Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):


			Fair Value at Reporting Date Using
Assets:	March 31, 2026		Level 1		Level 2		Level 3


Money market funds	$	309,708	$	309,708	$	—	$	—
Time deposits	26,999		—		26,999		—
Investment in securities	606		606		—		—
Total assets	$	337,313	$	310,314	$	26,999	$	—

Liabilities:
Derivatives
Interest rate swap contracts	$	(585)	$	—	$	(585)	$	—
Total liabilities	$	(585)	$	—	$	(585)	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2025		Level 1		Level 2		Level 3


Money market funds	$	410,493	$	410,493	$	—	$	—
Time deposits	30,280		—		30,280		—
Investment in securities	633		633		—		—
Total assets	$	441,406	$	411,126	$	30,280	$	—

Liabilities:
Derivatives
Interest rate swap contracts	$	(1,381)	$	—	$	(1,381)	$	—
Total liabilities	$	(1,381)	$	—	$	(1,381)	$	—

Schedule of Fair Value and Carrying Value of Debt

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026		As of December 31, 2025
Financial Instrument	Fair Value	Carrying Value(1)	Fair Value	Carrying Value(1)
2024 Term Loan B-1	313,603	392,440	355,652	392,183
2024 Term Loan B-2	58,490	73,986	66,500	74,169
2025 Term Loan B-1	226,421	265,802	294,725	265,206
2025 Term Loan B-2	68,315	79,140	88,712	78,911
7.32% senior exchangeable notes due 2026	133,701	150,000	133,701	150,000
8.625% senior secured notes due 2027	—	—	93,342	91,607
11.25% senior secured notes due 2027	—	—	1,609	1,548
11.125% senior secured notes due 2029	1,025,285	1,000,000	1,015,660	1,000,000
10.75% senior secured notes due 2029	381,846	423,985	379,250	422,816
10.75% senior secured notes due 2030	392,811	409,071	386,274	406,318
11.125% senior secured notes due 2030	1,124,435	1,325,000	1,114,418	1,325,000

______________________

(1)Excludes net unamortized debt issuance costs.