v3.25.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
17. Leases
The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under non-cancelable operating leases, ranging from two to thirty years. As of December 31, 2024 and December 31, 2023, the Company operated 34 and 42 aircraft, respectively, under non-cancelable operating leases ranging from three months to seven years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases which amounted to $15,198 and $12,689 for the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company negotiated the purchase of one aircraft under existing operating leases. In October 2024, the Company entered into a non-cancellable finance lease for one aircraft.
Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.
The following table sets forth information about the Company’s lease costs for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Operating lease cost$21,195 $18,278 
Short-term lease cost1,685 768 
Finance lease cost:
Amortization of right-of-use assets 743 — 
Interest on lease liabilities303 — 
Total lease costs$23,926 $19,046 
The following table sets forth supplemental cash flow information about operating and finance leases for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
ROU assets obtained in exchange for new lease liabilities
Operating lease liabilities$14,866 $48,807 
Finance lease liabilities$16,039 $— 
Supplemental balance sheet information related to the leases is as follows:
Year Ended December 31,
20242023
Weighted-average remaining lease term – operating leases9.09 years8.52 years
Weighted-average discount rate – operating leases6.87 %6.54 %
Weighted-average remaining lease term – finance leases4.83 years0 years
Weighted-average discount rate – finance leases8.23 %— %
The Company’s future lease payments under non-cancellable operating leases as of December 31, 2024 are as follows:
Fiscal YearAmount
2025$19,739 
202617,455 
202712,714 
20286,451 
20294,095 
Thereafter40,226 
Total undiscounted cash flows100,680 
Less: Imputed interest(30,452)
Present value of lease liabilities$70,228 
The Company’s future lease payments under finance leases as of December 31, 2024 are as follows:
Fiscal YearAmount
2025$1,837 
20262,334 
20271,890 
20281,531 
2029788 
Thereafter— 
Total undiscounted cash flows8,380 
Less: Imputed interest(1,390)
Present value of lease liabilities$6,990 
Leases
17. Leases
The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under non-cancelable operating leases, ranging from two to thirty years. As of December 31, 2024 and December 31, 2023, the Company operated 34 and 42 aircraft, respectively, under non-cancelable operating leases ranging from three months to seven years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases which amounted to $15,198 and $12,689 for the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company negotiated the purchase of one aircraft under existing operating leases. In October 2024, the Company entered into a non-cancellable finance lease for one aircraft.
Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.
The following table sets forth information about the Company’s lease costs for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Operating lease cost$21,195 $18,278 
Short-term lease cost1,685 768 
Finance lease cost:
Amortization of right-of-use assets 743 — 
Interest on lease liabilities303 — 
Total lease costs$23,926 $19,046 
The following table sets forth supplemental cash flow information about operating and finance leases for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
ROU assets obtained in exchange for new lease liabilities
Operating lease liabilities$14,866 $48,807 
Finance lease liabilities$16,039 $— 
Supplemental balance sheet information related to the leases is as follows:
Year Ended December 31,
20242023
Weighted-average remaining lease term – operating leases9.09 years8.52 years
Weighted-average discount rate – operating leases6.87 %6.54 %
Weighted-average remaining lease term – finance leases4.83 years0 years
Weighted-average discount rate – finance leases8.23 %— %
The Company’s future lease payments under non-cancellable operating leases as of December 31, 2024 are as follows:
Fiscal YearAmount
2025$19,739 
202617,455 
202712,714 
20286,451 
20294,095 
Thereafter40,226 
Total undiscounted cash flows100,680 
Less: Imputed interest(30,452)
Present value of lease liabilities$70,228 
The Company’s future lease payments under finance leases as of December 31, 2024 are as follows:
Fiscal YearAmount
2025$1,837 
20262,334 
20271,890 
20281,531 
2029788 
Thereafter— 
Total undiscounted cash flows8,380 
Less: Imputed interest(1,390)
Present value of lease liabilities$6,990