EQUITY

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 4.9 million shares of the Company’s common stock at an initial weighted average price of $17.32 per share, net of commissions.

As of March 31, 2025, 6.4 million shares remained outstanding under the forward sale agreements, with an initial weighted average price of $17.32 per share, net of commissions.

No other shares were sold under the ATM Program during the three months ended March 31, 2025.

As of March 31, 2025, the Company had $297.7 million available under the ATM Program.

The following table lists the cash dividends on common stock declared and paid by the Company during the three months ended March 31, 2025:

Declaration Date	Record Date	Amount Per Share		Dividend Payable Date
February 3, 2025	February 14, 2025	$	0.30	February 28, 2025

During the three months ended March 31, 2025, the Company issued 0.3 million shares 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 three months ended March 31, 2025 and 2024, the Company incurred $4.7 million and $2.0 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):

	March 31, 2025		December 31, 2024
Foreign currency translation loss	$	(4,479)	$	(4,778)
Unrealized gain on cash flow hedges	19,691		25,718
Total accumulated other comprehensive income	$	15,212	$	20,940