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v3.26.1

Financing Arrangements | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Financing Arrangements | Financing Arrangements Our credit facilities and long-term debt obligations are summarized as follows (in millions, except interest rates):
|  |  |  |  |  | June 30, |  | December 31,
|  | Maturity Date |  | Interest Rate |  | 2026 |  | 2025
Short-Term Credit Facilities |  |  |  |  |  |  |  |
2023 ABL Credit Facility |  | March 16, 2028 |  | 5.14% |  | $ | — |  |  | $ | — |
2025 Japan ABL Credit Facility |  | January 21, 2028 |  | 1.87% |  | 43.1 |  |  | 44.7 |
Total Principal Amount |  |  |  |  |  | $ | 43.1 |  |  | $ | 44.7 |
Unamortized Debt Issuance Costs |  |  |  |  |  | $ | 2.0 |  |  | $ | 2.6 |
|  | Balance Sheet Location |  |  |  |  |  |
ABL Credit Facilities |  | Asset-based credit facilities |  |  |  | $ | 43.1 |  |  | $ | 44.7 |
Unamortized Debt Issuance Costs - Current |  | Prepaid expenses |  |  |  | $ | 1.2 |  |  | $ | 1.2 |
Unamortized Debt Issuance Costs - Non-current |  | Other assets, net |  |  |  | $ | 0.8 |  |  | $ | 1.4 |
|  |  |  |  |  | June 30, |  | December 31,
|  | Maturity Date |  | Interest Rate |  | 2026 |  | 2025
Long-Term Debt and Credit Facilities |  |  |  |  |  |
2023 Term Loan B |  | March 16, 2030 |  | 6.40% |  | $ | — |  |  | $ | 1,165.6 |
Convertible Notes |  | May 1, 2026 |  | 2.75% |  | — |  |  | 258.3 |
Equipment Notes |  | December 15, 2026 - December 21, 2027 |  | 2.36% - 5.93% |  | 4.2 |  |  | 6.5 |
Financed Tenant Improvements |  | February 1, 2035 - September 1, 2035 |  | 8.00% - 10.00% |  | 3.5 |  |  | 3.6 |
Total Principal Amount |  |  |  |  |  | $ | 7.7 |  |  | $ | 1,434.0 |
Less: Unamortized Debt Issuance Costs |  |  |  | — |  |  | 18.0 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  | $ | 7.7 |  |  | $ | 1,416.0 |
|  | Balance Sheet Location |  |  |  |  |  |
Long-Term Debt - Current |  | Long-term debt, current portion |  |  |  | $ | 3.6 |  |  | $ | 765.3 |
Long-Term Debt - Non-current |  | Long-term debt, net |  |  |  | 4.1 |  |  | 650.7 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  | $ | 7.7 |  |  | $ | 1,416.0 |
Total interest and amortization expense related to our credit facilities and long-term debt obligations, which were recognized in interest income (expense), net on the condensed consolidated statement of operations, is summarized as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Short-Term Credit Facilities |  |  |  |  |  |  |
2025 Japan ABL Credit Facility | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.3 |
2023 ABL Credit Facility | 0.3 |  |  | 0.2 |  |  | 0.5 |  |  | 0.5 |
Total | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 0.8 |
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |
2023 Term Loan B | $ | 1.8 |  |  | $ | 12.9 |  |  | $ | 4.8 |  |  | $ | 25.8 |
Convertible Notes | 0.6 |  |  | 1.8 |  |  | 2.4 |  |  | 3.6 |
Equipment Notes | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |
Financed Tenant Improvements | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |
Total | $ | 2.4 |  |  | $ | 14.9 |  |  | $ | 7.4 |  |  | $ | 29.8 |
Short-Term Credit Facilities and Available Liquidity 2025 Japan ABL Credit Facility & 2023 ABL Credit Facility Our 2025 Japan ABL Credit Facility provides a line of credit to our Japan subsidiary of up to 9,000.0 million Yen (or approximately $55.4 million using the exchange rate in effect as of June 30, 2026), and our 2023 ABL Credit Facility has an aggregate principal amount of up to $485.0 million. Both facilities are subject to certain restrictions and covenants related to pledged collateral and financial performance, and, among other things, include provisions that limit certain financing and operational activities and require ongoing compliance with specified performance‑based or availability‑related conditions, as applicable under the respective agreements. In addition, the 2023 ABL Credit Facility requires compliance with a minimum fixed charge coverage ratio of 1.0 to 1.0 during periods in which the borrowing base availability falls below 10% of the maximum aggregate principal amount of the facility. As of June 30, 2026, we were in compliance with the covenants and other requirements applicable under the 2025 Japan ABL Credit Facility and the 2023 ABL Credit Facility. Consolidated Available Liquidity As of June 30, 2026, our consolidated available liquidity, which is comprised of cash on hand and amounts available under our short-term credit facilities, less outstanding letters of credit and outstanding borrowings, was $774.7 million. Our average availability and weighted-average interest rate under our 2023 ABL Credit Facility and 2025 Japan ABL Credit Facility were as follows for the periods presented (in millions except interest rates):
| June 30, 2026
2023 ABL Credit Facility |
Average availability | $ | 409.0 |
Weighted-average interest rate | 7.70 | %
2025 Japan ABL Credit Facility |
Average availability | $ | 12.9 |
Weighted-average interest rate | 1.48 | %
Long-Term Debt and Credit Facilities 2023 Term Loan B On December 1, 2025, in connection with the sale of the Topgolf business, our 2023 Term Loan B was amended to designate certain Topgolf entities as unrestricted subsidiaries and release them as guarantors, amend certain definitions and covenant provisions, and require a $500.0 million mandatory partial repayment upon consummation of the sale. On January 2, 2026, in connection with the completion of the sale of Topgolf, we repaid $1,000.0 million under the 2023 Term Loan B comprised of a $500.0 million mandatory repayment and an additional discretionary repayment of $500.0 million. In conjunction with the repayment, we recognized a $15.0 million loss from the partial debt extinguishment to write off the proportionate amount of unamortized debt issuance costs and debt discounts. Of this amount, $7.5 million was allocated to continuing operations and was recognized in other income (expense), net on the condensed consolidated statement of operations. The remaining $7.5 million was allocated to discontinued operations and represents the portion of the write‑off related to the mandatory prepayment of the loan required upon completion of the Topgolf sale. On May 29, 2026, we repaid the remaining $162.5 million principal balance outstanding under the 2023 Term Loan B. In connection with the repayment, we recognized a $2.3 million loss from debt extinguishment to write off the remaining unamortized debt issuance costs and debt discounts, which were recognized in other income (expense), net on the condensed consolidated statement of operations. Convertible Notes & Capped Call We had Convertible Notes outstanding that were convertible into shares of our common stock at an initial conversion rate of 56.8 shares per $1,000 principal amount (equivalent to a conversion price of $17.62 per share) and bore interest payable semi-annually on May 1 and November 1. The Convertible Notes could be settled in cash, shares, or a combination thereof at our election and became convertible at the holders' option upon the occurrence of certain contingent conversion events beginning February 1, 2026. In connection with the Convertible Notes, we entered into capped call transactions covering the shares initially underlying the Convertible Notes, which were intended to reduce potential dilution and/or offset cash payments upon conversion. The capped calls had an exercise price of $17.62 per share and a cap price of $23.71 per share, were subject to customary adjustments, and were recorded as a reduction to additional paid-in capital. On May 1, 2026, we settled our outstanding Convertible Notes at maturity in accordance with their terms, including the payment of accrued and unpaid interest. The settlement was completed entirely in cash, and no shares of common stock were issued. In connection with the settlement, the related capped call transactions expired unexercised. Equipment Notes We have long-term financing agreements (the “Equipment Notes”) with various lenders related to various capital investments in certain facilities and information technology equipment. The loans are secured by the relative underlying equipment. Aggregate Amount of Long-Term Debt Maturities The following table presents our combined aggregate amount of maturities for our long-term debt and credit facilities over the next five years and thereafter as of June 30, 2026 (in millions):
Remainder of 2026 |  | $ | 2.4 |
2027 |  | 2.2 |
2028 |  | 0.3 |
2029 |  | 0.4 |
2030 |  | 0.4 |
Thereafter |  | 2.0 |
Total aggregate amount of maturities |  | $ | 7.7 |

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