LEASES

3 Months Ended

Mar. 31, 2025

The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of March 31, 2025. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year. During the three months ended March 31, 2025, $6.5 million of right of use assets and $6.5 million of lease liabilities were added related to new leases and existing lease extensions.

The following table presents the supplemental balance sheet information related to leases as of March 31, 2025 and December 31, 2024, respectively (in millions):


	March 31, 2025		December 31, 2024
Operating lease right of use assets	$	125.8	$	124.5
Total leased assets	$	125.8	$	124.5

Current operating lease liabilities (1)	$	24.1	$	19.9
Non-current operating lease liabilities	138.0		138.4
Total leased liabilities	$	162.1	$	158.3

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(1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.

The following table presents operating lease costs and other information as of and for the three months ended March 31, 2025 and 2024, respectively (in millions, except as stated):


	Three Months Ended March 31,
	2025			2024
Operating lease costs (1)	$	9.9		$	9.1

Lease term and discount rate information:
Weighted average remaining lease term (years)	7.3			8.4
Weighted average discount rate	3.6		%	3.4		%

Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of lease liabilities	$	7.3		$	6.8
Right of use assets obtained in exchange for lease liabilities	6.5			—

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(1) Includes short-term lease and variable lease costs, which are immaterial.

The maturities of the lease liabilities are as follows as of March 31, 2025 (in millions):


	March 31, 2025
Remainder of 2025	$	22.6
2026	31.2
2027	27.9
2028	25.8
2029	14.6
After 2029	67.6
Total lease payments	$	189.7
Less: Interest	(27.6)
Present value of lease liabilities	$	162.1