v3.25.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities

The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded in thousands on the Company's condensed consolidated balance sheet as of September 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

 

 

Finance Leases

 

 

Operating Leases

 

Remainder of 2025

$

2,769

 

 

$

6,275

 

2026

 

10,757

 

 

 

23,052

 

2027

 

8,687

 

 

 

20,608

 

2028

 

7,522

 

 

 

16,232

 

2029

 

6,327

 

 

 

13,820

 

2030 and thereafter

 

8,707

 

 

 

30,592

 

Total minimum lease payments

 

44,769

 

 

 

110,579

 

Less amount representing interest

 

12,611

 

 

 

34,207

 

Present value of minimum lease payments

 

32,158

 

 

 

76,372

 

Less current portion

 

6,949

 

 

 

14,326

 

Long-term portion

$

25,209

 

 

$

62,046

 

Schedule of Lease Costs Related to Finance and Operating Leases

The table below presents information for lease costs related to the Company's finance and operating leases in thousands:

 

 

For The Three Months Ended September 30,

 

For The Nine Months Ended September 30,

 

2025

 

2024

 

2025

 

2024

Finance lease cost

 

 

 

 

 

 

 

Amortization of leased assets

$1,642

 

$1,039

 

$4,628

 

$2,163

Interest of lease liabilities

1,113

 

950

 

3,295

 

1,991

Operating lease cost

 

 

 

 

 

 

 

Operating lease cost (1)

6,995

 

6,644

 

14,950

 

10,556

Short-term lease cost (2)

1,004

 

996

 

1,969

 

1,838

Total lease cost

$10,754

 

$9,629

 

$24,842

 

$16,548

 

(1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations.

(2) Expenses are classified within Other on the Company's condensed consolidated statements of operations.

Schedule of Lease Terms and Discount Rates Related to Finance and Operating Leases The table below presents lease terms and discount rates related to the Company's finance and operating leases:

 

 

 

September 30, 2025

 

 

September 30, 2024

 

Weighted-average remaining lease term

 

 

 

 

 

 

Operating leases

 

5.62  years

 

 

6.08 years

 

Finance leases

 

5.01  years

 

 

6.58 years

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

14.00

%

 

 

13.95

%

Finance leases

 

 

14.62

%

 

 

14.75

%

 

Schedule of Cash and Non-cash Activities Associated with Leases

The table below presents cash and non-cash activities associated with our leases in thousands:

 

 

 

For The Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

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

 

 

 

 

 

Operating cash flows from operating leases

 

$

15,618

 

 

$

10,507

 

Financing cash flows from finance leases

 

$

3,783

 

 

$

1,427