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Financing Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Credit Agreement

The Company has a credit agreement with various lenders (the “Lenders”) and Wells Fargo Bank, National Association (“Wells Fargo”), which was amended on November 21, 2025 (as amended, the “Credit Agreement”). Pursuant to the Credit Agreement, the Lenders agreed to extend term loan commitments in an aggregate principal amount of $150.0 million (the “Term Loan Facility”) and revolving loan commitments in an aggregate principal amount of $150.0 million (the “Revolving Facility”). Subsequent to March 31, 2026, a maturity extension was granted related to the credit agreement, which is now set to mature on November 14, 2029.

The Term Loan Facility requires principal payments equal to 0.625% of the aggregate principal amount on the last day of each fiscal quarter until December 31, 2026 and at 1.250% of the aggregate principal amount on the last day of each fiscal quarter until September 30, 2028. Borrowings under the Credit Agreement bear interest at a floating rate on the unpaid principal amount thereof equal to (i) initially, (x) 3.00% per annum in the case of Term SOFR Loans and (y) 2.00% per annum in the case of ABR Loans and (ii) on and after the date on which the borrower submits written notice to the administrative agent of its election to cease testing the revenue and liquidity covenants and to begin testing the leverage covenant in lieu thereof, which notice may be submitted at any time (the "Leverage Covenant Toggle Date"), the applicable rate per annum set forth in the pricing grid below under the caption “Term SOFR Margin” or “ABR Margin,” as the case may be, based upon the Total Net Leverage Ratio (as defined in the Credit Agreement) as of the end of the Company’s fiscal quarter:
LevelTotal Net Leverage RatioTerm SOFR MarginABR Margin
I
If the Total Net Leverage Ratio is greater than 3.00:1.00
2.75%1.75%
II
If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00
2.50%1.50%
III
If the Total Net Leverage Ratio is less than or equal to 2.00:1.00
2.25%1.25%
The Credit Agreement contains financial covenants, such as a minimum revenue covenant and a minimum liquidity covenant. All obligations under the Credit Agreement are secured by substantially all of the Company’s assets and guaranteed by certain subsidiaries.

As of March 31, 2026, the Company had outstanding borrowings of $149.1 million under the Term Loan Facility and no outstanding borrowings under the Revolving Credit Facility, with $150.0 million of available capacity.

The following table presents the Company's outstanding debt:
As of
March 31, 2026December 31, 2025
Term Loan Facility$149,063 $150,000 
Less: unamortized discounts and issuance costs(1,186)(1,288)
Total debt, net147,877 148,712 
Less: current portion of long-term debt4,688 3,750 
Total long-term debt, net$143,189 $144,962 

For the three months ended March 31, 2025, interest expense and amortization of debt issuance costs recognized related to the secured credit facilities that were outstanding prior to the Credit Agreement ("Original Term Loan Facility"). In November 2025, the Company repaid the Original Term Loan Facility using cash on hand and net proceeds from the Credit Agreement. The following table presents interest expense and amortization of debt issuance costs recognized for the three months ended March 31, 2026 and 2025:
For the three months ended
March 31, 2026March 31, 2025
Contractual interest expense$2,692 $6,850 
Amortization of debt issuance costs207 209 
Total interest expense$2,899 $7,059 
The Company was in compliance with all financial debt covenants as of March 31, 2026.
Aggregate Maturities

The aggregate maturities of all debt at March 31, 2026 are as follows:
Years ending December 31Amount
2026 (for the remaining period)$2,813 
20277,500 
2028138,750 
$149,063