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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 16. Commitments and Contingencies

Operating Leases and Other Contractual Obligations

The Company has entered into operating leases for office space and office equipment and other contractual obligations primarily to secure venues for the Company’s trade shows and events. These agreements are not unilaterally cancelable by the Company, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices.

The amounts presented below represent the future minimum annual payments under the Company’s operating leases and other contractual obligations that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2024:

 

 

Years Ending December 31,

 

(in millions)

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

Operating leases

 

$

4.0

 

 

$

4.0

 

 

$

1.7

 

 

$

0.5

 

 

$

0.1

 

 

$

—

 

 

$

10.3

 

Other contractual obligations

 

 

38.2

 

 

 

18.3

 

 

 

7.9

 

 

 

2.8

 

 

 

2.2

 

 

 

0.5

 

 

 

69.9

 

 

$

42.2

 

 

$

22.3

 

 

$

9.6

 

 

$

3.3

 

 

$

2.3

 

 

$

0.5

 

 

$

80.2

 

Rent expense incurred under operating leases was $3.3 million, $4.2 million and $7.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Litigation

The Company is subject to litigation and other claims in the ordinary course of business. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both probable and the amount or range of any possible loss is reasonably estimable. The Company did not record an accrual for loss contingencies associated with legal proceedings as of December 31, 2024 and 2023. In the opinion of management, the Company is not presently a party to any material litigation and management is not aware of any pending or threatened litigation against the Company that would have a material adverse impact on the Company’s business, consolidated balance sheets, results of operations or cash flows.

Other Commitments and Contingencies

Refer to Note 9, Fair Value Measurements, for further discussion on the contingent considerations related to the Company’s acquisition of GRC, Glamping Americas, Futurist, Hotel Interactive, Lodestone, Bulletin and Advertising Week.