| LEASES |
NOTE 6 - LEASES
Lessee Arrangements
The Company enters into leases in the normal course of business primarily as part of its operations in the different airports, back-office operations, research and development offices and headquarters offices.
The table below presents the effects on the amounts relating to the Company’s total lease cost:
| |
|
Year ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
Operating lease cost
|
|
$
|
6,055
|
|
|
$
|
5,684
|
|
|
$
|
4,915
|
|
|
Short term lease cost
|
|
|
2,811
|
|
|
|
2,208
|
|
|
|
1,609
|
|
|
Total lease cost
|
|
$
|
8,866
|
|
|
$
|
7,892
|
|
|
$
|
6,524
|
|
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
| |
|
Year ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
Operating cash flows from operating leases
|
|
$
|
6,117
|
|
|
$
|
5,672
|
|
|
$
|
4,902
|
|
|
Right of use assets obtained in exchange for new operating lease liabilities
|
|
|
794
|
|
|
|
10,680
|
|
|
|
1,655
|
|
|
Weighted-average remaining lease term-operating leases
|
|
4.6 years
|
|
|
4.5 years
|
|
|
2.6 years
|
|
|
Weighted-average discount rate
|
|
|
7.35
|
%
|
|
|
7.33
|
%
|
|
|
5.94
|
%
|
Balance sheet information related to operating leases was as follows:
| |
|
December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
Operating lease ROU assets
|
|
$
|
9,698
|
|
|
$
|
13,138
|
|
| |
|
|
|
|
|
|
|
|
|
Operating lease liabilities - current
|
|
$
|
3,273
|
|
|
$
|
4,876
|
|
|
Operating lease liabilities - non-current
|
|
|
6,737
|
|
|
|
8,296
|
|
|
Total operating lease liabilities
|
|
$
|
10,010
|
|
|
$
|
13,172
|
|
Future undiscounted lease payments for operating leases with initial terms of more than one year as of December 31, 2025 are as follows:
|
Year ending December 31,
|
|
|
|
|
2026
|
|
$
|
3,787
|
|
|
2027
|
|
|
2,923
|
|
|
2028
|
|
|
1,786
|
|
|
2029
|
|
|
715
|
|
|
2030
|
|
|
503
|
|
|
Thereafter
|
|
|
1,973
|
|
|
Total future minimum lease payments
|
|
|
11,687
|
|
|
Less: imputed interest
|
|
|
1,677
|
|
|
Total
|
|
$
|
10,010
|
|
|