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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Our leases consist primarily of operating real estate leases for office space and data centers in the markets in which we conduct business. We also have operating and finance leases for computer and other equipment. Many of our leases include escalating rental payments and incentives, as well as termination and renewal options. Certain of our lease agreements provide that we pay the cost of property taxes, insurance and maintenance. As of December 31, 2024 and 2023, right-of-use assets and lease liabilities consisted of the following:
|  | Balance Sheet Location |  | December 31, 2024 |  | December 31, 2023
|  |  |  | (in thousands)
Assets: |  |  |  |  |  |
Operating lease right-of-use assets: |  |  |  |  |  |
Real estate |  | Other noncurrent assets |  | $ | 278,942 |  |  | $ | 340,061 |
Computer equipment |  | Other noncurrent assets |  | — |  |  | 5,352 |
Other |  | Other noncurrent assets |  | 116 |  |  | 302 |
Total operating lease right-of-use-assets |  |  |  | $ | 279,058 |  |  | $ | 345,715 |
Finance lease right-of-use assets: |  |  |  |  |  |
Computer equipment |  | Property and equipment, net |  | $ | 700 |  |  | $ | 11,168 |
Other equipment |  | Property and equipment, net |  | 52,365 |  |  | 52,264 |
Other |  | Property and equipment, net |  | 8,615 |  |  | 6,634 |
|  |  |  | 61,680 |  |  | 70,066 |
Less accumulated depreciation: |  |  |  |  |  |
Computer equipment |  | Property and equipment, net |  | (457) |  |  | (4,361) |
Other equipment |  | Property and equipment, net |  | (39,021) |  |  | (38,338) |
Other |  | Property and equipment, net |  | (3,409) |  |  | (4,497) |
Total accumulated depreciation |  |  |  | (42,887) |  |  | (47,196) |
Total finance lease right-of-use assets |  |  |  | 18,793 |  |  | 22,870 |
Total right-of-use assets(1) |  |  |  | $ | 297,851 |  |  | $ | 368,585 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 71,607 |  |  | $ | 81,696 |
Operating lease liabilities (noncurrent) |  | Other noncurrent liabilities |  | 354,491 |  |  | 411,227 |
Finance lease liabilities (current) |  | Current portion of long-term debt |  | 8,099 |  |  | 12,055 |
Finance lease liabilities (noncurrent) |  | Long-term debt |  | 8,283 |  |  | 12,470 |
Total lease liabilities |  |  |  | $ | 442,480 |  |  | $ | 517,448 |
(1) As of December 31, 2024 and 2023, approximately 70% of our right-of-use assets were located in the United States. The weighted-average remaining lease term for operating and finance leases at December 31, 2024 was 7.8 years and 3.1 years, respectively. The weighted-average remaining lease term for operating and finance leases at December 31, 2023 was 8.4 years and 3.2 years, respectively. As of December 31, 2024, the weighted-average discount rate used in the measurement of operating and finance lease liabilities was 3.8% and 4.6%, respectively. As of December 31, 2023, the weighted-average discount rate used in the measurement of operating and finance lease liabilities was 4.0% and 3.7%, respectively. As of December 31, 2024, maturities of lease liabilities were as follows:
|  | Operating Leases |  | Finance Leases
|  | (in thousands)
Year ending December 31, |  |  |  |
2025 |  | $ | 85,984 |  |  | $ | 8,362 |
2026 |  | 82,251 |  |  | 4,323 |
2027 |  | 68,404 |  |  | 3,037 |
2028 |  | 56,940 |  |  | 1,674 |
2029 |  | 42,330 |  |  | — |
2030 and thereafter |  | 156,586 |  |  | — |
Total lease payments |  | 492,495 |  |  | 17,396 |
Imputed interest |  | (66,397) |  |  | (1,014) |
Total lease liabilities |  | $ | 426,098 |  |  | $ | 16,382 |
Operating lease costs in our consolidated statement of income for the year ended December 31, 2024 were $98.7 million, including $89.4 million in selling, general and administrative expenses and $9.3 million in cost of services. Total lease costs for the year ended December 31, 2024 include variable lease costs of $14.5 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2024 were $12.3 million, including $11.7 million of amortization on right-of use assets and $0.6 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2024. Ope rating lease costs in our consolidated statement of income for the year ended December 31, 2023 were $101.6 million, including $81.6 million in selling, general and administrative expenses and $20.0 million in cost of services. Total lease costs for the year ended December 31, 2023 include variable lease costs of $19.1 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2023 were $14.1 million, including $13.2 million of amortization on right-of use assets and $0.9 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2023. Operating lease costs in our consolidated statement of income for the year ended December 31, 2022 we re $137.8 million, including $105.7 million in selling, general and administrative expenses and $32.1 million in cost of services. Total lease costs for the year ended December 31, 2022 include variable lease costs of $21.0 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2022 were $18.1 million, including $16.7 million of amortization on right-of use assets and $1.4 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2022. Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2024, 2023 and 2022 was $93.0 million, $101.7 million and $120.7 million, respectively, which are included as a component of cash provided by operating activities in the consolidated statements of cash flows. Operating lease liabilities arising from obtaining new or modified right-of-use assets, net of reductions resulting from certain lease modifications, were $30.2 million, $31.2 million and $25.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of finance lease liabilities that is included as a component of cash used in financing activities in the consolidated statements of cash flows was $16.1 million, $12.9 million and $21.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Finance lease liabilities arising from obtaining new or modified right-of-use assets, net of reductions resulting from certain lease modifications, were $9.4 million, $4.4 million and $8.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. In connection with the EVO acquisition completed during the year ended December 31, 2023, we acquired right-of-use assets and assumed lease liabilities for operating leases of $41.3 million. In connection with business dispositions completed during the year ended December 31, 2023, we disposed of right-of-use assets and lease liabilities for operating leases of $4.9 million and $4.9 million, respectively. During the years ended December 31, 2024, 2023 and 2022, we entered into agreements to acquire hardware, software and related services, including the purchase of certain assets previously leased. During the year ended December 31, 2024, the reduction in operating lease liabilities arising from the termination of the related right-of-use assets was $5.4 million. During the year ended December 31, 2023, the reduction in operating and finance lease liabilities arising from the termination of the related right-of-use assets was $10.3 million and $0.1 million, respectively. During the year ended December 31, 2022, the reduction in operating and finance lease liabilities arising from the termination of the related right-of-use assets was $44.2 million and $9.7 million, respectively.
LEASES | LEASES Our leases consist primarily of operating real estate leases for office space and data centers in the markets in which we conduct business. We also have operating and finance leases for computer and other equipment. Many of our leases include escalating rental payments and incentives, as well as termination and renewal options. Certain of our lease agreements provide that we pay the cost of property taxes, insurance and maintenance. As of December 31, 2024 and 2023, right-of-use assets and lease liabilities consisted of the following:
|  | Balance Sheet Location |  | December 31, 2024 |  | December 31, 2023
|  |  |  | (in thousands)
Assets: |  |  |  |  |  |
Operating lease right-of-use assets: |  |  |  |  |  |
Real estate |  | Other noncurrent assets |  | $ | 278,942 |  |  | $ | 340,061 |
Computer equipment |  | Other noncurrent assets |  | — |  |  | 5,352 |
Other |  | Other noncurrent assets |  | 116 |  |  | 302 |
Total operating lease right-of-use-assets |  |  |  | $ | 279,058 |  |  | $ | 345,715 |
Finance lease right-of-use assets: |  |  |  |  |  |
Computer equipment |  | Property and equipment, net |  | $ | 700 |  |  | $ | 11,168 |
Other equipment |  | Property and equipment, net |  | 52,365 |  |  | 52,264 |
Other |  | Property and equipment, net |  | 8,615 |  |  | 6,634 |
|  |  |  | 61,680 |  |  | 70,066 |
Less accumulated depreciation: |  |  |  |  |  |
Computer equipment |  | Property and equipment, net |  | (457) |  |  | (4,361) |
Other equipment |  | Property and equipment, net |  | (39,021) |  |  | (38,338) |
Other |  | Property and equipment, net |  | (3,409) |  |  | (4,497) |
Total accumulated depreciation |  |  |  | (42,887) |  |  | (47,196) |
Total finance lease right-of-use assets |  |  |  | 18,793 |  |  | 22,870 |
Total right-of-use assets(1) |  |  |  | $ | 297,851 |  |  | $ | 368,585 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities (current) |  | Accounts payable and accrued liabilities |  | $ | 71,607 |  |  | $ | 81,696 |
Operating lease liabilities (noncurrent) |  | Other noncurrent liabilities |  | 354,491 |  |  | 411,227 |
Finance lease liabilities (current) |  | Current portion of long-term debt |  | 8,099 |  |  | 12,055 |
Finance lease liabilities (noncurrent) |  | Long-term debt |  | 8,283 |  |  | 12,470 |
Total lease liabilities |  |  |  | $ | 442,480 |  |  | $ | 517,448 |
(1) As of December 31, 2024 and 2023, approximately 70% of our right-of-use assets were located in the United States. The weighted-average remaining lease term for operating and finance leases at December 31, 2024 was 7.8 years and 3.1 years, respectively. The weighted-average remaining lease term for operating and finance leases at December 31, 2023 was 8.4 years and 3.2 years, respectively. As of December 31, 2024, the weighted-average discount rate used in the measurement of operating and finance lease liabilities was 3.8% and 4.6%, respectively. As of December 31, 2023, the weighted-average discount rate used in the measurement of operating and finance lease liabilities was 4.0% and 3.7%, respectively. As of December 31, 2024, maturities of lease liabilities were as follows:
|  | Operating Leases |  | Finance Leases
|  | (in thousands)
Year ending December 31, |  |  |  |
2025 |  | $ | 85,984 |  |  | $ | 8,362 |
2026 |  | 82,251 |  |  | 4,323 |
2027 |  | 68,404 |  |  | 3,037 |
2028 |  | 56,940 |  |  | 1,674 |
2029 |  | 42,330 |  |  | — |
2030 and thereafter |  | 156,586 |  |  | — |
Total lease payments |  | 492,495 |  |  | 17,396 |
Imputed interest |  | (66,397) |  |  | (1,014) |
Total lease liabilities |  | $ | 426,098 |  |  | $ | 16,382 |
Operating lease costs in our consolidated statement of income for the year ended December 31, 2024 were $98.7 million, including $89.4 million in selling, general and administrative expenses and $9.3 million in cost of services. Total lease costs for the year ended December 31, 2024 include variable lease costs of $14.5 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2024 were $12.3 million, including $11.7 million of amortization on right-of use assets and $0.6 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2024. Ope rating lease costs in our consolidated statement of income for the year ended December 31, 2023 were $101.6 million, including $81.6 million in selling, general and administrative expenses and $20.0 million in cost of services. Total lease costs for the year ended December 31, 2023 include variable lease costs of $19.1 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2023 were $14.1 million, including $13.2 million of amortization on right-of use assets and $0.9 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2023. Operating lease costs in our consolidated statement of income for the year ended December 31, 2022 we re $137.8 million, including $105.7 million in selling, general and administrative expenses and $32.1 million in cost of services. Total lease costs for the year ended December 31, 2022 include variable lease costs of $21.0 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2022 were $18.1 million, including $16.7 million of amortization on right-of use assets and $1.4 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2022. Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2024, 2023 and 2022 was $93.0 million, $101.7 million and $120.7 million, respectively, which are included as a component of cash provided by operating activities in the consolidated statements of cash flows. Operating lease liabilities arising from obtaining new or modified right-of-use assets, net of reductions resulting from certain lease modifications, were $30.2 million, $31.2 million and $25.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of finance lease liabilities that is included as a component of cash used in financing activities in the consolidated statements of cash flows was $16.1 million, $12.9 million and $21.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Finance lease liabilities arising from obtaining new or modified right-of-use assets, net of reductions resulting from certain lease modifications, were $9.4 million, $4.4 million and $8.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. In connection with the EVO acquisition completed during the year ended December 31, 2023, we acquired right-of-use assets and assumed lease liabilities for operating leases of $41.3 million. In connection with business dispositions completed during the year ended December 31, 2023, we disposed of right-of-use assets and lease liabilities for operating leases of $4.9 million and $4.9 million, respectively. During the years ended December 31, 2024, 2023 and 2022, we entered into agreements to acquire hardware, software and related services, including the purchase of certain assets previously leased. During the year ended December 31, 2024, the reduction in operating lease liabilities arising from the termination of the related right-of-use assets was $5.4 million. During the year ended December 31, 2023, the reduction in operating and finance lease liabilities arising from the termination of the related right-of-use assets was $10.3 million and $0.1 million, respectively. During the year ended December 31, 2022, the reduction in operating and finance lease liabilities arising from the termination of the related right-of-use assets was $44.2 million and $9.7 million, respectively.

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