EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

EQUITY

EQUITY

Common Stock

On February 23, 2023, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward

sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of the shares until a later date. The Company may also elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement. The forward sale agreements have a one year term during which time the Company may settle the forward sales by delivery of physical shares of common stock to the forward purchasers or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement will be the initial forward price established upon the effective date, subject to adjustments for (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement.

During the year ended December 31, 2024, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 7.5 million shares of the Company’s common stock at an initial weighted average price of $15.47 per share, net of commissions, and the Company settled 6.0 million shares at a weighted average net price of $14.90 per share, after commissions and fees, resulting in net proceeds of $89.2 million.

As of December 31, 2024, 1.5 million shares remained outstanding under the forward sale agreements, with an initial weighted average price of $17.33 per share, net of commissions.

No other shares were sold under the ATM Program during the year ended December 31, 2024.

As of December 31, 2024, the Company had $382.8 million available under the ATM Program.

During the years ended December 31, 2024, 2023 and 2022, the Company issued 0.3 million, 0.3 million and 0.6 million shares, respectively, of common stock as a result of restricted stock unit vestings.

Upon any payment of shares to teammates as a result of restricted stock unit vestings, the teammates’ related tax withholding obligation will generally be satisfied by the Company, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the years ended December 31, 2024, 2023 and 2022, the Company incurred $2.6 million, $1.8 million and $3.3 million, respectively, in tax withholding obligations on behalf of its teammates that were satisfied through a reduction in the number of shares delivered to those participants.

Accumulated Other Comprehensive Income

The following is a summary of the Company’s accumulated other comprehensive income (in thousands):

	As of December 31,
	2024		2023
Foreign currency translation (loss) gain	$	(4,778)	$	963
Unrealized gain on cash flow hedges	25,718		22,782
Total accumulated other comprehensive income	$	20,940	$	23,745