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2023:


Year (in thousands)	Operating Leases
2023 (excluding the six months ended June 30, 2023)	$	5,956
2024	10,224
2025	9,109
2026	7,556
2027	6,770
Thereafter	58,094
Total lease payments	97,709
Less: Imputed interest	44,845
Total	$	52,864