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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following table summarizes the carrying amounts and fair values of financial instruments:


						As of December 31, 2024								As of December 31, 2023
		Balance Sheet Classification		Level		Carrying Amount				Fair Value				Carrying Amount				Fair Value
						(in thousands)
Assets:
Interest rate swaps		Prepaid expenses and other current assets		2		$	1,539			$	1,539			$	7,197			$	7,197
Foreign exchange contracts		Prepaid expenses and other current assets		2			—				—				922				922
Total assets						$	1,539			$	1,539			$	8,119			$	8,119
Liabilities:
Interest rate swaps		Other non-current liabilities		2		$	—			$	—			$	1,379			$	1,379
Interest rate caps		Accrued expenses and other current liabilities		2			8,967				8,967				3,491				3,491
Interest rate caps		Other non-current liabilities		2			3,709				3,709				9,015				9,015
Contingent consideration - current		Accrued expenses and other current liabilities		3			7,000				7,000				—				—
Contingent consideration - non-current		Other non-current liabilities		3			8,150				8,150				—				—
Long-term debt, including current portion:
New 2024 Term Loan Facility		(1)		2			2,211,822				2,250,000				—				—
Prior 2023 Term Loan Facilities		(1)		2			—				—				2,515,996				2,562,125
Prior Senior Notes		(1)		2			—				—				665,038				675,468
Total liabilities						$	2,239,648			$	2,277,826			$	3,194,919			$	3,251,478

(1)

The carrying amount of debt instruments is presented net of the debt issuance costs, premium and discount. Refer to Note 12, “Debt”, for gross carrying amounts

Summary of Gains (Losses) on Derivative Instruments

The gains (losses) on the Company’s derivative instruments were as follows:


				Year ended December 31,
		Statement of Operations Classification		2024				2023				2022
				(in thousands)
Amount of gain (loss) recognized in net income (loss):
Interest rate swaps		Interest expense		$	9,458			$	18,956			$	(7,252	)
Interest rate caps		Interest expense			(293	)			(625	)			(27	)
Foreign exchange contracts		Selling, general and administrative expense			818				265				(420	)
Total gain (loss) in net income (loss)				$	9,983			$	18,596			$	(7,699	)
Amount of gain (loss) recognized in other comprehensive income (loss):
Interest rate swaps		Cash flow hedge gain		$	4,876			$	7,851			$	30,750
Interest rate caps		Cash flow hedge loss			(519	)			(7,686	)			(5,384	)
Foreign exchange contracts		Cash flow hedge gain (loss)			(103	)			1,677				(973	)
Total gain recognized in other comprehensive income				$	4,254			$	1,842			$	24,393

Significant Inputs used in Calculating Fair Value of Contingent Consideration Liability

The following table represents the significant inputs used in calculating the fair value of the contingent consideration liability on the issuance date and as of December 31, 2024:


Longest midpoint term			1.86
Gross profit discount rate			10.7	%
Risk-free rate			3.9	%
Gross profit volatility			23.3	%
Payment discount rate			13.2	%