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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Lease Cost

The Company’s lease cost is recognized on a straight-line basis over the lease term and is primarily included within indirect and selling expenses on the consolidated statements of comprehensive income. Lease cost consisted of the following:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

 

$

22,085

 

 

$

25,037

 

 

$

37,889

 

Finance lease cost - amortization of right-of-use assets

 

 

2,040

 

 

 

2,040

 

 

 

598

 

Finance lease cost - interest

 

 

519

 

 

 

602

 

 

 

179

 

Short-term lease cost

 

 

724

 

 

 

669

 

 

 

509

 

Variable lease cost

 

 

289

 

 

 

222

 

 

 

146

 

Sublease income

 

 

—

 

 

 

(28

)

 

 

(92

)

 Total lease cost

 

$

25,657

 

 

$

28,542

 

 

$

39,229

 

Summary of Future Minimum Lease Payments Under Non-Cancellable Operating and Finance Leases

Future minimum lease payments under non-cancellable operating and finance leases as of December 31, 2024 were as follows:

 

 

Operating

 

 

Finance

 

December 31, 2025

 

$

26,183

 

 

$

3,041

 

December 31, 2026

 

 

23,708

 

 

 

3,041

 

December 31, 2027

 

 

18,335

 

 

 

3,041

 

December 31, 2028

 

 

15,281

 

 

 

2,985

 

December 31, 2029

 

 

13,244

 

 

 

2,965

 

Thereafter

 

 

118,158

 

 

 

—

 

Total future minimum lease payments

 

 

214,909

 

 

 

15,073

 

Less: Interest

 

 

(38,253

)

 

 

(1,200

)

Total lease liabilities

 

$

176,656

 

 

$

13,873

 

 

 

 

 

 

 

 

Lease liabilities - current

 

$

20,721

 

 

$

2,612

 

Lease liabilities - non-current

 

 

155,935

 

 

 

11,261

 

Total lease liabilities

 

$

176,656

 

 

$

13,873

 

Summary of Other Information Related to Operating and Finance Leases

Other information related to operating and finance leases is as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

27,267

 

 

$

20,368

 

Financing cash flows from finance leases

 

$

2,522

 

 

$

2,438

 

Operating cash flows from finance leases

 

$

519

 

 

$

602

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

3,730

 

 

$

18,590

 

Property and equipment obtained in exchange for finance lease liabilities

 

 

—

 

 

 

338

 

Weighted-average remaining lease term

 

 

 

 

 

 

Operating leases

 

 

11.4

 

 

 

11.6

 

Finance leases

 

 

5.0

 

 

 

6.0

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

3.5

%

 

 

3.6

%

Finance leases

 

 

3.4

%

 

 

3.4

%