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The size of our property portfolio as of December 31, 2024 was approximately 4.6 million square feet at an annual operating cost (lease costs and expenses) of approximately $118 million and was composed of 158 leased properties and 3 owned properties.
−Removed: We believe that our current facilities are suitable and adequate for our current businesses.
+Added: We believe that our current facilities are suitable and adequate for our current business.
Because of the interrelation of our business segments, each of the segments uses substantially all of these properties at least in part.
−Removed: During 2023, we aggressively pursued portfolio reduction opportunities through lease terminations, subleases and consolidation of properties.
−Removed: As a result, the surplus property portfolio was reduced by approximately 0.7 million square feet during the year ended December 31, 2023.
−Removed: Additional leased and owned properties may become surplus in the future as we continue to optimize our workforce location strategy based on existing conditions and leverage enhanced work-from-home capabilities.
−Removed: Although we are obligated to maintain our leased surplus properties through required contractual lease periods, we continue to examine opportunities to dispose of or sublease these properties and further align our business units in an effort to best optimize the portfolio.
−Removed: CNDT 2023 Annual Report
+Added: We have aggressively pursued portfolio reduction opportunities through lease terminations, subleases and consolidation of properties.
+Added: Partially offsetting these reductions, in 2024, we executed strategic portfolio expansions in the Philippines and Guatemala.
+Added: As a result, the portfolio net reduction was approximately 0.3 million square feet during the year ended December 31, 2024.
+Added: We will continue efforts to optimize our workforce location strategy.
LEGAL PROCEEDINGS
−Removed: The information set forth under Note 16 – Contingencies and Litigation to the Consolidated Financial Statements in Part II, Item 8 is incorporated herein by reference.
+Added: The information set forth under Note 15 – Contingencies and Litigation to the Consolidated Financial Statements in Part II, Item 8 to this 10-K is incorporated herein by reference.
MINE SAFETY DISCLOSURES
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.