INDEBTEDNESS

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

INDEBTEDNESS

INDEBTEDNESS

Long-term debt consisted of the following as of March 31, 2025 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	629,988		(5,194)		(7,087)		617,707
Senior Notes	500,000		—		(7,035)		492,965
	$	1,129,988	$	(5,194)	$	(14,122)	1,110,672
Less: current portion							(6,512)
Total long-term debt							$	1,104,160

Long-term debt consisted of the following as of December 31, 2024 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	631,617		(5,537)		(7,555)		618,525
Senior Notes	500,000		—		(7,372)		492,628
	$	1,131,617	$	(5,537)	$	(14,927)	1,111,153
Less: current portion							(6,512)
Total long-term debt							$	1,104,641

The interest rate on the First Lien Term Loan was 6.57% and 6.82% as of March 31, 2025 and December 31, 2024, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 6.58% and 8.20% for the three months ended March 31, 2025 and 2024, respectively. The First Lien Term Loan matures on October 27, 2028.

The interest rate on the Senior Notes was 4.375% as of March 31, 2025 and December 31, 2024. The weighted average interest rate incurred on the Senior Notes was 4.375% for the three months ended March 31, 2025 and 2024. The Senior Notes mature on October 31, 2029.

As of March 31, 2025, the Company had $4.1 million of undrawn letters of credit issued and outstanding, resulting in net borrowing availability under the Revolver Facility of $395.9 million. The Revolver Facility matures on the date that is the earlier of (i) December 7, 2028 and (ii) the date that is 91 days prior to the stated maturity date applicable to any Term B Loans.

Long-term debt matures as follows (in thousands):

Fiscal Year Ended December 31,	Minimum Payments
2025	$	4,884
2026	6,512
2027	6,512
2028	612,080
2029	500,000
Total	$	1,129,988

During the three months ended March 31, 2025 and 2024, the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 11, Derivative Instruments, for further discussion.

The following table presents the estimated fair values of the Company’s debt obligations as of March 31, 2025 (in thousands):

Financial Instrument	Carrying Value as of March 31, 2025		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First Lien Term Loan	$	617,707	$	—	$	631,563	$	—
Senior Notes	492,965		—		463,750		—
Total debt instruments	$	1,110,672	$	—	$	1,095,313	$	—

See Note 12, Fair Value Measurements, for further discussion.