Company: UFPT
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050425
Chunk: 33

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.ROU assets and lease liabilities consist of the following (in thousands):September 30,2025December 31,2024Operating lease ROU assets$18,881 $16,056 Finance lease ROU assets47 92 Total ROU assets$18,928 $16,148 Operating lease liabilities - current$4,909 $4,165 Finance lease liabilities - current43 61 Total lease liabilities - current$4,952 $4,226 Operating lease liabilities - long-term$14,431 $12,398 Finance lease liabilities - long-term6 34 Total lease liabilities - long-term$14,437 $12,432 

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The components of lease costs for the nine months ended September 30, 2025 and 2024 consist of the following (in thousands):Nine Months Ended September 30,20252024Lease Cost:Finance lease cost:Amortization of right of use assets$45 $71 Interest on lease liabilities1 5 Operating lease cost3,691 2,776 Variable lease cost531 241 Short-term lease cost151 136 Total lease cost$4,419 $3,229 Weighted-average remaining lease term (years):Finance1.131.40Operating6.024.21Weighted-average discount rate:Finance2.15 %2.11 %Operating5.45 %4.87 %The following table provides additional details of cash flow information related to the Company's leases (in thousands):Nine Months Ended September 30,20252024Cash paid for amounts included in measurement of lease liabilities:Operating cash flows from operating leases$3,571 $2,723 Financing cash flows from finance leases$47 $58 Total operating cash flows$3,618 $2,781 Supplemental non-cash information:ROU assets obtained in exchange for new lease liabilities$3,784 $4,078 

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The aggregate future lease payments for leases as of September 30, 2025 are as follows (in thousands):Operating