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LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Components of Lease Expense
The components of lease expense were as follows:
Year Ended December 31,
202420232022
Operating lease expense
Rent - cost of services (1)
$284,953 $216,711 $160,003 
General and administrative expense2,435 941 542 
Other variable lease costs (2)
31,480 26,399 21,252 
Total operating lease expense$318,868 $244,051 $181,797 
Finance lease expense
Amortization of right-of-use assets$3,327 $1,264 $1,230 
Interest on lease liabilities7,370 1,113 546 
Total financing lease expense$10,697 $2,377 $1,776 
Total lease expense$329,565 $246,428 $183,573 
__________________
(1)Rent - cost of services includes variable lease costs such as Consumer Price Index (CPI) increases and other rent adjustments of $2,383, $2,745 and $964 for the years ended December 31, 2024, 2023, and 2022, respectively.
(2)Other variable lease costs of facilities, including property taxes and insurance, are classified in cost of services in the Company’s combined/consolidated statements of income.
The following table summarizes supplemental cash flow information related to leases:
Year Ended December 31,
202420232022
Operating cash paid for amounts included in the measurement of operating lease liabilities$252,742 $194,925 $143,683 
Operating cash paid for amounts included in the measurement of finance lease liabilities7,370 1,113 546 
Financing cash paid for amounts included in the measurement of finance lease liabilities811 1,708 2,088 
Operating lease right-of-use assets obtained in exchange for lease liabilities1,326,598 805,866 99,843 
Decrease in operating lease right-of-use assets and liabilities due to lease termination/modification
(141,382)— — 
Finance lease right-of-use assets obtained in exchange for lease liabilities
18,298 5,521 — 
Decrease in finance lease right-of-use assets and liabilities due to lease termination/modification
(2,272)— — 
Information relating to the lease term and discount rate is as follows:
Year Ended December 31,
202420232022
Weighted-average remaining lease term (years)
Operating leases141313
Finance leases
631
Weighted-average discount rate
Operating leases6.4 %5.7 %5.1 %
Finance leases
6.1 %7.2 %1.4 %
Summary of Supplemental Cash Flow Related to Leases
The components of lease expense were as follows:
Year Ended December 31,
202420232022
Operating lease expense
Rent - cost of services (1)
$284,953 $216,711 $160,003 
General and administrative expense2,435 941 542 
Other variable lease costs (2)
31,480 26,399 21,252 
Total operating lease expense$318,868 $244,051 $181,797 
Finance lease expense
Amortization of right-of-use assets$3,327 $1,264 $1,230 
Interest on lease liabilities7,370 1,113 546 
Total financing lease expense$10,697 $2,377 $1,776 
Total lease expense$329,565 $246,428 $183,573 
__________________
(1)Rent - cost of services includes variable lease costs such as Consumer Price Index (CPI) increases and other rent adjustments of $2,383, $2,745 and $964 for the years ended December 31, 2024, 2023, and 2022, respectively.
(2)Other variable lease costs of facilities, including property taxes and insurance, are classified in cost of services in the Company’s combined/consolidated statements of income.
The following table summarizes supplemental cash flow information related to leases:
Year Ended December 31,
202420232022
Operating cash paid for amounts included in the measurement of operating lease liabilities$252,742 $194,925 $143,683 
Operating cash paid for amounts included in the measurement of finance lease liabilities7,370 1,113 546 
Financing cash paid for amounts included in the measurement of finance lease liabilities811 1,708 2,088 
Operating lease right-of-use assets obtained in exchange for lease liabilities1,326,598 805,866 99,843 
Decrease in operating lease right-of-use assets and liabilities due to lease termination/modification
(141,382)— — 
Finance lease right-of-use assets obtained in exchange for lease liabilities
18,298 5,521 — 
Decrease in finance lease right-of-use assets and liabilities due to lease termination/modification
(2,272)— — 
Information relating to the lease term and discount rate is as follows:
Year Ended December 31,
202420232022
Weighted-average remaining lease term (years)
Operating leases141313
Finance leases
631
Weighted-average discount rate
Operating leases6.4 %5.7 %5.1 %
Finance leases
6.1 %7.2 %1.4 %
Summary of Operating Lease Maturity
Maturities of lease liabilities as of December 31, 2024 were as follows:
Finance LeasesOperating LeasesTotal
2025$29,891 $321,827 $351,718 
202692,513 325,826 418,339 
202719,132 326,796 345,928 
20281,949 330,348 332,297 
20291,588 332,696 334,284 
Thereafter54,734 3,123,492 3,178,226 
Total lease payments$199,807 $4,760,985 $4,960,792 
Less: present value discount (53,160)(1,688,980)(1,742,140)
Present value of lease liabilities
$146,647 $3,072,005 $3,218,652 
Summary of Finance Lease Maturity
Maturities of lease liabilities as of December 31, 2024 were as follows:
Finance LeasesOperating LeasesTotal
2025$29,891 $321,827 $351,718 
202692,513 325,826 418,339 
202719,132 326,796 345,928 
20281,949 330,348 332,297 
20291,588 332,696 334,284 
Thereafter54,734 3,123,492 3,178,226 
Total lease payments$199,807 $4,760,985 $4,960,792 
Less: present value discount (53,160)(1,688,980)(1,742,140)
Present value of lease liabilities
$146,647 $3,072,005 $3,218,652