LEASES

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2025, $0.6 million of right of use assets and $0.6 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 September 30, 2025 and December 31, 2024, respectively (in millions):


	September 30, 2025		December 31, 2024
Operating lease right of use assets	$	116.1	$	124.5
Total leased assets	$	116.1	$	124.5

Current operating lease liabilities (1)	$	25.1	$	19.9
Non-current operating lease liabilities	127.2		138.4
Total leased liabilities	$	152.3	$	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 and nine months ended September 30, 2025 and 2024, respectively (in millions, except as stated):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025			2024
Operating lease costs (1)	$	9.2	$	9.0	$	29.0		$	27.5

Lease term and discount rate information:
Weighted average remaining lease term (years)					7.1			7.7
Weighted average discount rate					3.6		%	3.5		%

Supplemental disclosure of cash transactions:
Cash paid for amounts included in the measurement of lease liabilities	$	8.0	$	6.4	$	20.6		$	20.8
Lease incentive for leasehold improvements	—		—		2.3			—
Supplemental disclosure of noncash activities:
Right of use assets obtained in exchange for lease liabilities	$	0.6	$	20.1	$	7.6		$	20.4
Reduction in lease liability due to remeasurement	—		(2.5)		(0.2)			(14.0)

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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 September 30, 2025 (in millions):


	September 30, 2025
Remainder of 2025	$	7.0
2026	31.1
2027	27.8
2028	25.7
2029	14.5
After 2029	67.4
Total lease payments	$	173.5
Less: Interest	(21.2)
Present value of lease liabilities	$	152.3