v3.26.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2026
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 March 31, 2026. 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 2026

$

14,390

 

 

$

17,492

 

2027

 

17,723

 

 

 

21,392

 

2028

 

14,827

 

 

 

16,232

 

2029

 

10,708

 

 

 

13,820

 

2030

 

8,812

 

 

 

11,958

 

2031 and thereafter

 

7,696

 

 

 

18,634

 

Total minimum lease payments

 

74,156

 

 

 

99,528

 

Less amount representing interest

 

19,037

 

 

 

29,385

 

Present value of minimum lease payments

 

55,119

 

 

 

70,143

 

Less current portion

 

12,303

 

 

 

14,423

 

Long-term portion

$

42,816

 

 

$

55,720

 

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 March 31,

 

 

2026

 

 

2025

 

Finance lease cost

 

 

 

 

 

Amortization of leased assets

$

2,962

 

 

$

1,413

 

Interest of lease liabilities

 

1,719

 

 

 

1,086

 

Operating lease cost

 

 

 

 

 

Operating lease cost (1)

 

3,368

 

 

 

3,844

 

Short-term lease cost (2)

 

378

 

 

 

498

 

Total lease cost

$

8,427

 

 

$

6,841

 

 

(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:

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Weighted-average remaining lease term

 

 

 

 

 

 

Operating leases

 

5.27  years

 

 

5.77 years

 

Finance leases

 

4.63  years

 

 

5.66 years

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

14.05

%

 

 

13.98

%

Finance leases

 

 

13.87

%

 

 

14.78

%

 

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 Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

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

 

 

 

 

 

Operating cash flows from operating leases

 

$

3,494

 

 

$

4,124

 

Financing cash flows from finance leases

 

$

2,657

 

 

$

1,067