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v3.26.1

Long-Term Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Long-Term Debt | 9. LONG-TERM DEBT Debt Refinancing On May 8, 2026, the Company entered into an amended and restated credit agreement with Truist Bank for $175.0 million (the “Amended Credit Agreement”). The Amended Credit Agreement provides for (i) a $50.0 million senior secured revolving credit facility (the “Revolving Loans”) and (ii) a $125.0 million senior secured term loan credit facility (the “Term Loan”), which was borrowed in full on May 8, 2026. The Company used the proceeds to refinance and replace its existing Credit Agreement, as defined below, repay the amount then outstanding under the $50 million senior secured revolving credit facility and for general corporate purposes. At the Company’s election, i nterest on borrowings under the Amended Credit Agreement is based on either the Standard Overnight Financing Rate plus an applicable margin of 2.5% or 2.75% or t he Base Rate plus an applicable margin of 1.5% or 1.75%. On June 30, 2026, the interest rate charged to the Company was approximately 6.15%. The Term Loan requires scheduled quarterly principal payments commencing on September 30, 2026 due on the last day of each calendar quarter equal to (i) 2.50% of the principal amount of the Term Loan for each of years 1 and 2 of the term, (ii) 5.00% of the principal amount of the Term Loan for year 3 and (iii) 7.50% of the principal amount of the Term Loan for year 4. The remaining outstanding principal balance of the Revolving Loans and Term Loans will be due and payable in full at maturity on May 8, 2031. Pursuant to the Amended Credit Agreement, the Company may borrow under the Revolving Loans from time to time up to the total commitment of $50.0 million. The Company did not draw on the Revolving Loans during the three months ended June 30, 2026. The Amended Credit Agreement is secured by substantially all of the assets of the Company and is subject to, among other provisions, customary covenants regarding indebtedness, liens, negative pledges, restricted payments, certain prepayments of indebtedness, investments, fundamental changes, disposition of assets, sale and lease-back transactions, transactions with affiliates, amendments of or waivers with respect to restricted debt and permitted activities of the Company. The Amended Credit Agreement is subject to the following financial covenants (i) a maximum total net leverage ratio and (ii) a minimum fixed charge coverage ratio. The Company must maintain a total net leverage ratio of less than or equal to 3.75:1.0 0, which steps down to 3.25:1.00 commencing on December31, 2027 for the remainder of the term, and must not permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.25:1.00. Both financial covenants are tested quarterly. In addition to the financial covenants, the Company is required to deliver financial statements and other information and is prohibited from making certain restricted payments, as defined in the Amended Credit Agreement, during the fiscal year in progress. As of June 30, 2026, the Company was in compliance with all required financial covenants associated with the Amended Credit Agreement. Truist Term Loan On May 22, 2022, the Company entered into a loan agreement with Truist Bank (as amended from time to time, the “Credit Agreement”) for $125.0 million. The Credit Agreement provides for (i) a $50.0 million senior secured revolving credit facility and (ii) a $125.0 million senior secured term loan credit facility, which was borrowed in full on May 22, 2022. The Company used the proceeds to refinance and replace an existing credit facility pursuant to a credit agreement, dated as of May 17, 2019, with Bank of America, N.A. and for general corporate purposes. At the Company’s election, i nterest on borrowings under the Credit Agreement was based on either the Standard Overnight Financing Rate plus an applicable margin of 2.5% or 2.75% or t he Base Rate plus an applicable margin of 1.5% or 1.75%. The Ter m Loan required principal payments of $1.6 million in quarterly installments on the last day of each calendar quarter, commencing on September 30, 2022, with repayment of the outstanding amount of the note due on maturity, which was set to occur on May 26, 2027. Pursuant to the Credit Agreement, the Company may borrow under the $50 million senior secured revolving credit facility from time to time up to the total commitment of $50.0 million. As of December 31, 2025, the Company had $5.0 million outstanding under the $50 million senior secured revolving credit facility. Deferred loan costs The Company capitalized lender’s fees and related attorney’s fees of $3.4 million and $4.0 million related to the Amended Credit Agreement and the Credit Agreement, respectively, which are amortized over the life of the respective agreements and included in interest expense, net on the unaudited condensed consolidated statements of operations and comprehensive income (loss). Amortization expense related to deferred loan costs on the Amended Credit Agreement was $0.1 million for the three and six months ended June 30, 2026. Amortization expense related to the debt issuance costs on the Credit Agreement was $0.1 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively and $0.3 million and $0.4 million for the six months ended June 30, 2026 and 2025. The remaining unamortized debt issuance costs related to the Credit Agreement of $0.6 million were written off as a loss on extinguishment of debt and presented as a separate line on the Company’s unaudited condensed consolidated statement of operations and comprehensive income (loss) for the three and six months ended June 30, 2026. Long-term debt was as follows:
|  | June 30, |  |  | December 31, |
(in thousands) |  | 2026 |  |  | 2025 |
Term loan |  | $ | 125,000 |  |  | $ | 103,125 |
Less: Current portion |  |  | (3,125 | ) |  |  | (6,250 | )
|  |  | 121,875 |  |  |  | 96,875 |
Less: Unamortized debt issuance costs |  |  | (3,498 | ) |  |  | (1,093 | )
Term loan, net of current portion |  | $ | 118,377 |  |  | $ | 95,782 |
Future maturities of long-term debt, excluding debt issuance costs, are as follows:
As of June 30, |  | (in thousands) |
2026 (remaining six months) |  |  | 1,563 |
2027 |  |  | 3,125 |
2028 |  |  | 4,688 |
2029 |  |  | 7,813 |
2030 |  |  | 9,375 |
Thereafter |  |  | 98,436 |
|  | $ | 125,000 |

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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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