Note 5 - Leases

6 Months Ended

Jun. 30, 2025

Lessee, Operating and Finance Leases [Text Block]

5. Leases:

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842, Leases ("ASC 842").

The following table presents the consolidated lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three and six months ended June 30, 2025 and 2024, respectively:

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2025*			*2024*			*2025*			*2024*
Lease cost:
Operating lease cost⁽¹⁾	$	7.5		$	8.2		$	15.1		$	16.7
Sublease income		(1.0	)		(1.1	)		(1.7	)		(2.1	)
Finance lease costs:
Depreciation of finance lease assets ⁽²⁾		5.1			4.9			10.2			9.3
Interest on finance lease liabilities ⁽³⁾		0.6			0.7			1.1			1.2
Total lease cost	$	12.2		$	12.7		$	24.7		$	25.1

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	(10.5	)	$	(7.7	)	$	(15.9	)	$	(16.6	)
Operating cash outflows from finance leases	$	(0.6	)	$	(0.7	)	$	(1.1	)	$	(1.2	)
Financing cash outflows from finance leases	$	(3.7	)	$	(3.1	)	$	(6.2	)	$	(5.9	)

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⁽¹⁾Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations

⁽²⁾Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations

⁽³⁾Included in "Interest expense" in our accompanying condensed consolidated statements of operations

The following table presents weighted-average remaining lease terms and weighted-average discount rates for the consolidated finance and operating leases as of June 30, 2025 and 2024, respectively:

	*June 30,*
	*2025*			*2024*
Weighted-average remaining lease term - operating leases (in years)		6.6			7.7
Weighted-average remaining lease term - finance leases (in years)		3.2			3.2
Weighted-average discount rate - operating leases		3.8	%		3.9	%
Weighted-average discount rate - finance leases		4.2	%		4.2	%

Our right-of-use ("ROU") assets and lease liabilities for finance leases were $38.1 million and $37.0 million, respectively, as of June 30, 2025. Our ROU assets and lease liabilities for finance leases were $47.7 million and $41.4 million, respectively, as of December 31, 2024. Our ROU assets for finance leases were included in "Fixed assets, net" in our accompanying condensed consolidated balance sheets. Our lease liabilities for finance leases were included in the "Short-term debt and current portion of long-term debt" and "Long-term debt" in our accompanying condensed consolidated balance sheets (see Note 9. Debt).

Maturities of lease liabilities for the remainder of 2025 and the years through 2030 and thereafter are as follows:

	*June 30, 2025*
Years Ending	*Operating Leases*			*Finance Leases*
2025	$	18.1		$	16.7
2026		32.2			11.0
2027		31.6			8.7
2028		30.2			4.7
2029		28.8			0.1
2030 and thereafter		62.1			—
Total lease payments		203.0			41.2
Less: amount representing interest		(25.4	)		(4.2	)
Present value of total lease payments	$	177.6		$	37.0