Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

6. Leases

As of June 30, 2025, the weighted-average remaining lease term was 6.6 and 4.3 years for operating and finance leases, respectively. As of June 30, 2025, the weighted-average discount rate was 3.7% 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating lease expense
Operating lease cost	$	5,956	$	5,873	$	11,872	$	11,939
Variable lease cost		1,273		964		2,234		2,740
Finance lease expense
Amortization of right-of-use assets		551		725		1,081		1,483
Interest on lease liabilities		165		94		333		203
Total lease expense	$	7,945	$	7,656	$	15,520	$	16,365

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

	Six Months Ended June 30,
	2025		2024
Operating cash outflow from operating leases	$	11,956	$	12,515
Operating cash outflow from finance leases	$	351	$	204
Financing cash outflow from finance leases	$	1,120	$	1,560
Right-of-use assets obtained in exchange for operating lease obligations	$	15,201	$	14,595
Right-of-use assets obtained in exchange for finance lease obligations	$	47	$	10

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

Year Ending December 31	Operating Leases		Finance Leases
2025	$	11,250	$	1,374
2026		19,357		2,743
2027		14,389		2,720
2028		10,090		2,600
2029		9,201		2,118
Thereafter		24,813		—
Total		89,100		11,555
Less: Finance charges		8,872		1,507
Total principal liability	$	80,228	$	10,048

The Company has additional lease liabilities of $5.8 million which have not yet commenced as of June 30, 2025, and as such, have not been recognized on the consolidated balance sheets.