Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

6. Leases

As of March 31, 2025, the weighted average remaining lease term was 6.6 and 4.5 years for operating and finance leases, respectively. As of March 31, 2025, the weighted average discount rate was 3.8% and 6.6% for operating and finance leases, respectively.

The components of lease expense were as follows (U.S. dollars in thousands):

	Three Months Ended March 31,
	2025		2024
Operating lease expense
Operating lease cost	$	5,916	$	6,066
Variable lease cost		961		1,776
Finance lease expense
Amortization of right-of-use assets		530		758
Interest on lease liabilities		168		109
Total lease expense	$	7,575	$	8,709

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

	Three Months Ended March 31,
	2025		2024
Operating cash outflow from operating leases	$	5,744	$	6,371
Operating cash outflow from finance leases	$	166	$	111
Financing cash outflow from finance leases	$	621	$	785
Right-of-use assets obtained in exchange for operating lease obligations	$	11,496	$	13,034
Right-of-use assets obtained in exchange for finance lease obligations	$	277	$	5

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

Year Ending December 31	Operating Leases		Finance Leases
2025	$	22,455	$	2,662
2026		17,788		2,536
2027		11,984		2,484
2028		8,814		2,376
2029		7,475		1,355
Thereafter		22,514		—
Total		91,030		11,413
Less: Finance charges		9,084		1,554
Total principal liability	$	81,946	$	9,859