XML 65 R56.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Financing Arrangements - Additional Information (Details) - Revolving Credit Facility - USD ($)
 1 Months Ended 6 Months Ended
Jan. 08, 2021
Jun. 30, 2024
Jul. 31, 2024
Credit Agreement      
Line Of Credit Facility [Line Items]      
Credit agreement initiation date     Oct. 20, 2023
Maximum borrowing capacity     $ 50,000,000
Borrowing capacity description     On October 20, 2023, the Company, as borrower, entered into a three-year credit and security agreement (“Credit Agreement”) with Citizens Bank N.A., as Administrative Agent (“Agent”) and lender. The Credit Agreement provides for a secured revolving credit facility (“Credit Facility”) under which the Company may borrow up to an aggregate amount of $30.0 million, which includes a $10.0 million sub-facility for letters of credit. The Company and its lenders may increase the total commitments under the Credit Facility to up to an aggregate amount of $50.0 million, subject to certain conditions. Funds borrowed under the Credit Agreement may be used for acquisition, working capital and other general corporate purposes.
Credit agreement, Interest rate description     Loans under the Credit Agreement will bear interest, at the Company’s option, at either a rate equal to the Alternate Base Rate plus the Applicable Margin (as defined in the Credit Agreement) or Term Secure Overnight Financing Rate ("SOFR") plus the Applicable Margin (as defined in the Credit Agreement). The Alternate Base Rate is the highest of (i) the Agent’s prime rate, (ii) the federal funds effective rate plus 0.50% per annum, and (iii) the Daily SOFR rate plus 1.00% per annum. The SOFR Rate is a rate equal to the secured overnight financing rate as published by the SOFR Administrator and displayed on CME Group Benchmark Administration Limited’s Market Data Platform. The Applicable Margin for Alternative Base Rate Loans is 1.25% and the Applicable Margin for the SOFR Loans is 2.00%. Upon the occurrence of any event of default, the interest rate on the borrowings increases by 5.00%. The Company is required to pay a commitment fee on the unused portion of the Credit Facility of 0.25% per annum.
Percentage of commitment fees on revolving credit facility     0.25%
Borrowing remaining capacity     $ 21,500,000
Maximum open market repurchases of equity interests   $ 6,000,000  
Credit Agreement | SOFR      
Line Of Credit Facility [Line Items]      
Credit agreement, rate     2.00%
Credit agreement, Variable rate     7.40%
Borrowing capacity, Outstanding amount     $ 8,500,000
Credit Agreement | Base Rate      
Line Of Credit Facility [Line Items]      
Credit agreement, rate     1.25%
Credit Agreement | Maximum      
Line Of Credit Facility [Line Items]      
Borrowing capacity     $ 30,000,000
Credit Agreement | Maximum | SOFR      
Line Of Credit Facility [Line Items]      
Debt instrument interest rate increases on borrowings     5.00%
Credit Agreement | Letters of Credit      
Line Of Credit Facility [Line Items]      
Borrowing capacity     $ 10,000,000
Key Bank Credit Agreement      
Line Of Credit Facility [Line Items]      
Credit agreement initiation date Jan. 08, 2021    
Maximum borrowing capacity $ 45,000,000    
Borrowing capacity description On January 8, 2021, the Company, as borrower, entered into a credit and security agreement (“Key Bank Credit Agreement”) with KeyBank National Association as Administrative Agent and lender, and KeyBanc Capital Markets Inc. as sole lead arranger and sole book runner. Prior to its termination as described below, the Key Bank Credit Agreement provided for a secured revolving credit facility under which the Company could have borrowed up to an aggregate amount of $25.0 million, which included a $10.0 million sub-facility for letters of credit. The Company and its lenders were able to increase the total commitments under the credit facility to up to an aggregate amount of $45.0 million, subject to certain conditions. Permitted uses of funds borrowed under the Key Bank Credit Agreement included working capital and other general corporate purposes.    
Key Bank Credit Agreement | Maximum      
Line Of Credit Facility [Line Items]      
Borrowing capacity $ 25,000,000    
Key Bank Credit Agreement | Letters of Credit      
Line Of Credit Facility [Line Items]      
Borrowing capacity $ 10,000,000