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LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of Components of Lease Expense
The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease expense
Rent - cost of services (1)
$65,833 $51,456 $129,794 $96,560 
General and administrative expense607 353 1,417 708 
Variable lease costs (2)
8,119 6,044 17,033 11,964 
Total operating lease expense$74,559 $57,853 $148,244 $109,232 
Finance lease expense
Amortization of right-of-use assets322 313 645 620 
Interest on lease liabilities736 198 1,476 330 
Total financing lease expense1,058 511 2,121 950 
Total Lease Expense$75,617 $58,364 $150,365 $110,182 
__________________
(1)Rent - cost of services includes other variable lease costs such as Consumer Price Index (CPI) increases and other rent adjustments of $497 and $620 for the three months ended June 30, 2024 and 2023, respectively, and $1,035 and $1,578 for the six months ended June 30, 2024 and 2023, respectively.
(2)Variable lease costs, including property taxes and insurance, are classified in Cost of services in the Company’s unaudited condensed combined/consolidated statements of (loss) income and comprehensive (loss) income
The following table summarizes supplemental cash flow information related to leases:
Six Months Ended June 30,
20242023
Operating cash paid for amounts included in the measurement of operating lease liabilities$116,026 $88,175 
Operating cash paid for amounts included in the measurement of finance lease liabilities1,476 330 
Financing cash paid for amounts included in the measurement of finance lease liabilities438 1,065 
Operating lease right-of-use assets obtained in exchange for lease liabilities259,201 557,412 
Financing lease right-of-use assets obtained in exchange for lease liabilities
— 2,028 
Information relating to the lease term and discount rate is as follows:
As of June 30, 2024
Weighted-average remaining lease term (years)
Operating leases14
Financing leases2
Weighted-average discount rate
Operating leases5.8 %
Financing leases7.2 %
Summary of Supplemental Cash Flow Related to Leases
The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease expense
Rent - cost of services (1)
$65,833 $51,456 $129,794 $96,560 
General and administrative expense607 353 1,417 708 
Variable lease costs (2)
8,119 6,044 17,033 11,964 
Total operating lease expense$74,559 $57,853 $148,244 $109,232 
Finance lease expense
Amortization of right-of-use assets322 313 645 620 
Interest on lease liabilities736 198 1,476 330 
Total financing lease expense1,058 511 2,121 950 
Total Lease Expense$75,617 $58,364 $150,365 $110,182 
__________________
(1)Rent - cost of services includes other variable lease costs such as Consumer Price Index (CPI) increases and other rent adjustments of $497 and $620 for the three months ended June 30, 2024 and 2023, respectively, and $1,035 and $1,578 for the six months ended June 30, 2024 and 2023, respectively.
(2)Variable lease costs, including property taxes and insurance, are classified in Cost of services in the Company’s unaudited condensed combined/consolidated statements of (loss) income and comprehensive (loss) income
The following table summarizes supplemental cash flow information related to leases:
Six Months Ended June 30,
20242023
Operating cash paid for amounts included in the measurement of operating lease liabilities$116,026 $88,175 
Operating cash paid for amounts included in the measurement of finance lease liabilities1,476 330 
Financing cash paid for amounts included in the measurement of finance lease liabilities438 1,065 
Operating lease right-of-use assets obtained in exchange for lease liabilities259,201 557,412 
Financing lease right-of-use assets obtained in exchange for lease liabilities
— 2,028 
Information relating to the lease term and discount rate is as follows:
As of June 30, 2024
Weighted-average remaining lease term (years)
Operating leases14
Financing leases2
Weighted-average discount rate
Operating leases5.8 %
Financing leases7.2 %
Summary of Operating Lease Maturity
Maturities of lease liabilities as of June 30, 2024 were as follows:
Finance LeasesOperating LeasesTotal
2024 (remainder)$1,929 $116,501 $118,430 
202523,560 232,133 255,693 
20262,241 231,843 234,084 
202717,995 229,876 247,871 
2028782 231,979 232,761 
2029391 233,208 233,599 
Thereafter— 1,934,120 1,934,120 
Total lease payments$46,898 $3,209,660 $3,256,558 
Less: present value discount (5,627)(1,027,797)(1,033,424)
Present value of lease liabilities
$41,271 $2,181,863 $2,223,134 
Summary of Finance Lease Maturity
Maturities of lease liabilities as of June 30, 2024 were as follows:
Finance LeasesOperating LeasesTotal
2024 (remainder)$1,929 $116,501 $118,430 
202523,560 232,133 255,693 
20262,241 231,843 234,084 
202717,995 229,876 247,871 
2028782 231,979 232,761 
2029391 233,208 233,599 
Thereafter— 1,934,120 1,934,120 
Total lease payments$46,898 $3,209,660 $3,256,558 
Less: present value discount (5,627)(1,027,797)(1,033,424)
Present value of lease liabilities
$41,271 $2,181,863 $2,223,134