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Long-term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
As of June 30, 2025 and December 31, 2024, long-term debt consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Revolving credit facility(1)
$— $— 
2026 Notes(2)
108,222 122,505 
Other debt and finance lease obligations2,507 2,782 
Total debt110,729 125,287 
Less: Current portion(108,813)(633)
Total long-term debt$1,916 $124,654 
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(1)Unamortized deferred financing costs of $1.4 million and $1.6 million as of June 30, 2025 and December 31, 2024, respectively, are presented in other noncurrent assets.
(2)The outstanding principal amount of the 2026 Notes was $108.8 million as of June 30, 2025 and $123.5 million as of December 31, 2024.
Revolving Credit Facility
Through July 27, 2025
The Company has a senior secured credit facility, which provides for an asset-based revolving credit facility (the “ABL Facility”), under which credit availability is subject to a borrowing base calculation.
The ABL Facility is governed by a credit agreement, with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (as amended, the “ABL Agreement”). The ABL Facility matures on February 16, 2028, with a springing maturity 91 days prior to the stated maturity of any outstanding indebtedness with an outstanding principal balance equal to or greater than $17.5 million.
The ABL Agreement provides funding based on a borrowing base calculation that includes eligible U.S. customer accounts receivable and inventory and, prior to July 28, 2025, provided for aggregate lender commitments of $125.0 million, including a $50.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement are secured by a pledge of substantially all of the Company’s domestic assets (other than real property) and the stock of certain foreign subsidiaries.
Borrowings under the ABL Agreement bear interest at a rate equal to the Secured Overnight Financing Rate (“SOFR”) (subject to a floor rate of 0%) plus, prior to July 28, 2025, a margin of 2.75% to 3.25%, or at a base rate plus a margin of 1.75% to 2.25%, in each case based on average borrowing availability. Monthly, the Company must also pay a commitment fee of either 0.375% or 0.50% per annum, based on average unused commitments under the ABL Agreement.
The ABL Agreement places restrictions on the Company’s ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2026 Notes discussed below), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contains customary default provisions, which, if triggered, could result in acceleration of repayment of all amounts then outstanding. The ABL Agreement also requires the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 (i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the “line cap” (which is the lesser of the maximum revolver amount and the borrowing base) and prior to July 28, 2025, (b) approximately $14.1 million; (ii) to complete certain specified transactions; or (iii) if an event of default has occurred and is continuing.
As of June 30, 2025, the Company had no borrowings outstanding under the ABL Agreement and $17.1 million of outstanding letters of credit. The total amount available to be drawn as of June 30, 2025 was $59.3 million, calculated based on the then-current borrowing base less outstanding borrowings, if any, and letters of credit. As of June 30, 2025, the Company was in compliance with its debt covenants under the ABL Agreement.
Effective July 28, 2025
On July 28, 2025, the ABL Agreement was amended to increase advance rates, lower interest charges and plan for the retirement of all 2026 Notes that remain outstanding at maturity in April of 2026. The following provides a summary of the more significant modifications to the ABL Agreement:
Through July 27, 2025
Effective July 28, 2025
Lender commitments
$125.0 million
$100.0 million
Maturity
Earlier of (i) February 16, 2028 and (ii) 91 days prior to the stated maturity of any outstanding indebtedness with an outstanding principal balance equal to or greater than $17.5 million
Earlier of (i) February 16, 2028 and (ii) 91 days prior to the stated maturity of any outstanding indebtedness with an outstanding principal balance equal or greater than $17.5 million, unless as of such date such indebtedness has been refinanced, defeased or adequately reserved for (either against the borrowing base or the maximum revolver amount) or escrowed or cash collateralized in a deposit account.
Interest rate on outstanding borrowings:
SOFR based borrowings
SOFR plus a margin of 2.75% to 3.25%
SOFR plus a margin of 2.25% to 2.75%
Base-rate borrowings
Base rate plus a margin of 1.75% to 2.25%
Base rate plus a margin of 1.25% to 1.75%
Letter of credit sublimit
$50.0 million
$25.0 million
Maintenance covenant:
Fixed charge coverage ratio of not less than 1.0 to 1.0
(i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the line cap and (b) approximately $14.1 million
(i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the line cap and (b) approximately $11.3 million
2026 Notes
The Company issued $135.0 million aggregate principal amount of its 4.75% convertible senior notes due 2026 pursuant to an indenture, dated as of March 19, 2021 (the “2026 Indenture”), between the Company and Computershare Trust Company, National Association, as successor trustee.
The following table provides a summary of the Company's purchases of outstanding 2026 Notes during the three and six months ended June 30, 2025 and 2024, with non-cash gains reported within other income, net (in thousands):
Principal AmountCarrying Value of LiabilityCash Paid
Non-cash
Pre-tax Gains Recognized
Three and Six Months Ended June 30, 2025
$14,750 $14,665 $14,284 $381 
Three and Six Months Ended June 30, 2024
11,500 11,361 10,846 515 
The outstanding 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The initial conversion rate is 95.3516 shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company’s intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature (if any) in shares of the Company’s common stock. As of June 30, 2025, none of the conditions allowing holders of the 2026 Notes to convert, or requiring the Company to repurchase the 2026 Notes, had been met.