LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Supplemental Balance Sheet Information of Leases

The following table presents the balances of ROU assets and lease liabilities within the balance sheet:


		December 31,
Leases	Balance Sheet Classification	2024		2023
		(In thousands)
Assets:
ROU assets	Other non-current assets	$	224,759	$	254,250

Liabilities:
Current lease liabilities	Accrued expenses and other current liabilities	$	49,231	$	50,953
Long-term lease liabilities	Other long-term liabilities	309,160		349,568
Total lease liabilities		$	358,391	$	400,521

Schedule of Lease Cost and Other Information

The following table presents the net lease expense within the statement of operations:


		Year Ended December 31,
Lease Expense	Statement of Operations Classification	2024		2023		2022
		(In thousands)
Fixed lease expense	Cost of revenue	$	739	$	316	$	846
Fixed lease expense	Selling and marketing expense	470		2,246		2,769
Fixed lease expense	General and administrative expense	44,461		98,698		49,218
Fixed lease expense	Product development expense	400		259		507
Total fixed lease expense(a)		46,070		101,519		53,340

Variable lease expense	Selling and marketing expense	—		43		—
Variable lease expense	General and administrative expense	15,118		14,514		11,942
Variable lease expense	Product development expense	—		—		66
Total variable lease expense		15,118		14,557		12,008
Net lease expense		$	61,188	$	116,076	$	65,348

_____________________

(a) Includes lease impairment charges of $0.1 million and $48.2 million for the years ended December 31, 2024 and 2023, respectively, and (i) short-term lease expense of $0.9 million, $1.3 million and $3.6 million, (ii) sublease income of $11.8 million, $11.4 million and $14.0 million and (iii) gains (losses) on termination of leases of $0.2 million, $(0.4) million and $3.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Impairment charges related to ROU assets are included in “General and administrative expense” in the statement of operations. Impairment charges during the year ended December 31, 2023 include $44.7 million related to certain unoccupied leased office space at Dotdash Meredith due to the continued decline in the commercial real estate market. During the year ended December 31, 2022, the Company also recorded $14.3 million of impairment charges related to the consolidation of certain leased spaces following the Meredith acquisition, which is included in “General and administration expense” in the statement of operations as a restructuring charge. See “Note 2—Summary of Significant Accounting Policies” and “Note 17—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments” for additional information on impairment and restructuring charges, respectively.

The following is the supplemental cash flow information:


	Year Ended December 31,
	2024		2023		2022
	(In thousands)
ROU assets obtained in exchange for lease liabilities	$	9,339	$	2,152	$	6,044
Derecognition of ROU assets due to termination or modification	$	(47)	$	(28,747)	$	(4,038)
Cash paid for amounts included in the measurement of lease liabilities	$	69,684	$	74,898	$	71,982

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities at December 31, 2024(b) are summarized below:


Year Ending December 31,	(In thousands)
2025	$	65,566
2026	61,410
2027	52,522
2028	54,709
2029	53,250
Thereafter	140,206
Total	427,663
Less: Interest	69,272
Present value of lease liabilities	$	358,391

_____________________

(b) Lease payments exclude $6.4 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Weighted-Average Lease Term and Discount Rate of Leases

The following are the weighted average assumptions used for lease term and discount rate:


	December 31,
	2024		2023
Remaining lease term	7.2 years		8.0 years
Discount rate	4.97	%	4.82	%