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Leases

6 Months Ended

Jun. 30, 2025

8. Leases

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 9 years, with a weighted-average remaining lease term of 4 years at both June 30, 2025 and December 31, 2024. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend.

The components of lease costs for the three- and six-month periods ended June 30, 2025 and 2024 were as follows (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Classification	2025		2024		2025		2024
Operating lease costs⁽¹⁾	Cost of revenues	$	975	$	664	$	1,699	$	1,247
Operating lease costs⁽¹⁾	Selling, general and administrative expenses		78		77		162		154
Rental revenues	Revenues		(18)		(100)		(73)		(222)
Rental revenues	Other (income) expense, net		(23)		(26)		(54)		(61)
Net operating lease costs		$	1,012	$	615	$	1,734	$	1,118

(1)	Includes the costs of leases with a term of one year or less.

As of June 30, 2025, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):


2025 (excluding the six months ended June 30, 2025)	$	1,175
2026		1,537
2027		1,043
2028		519
2029		184
Thereafter		413
Total future minimum lease payments		4,871
Less imputed interest		(393)
Present value of lease liabilities	$	4,478

Supplemental cash flow information pertaining to the Company’s leasing activity for the six months ended June 30, 2025 and 2024 is as follows (in thousands):


	Six Months Ended June 30,
	2025		2024
Cash payments for lease liabilities included in operating cash flows	$	913	$	931
Right-of-use assets obtained in exchange for operating lease obligations	$	217	$	118