INDEBTEDNESS

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

INDEBTEDNESS

INDEBTEDNESS

Long-term debt consisted of the following as of March 31, 2026 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	674,610		(4,394)		(4,766)		665,450
Senior Notes	500,000		—		(5,630)		494,370
	$	1,174,610	$	(4,394)	$	(10,396)	1,159,820
Less: current portion							(6,780)
Total long-term debt							$	1,153,040

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

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	676,305		(4,552)		(4,937)		666,816
Senior Notes	500,000		—		(5,984)		494,016
	$	1,176,305	$	(4,552)	$	(10,921)	1,160,832
Less: current portion							(6,780)
Total long-term debt							$	1,154,052

On March 30, 2026, the Company entered into the fifth amendment (the “Fifth Amendment”) to the amended and restated First Lien Credit Agreement (the “Credit Agreement”) dated as of October 27, 2021. The Fifth Amendment, among other things, increases the existing revolving credit commitments under the Credit Agreement (the “Revolver Facility”) by $450.0 million, resulting in an aggregate capacity amount of $850.0 million.

The interest rate on the Company’s term loan (the “First Lien Term Loan”) was 5.42% and 5.67% as of March 31, 2026 and December 31, 2025, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 5.44% and 6.58% for the three months ended March 31, 2026 and 2025, respectively. The First Lien Term Loan matures on September 22, 2032.

The interest rate on the Senior Unsecured Notes (the “Senior Notes”) was 4.375% as of March 31, 2026 and December 31, 2025. The weighted average interest rate incurred on the Senior Notes was 4.375% for the three months ended March 31, 2026 and 2025. The Senior Notes mature on October 31, 2029.

As of March 31, 2026, the Company had $4.0 million of undrawn letters of credit issued and outstanding, resulting in net borrowing availability under the Revolver Facility of $846.0 million. The Revolver Facility matures on the date that is the earlier of (i) September 22, 2030 and (ii) the date that is 91 days prior to the stated maturity date applicable to the Senior Notes to the extent any amount of the Senior Notes remains unpaid and outstanding as of the date that is 91 days prior to the stated maturity date applicable to the Senior Notes.

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

Fiscal Year Ended December 31,	Minimum Payments
2026	$	5,085
2027	6,780
2028	6,780
2029	506,780
2030	6,780
Thereafter	642,405
Total	$	1,174,610

During the three months ended March 31, 2026 and 2025, 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, 2026 (in thousands):

Financial Instrument	Carrying Value as of March 31, 2026		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First Lien Term Loan	$	665,450	$	—	$	677,174	$	—
Senior Notes	494,370		—		480,000		—
Total debt instruments	$	1,159,820	$	—	$	1,157,174	$	—

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