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Long-term Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-term Debt | 12. LONG-TERM DEBT In December 2024, the Company prepaid in full all previously outstanding term loans (the “Former Term Loans”) under the Former Credit Agreement without penalty, through paying off the remaining principal amount due of $289.5 million. The Company accounted for such prepayment as a debt extinguishment and recorded a loss of approximately $0.8 million within “Other income (expense), net” in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024. The Former Term Loans bore interest at the Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment applicable to the interest period and an applicable margin of 2.50% with a floor of 0.5%. As of December 31, 2024 and 2023, long-term debt consisted of the following:
|  | December 31, |  |  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Former Term Loans (due March 12, 2026) |  | $ | — |  |  | $ | 290,730 |
Less: current portion |  |  | — |  |  |  | (3,000 | )
Long-term debt |  | $ | — |  |  | $ | 287,730 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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