Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

Our First Lien Credit Agreement (as amended from time to time, the "Credit Agreement") provides for (i) a $500.0 million

term loan maturing on July 10, 2029 ("2024 Term Loan Facility"); and (ii) a revolving credit facility for up to $100.0 million

(the "Revolving Credit Facility") of which $12.0 million matures on July 11, 2025 and the remaining $88.0 million matures on

April 10, 2029. As of March 31, 2025, there were no changes to the terms of our 2024 Term Loan Facility and Revolving

Credit Facility as disclosed in Note 12 to our consolidated financial statements included in our 2024 10-K.

The effective interest rate on our term loans for the three months ended March 31, 2025 and 2024 was 8.52% and

8.77%, respectively.

We had no borrowings against the Revolving Credit Facility as of March 31, 2025 and December 31, 2024.

We had outstanding letters of credit issued against the Revolving Credit Facility for $8.3 million as of March 31, 2025

and December 31, 2024, which reduces our available borrowings under the Revolving Credit Facility.

Our debt balance is as follows:

(in thousands)	March 31, 2025	December 31, 2024
Principal balance under 2024 Term Loan Facility	$498,750	$500,000
Less: Unamortized debt issuance costs and discounts	(7,913)	(8,289)
	$490,837	$491,711

The estimated fair value of our debt approximated its carrying value as of March 31, 2025 and December 31, 2024,

based on inputs categorized as Level 2 in the fair value hierarchy.

Under the Credit Agreement, we are subject to a financial covenant requiring maintenance of a First Lien Net Leverage

Ratio (as defined in the Credit Agreement) not to exceed 8.2 to 1.0 only in the event that the amounts outstanding under the

Revolving Credit Facility exceed a specified percentage of commitments under the Revolving Credit Facility, and other

nonfinancial covenants under the Credit Agreement. At March 31, 2025, we were in compliance with our covenants under

the Credit Agreement.