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v3.26.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Note 8. Debt The Company’s debt is comprised of the following: Schedule of Long Term Debt
|  | March 31, 2026 |  |  | December 31, 2025 |
Revolving lines of credit |  | $ | 522 |  |  | $ | 387 |
Finance lease |  |  | 4,127 |  |  |  | 41 |
Other current debt |  |  | 4,342 |  |  |  | - |
Senior Secured Credit Facility |  |  | 194,000 |  |  |  | 174,000 |
Less: Deferred cost of financing |  |  | (2,732 | ) |  |  | (2,799 | )
Total obligations under borrowing arrangements |  |  | 200,259 |  |  |  | 171,629 |
Less: Current portion of long-term debt and other current borrowings |  |  | 5,873 |  |  |  | 427 |
Long-term debt |  | $ | 194,386 |  |  | $ | 171,202 |
In September 2025, the Company entered into a new Senior Secured Credit Facility , transitioning from a term loan and revolving facility structure to a fully committed revolving facility structure which allowed the Company to (i) increase total committed borrowing capacity from $150 million to $500 million, (ii) reduce borrowing costs by approximately 25 basis points, and (iii) extend the initial maturity date by five years to December 2030. Borrowings under the new facility bear interest at the Secured Overnight Financing Rate (SOFR) with no floor, plus a spread of 1.25 % based on the Company’s net leverage ratio (previously 1.50 % over SOFR). The effective interest rate for the facility, including deferred issuance costs, is 6.98 % as of December 31, 2025. The Company incurred total costs and fees of $2,783 in lender fees which were capitalized as deferred financing costs, and are presented as a deduction from the related debt liability. The transaction was accounted for as a debt extinguishment under ASC 470-50. Accordingly, the prior term-loan and revolving credit facilities were derecognized, and the new revolving facility was initially recognized at its principal amount, net of deferred financing costs. As a result, the Company recognized a loss on extinguishment of debt of $1,354, representing $1,302 for the write-off of the remaining unamortized deferred financing costs related to the prior term-loan and revolving credit facilities, and $52 of termination costs associated with closing the prior facility. Cash proceeds from the new facility and repayments of the extinguished debt are reflected within financing activities in the condensed consolidated statements of cash flows. Of the $2,783 of total fees incurred, $1,803 were deducted from the gross proceeds and presented net within “Proceeds from debt,” with the remaining $980 recorded as cash outflows classified under “Deferred financing costs and debt issuance fees” within financing activities. During the three months ended March 31, 2026, the Company drew down $35 million from its revolving credit facility and repaid $15 million. Interest income (expense), net and deferred cost of financing is comprised of the following: Schedule of Interest Income Expenses net and deferred cost
|  | 2026 |  |  | 2025 |
|  | Three months ended |
|  | March 31, |
|  | 2026 |  |  | 2025 |
Interest income (expense), net and deferred cost of financing: |  |  |  |  |  |  |  |
Interest expense |  |  | (2,528 | ) |  |  | (1,048 | )
Deferred cost of financing |  |  | (152 | ) |  |  | (283 | )
Derivative financial instrument loss |  |  | (343 | ) |  |  | - |
Interest expense, net and deferred cost of financing: |  | $ | (3,023 | ) |  | $ | (1,331 | )
Maturities of long-term debt and other current borrowings as of March 31, 2026, are as follows: Schedule of Maturities of Long Term Debt
2026 |  | $ | 5,873 |
2027 |  |  | 912 |
2028 |  |  | 852 |
2029 |  |  | 742 |
2030 |  |  | 194,612 |
Total |  | $ | 202,991 |
The Company’s loans have maturities ranging from several weeks to 5 years. Our credit facilities bore a weighted average interest rate of 5.14% as of March 31, 2026. Finance Leases As of March 31, 2026, the Company had right-of-use assets (“ROU assets”) of $4,082 included within Property, Plant and Equipment, and lease liabilities of $4,127 on its Condensed Consolidated Balance Sheet, of which $1,009 is presented within short-term debt and current portion of long-term debt and $3,119 is classified as long-term debt. These leases primarily relate to real estate, including showrooms, office space and industrial warehouses, as well as computing equipment. Certain lease agreements include options to extend the lease term; however, the Company does not consider these options reasonably certain of exercise. The Company recognizes amortization of ROU assets and interest expense on lease liabilities in its Condensed Consolidated Statements of Income. During the three months ended March 31, 2026, the Company recorded ROU asset amortization of $258, and interest expense of $26, respectively. Cash paid for amounts included in the measurement of lease liabilities was $354 for the three months ended March 31, 2026, consisting of $26 classified as operating cash flows and $328 classified as financing cash flows. Non-cash additions to ROU assets in exchange for lease liabilities were $2,793 during the period. Future minimum lease payments for the years ended March 31, of each year are as follows: Schedule of Future Minimum Lease Payments
2026 |  | $ | 1,159 |
2027 |  |  | 1,026 |
2028 |  |  | 928 |
2029 |  |  | 784 |
2030 and thereafter |  |  | 625 |
Total undiscounted cashflows |  |  | 4,522 |
Less: Imputed Interest |  |  | (395 | )
Present value of lease liability |  | $ | 4,127 |
As of March 31, 2026, the weighted-average remaining lease term for finance leases was 4.2 years and the weighted-average discount rate was 4.2%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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