v3.25.2
Long-term debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
On July 29, 2021, QuoteLab, LLC (“Borrower”) and QLH entered into an amendment (the "First Amendment") to the 2020 Credit Agreement dated as of September 23, 2020, with the lenders that are party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended by the First Amendment, the “Credit Agreement”). On June 8, 2023, the Borrower and QLH entered into a Second Amendment (the “Second Amendment”) to the Credit Agreement (as amended by the Second Amendment, the “Amended Credit Agreement”).
On August 4, 2025 ("Effective Date"), QuoteLab, LLC and QLH entered into a Third Amendment (the “Third Amendment”) to the Amended Credit Agreement, pursuant to which lenders representing $138.1 million in aggregate principal amount of term loans outstanding under the 2021 Term Loan Facility as of the Effective Date, agreed to extend the maturity date by one year, to July 29, 2027 ("Extended Term Loans"). The remaining $13.3 million in aggregate principal amount of term loans outstanding under the 2021 Term Loan Facility, as of the Effective Date (the “Non-Extended Term Loans” and, together with the Extended Term Loans, the “Term Loans”) will mature on July 29, 2026. The Term Loans amortize quarterly, beginning with December 31, 2021 and ending with (a) June 30, 2026, in the case of the Non-Extended Term Loans, and (b) June 30, 2027, in the case of the Extended Term Loans, by an amount equal to 1.25% of the aggregate principal amount of the Term Loans initially made on July 29, 2021. Also, as of the Effective Date, the lenders representing $45.6 million in aggregate amount of revolving commitments and related loans under the 2021 Revolver Credit Facility ($4.6 million in aggregate principal amount of which are drawn as of the Effective Date) agreed to extend the maturity date by one year, to July 29, 2027. The remaining $4.4 million in aggregate amount of revolving commitments and related loans under the 2021 Revolver Credit Facility ($0.4 million in aggregate principal amount of which are drawn as of the Effective Date) will mature on July 29, 2026.
The Company plans to seek a refinancing of the 2021 Credit Facilities prior to July 2026. The Third Amendment did not materially impact the covenants or other terms and conditions under the Amended Credit Agreement and did not result in any additional cash proceeds. The Company incurred additional fees of $0.3 million as a result of the Third Amendment.
Long-term debt consisted of the following:
As of
(in thousands)June 30,
2025		December 31,
2024
2021 Term Loan Facility$153,703 $158,453 
2021 Revolving Credit Facility5,000 5,000 
Unamortized debt issuance costs
(680)(1,008)
Total debt$158,023 $162,445 
Less: current portion, net of debt issuance costs of $631 and $651, respectively
(8,869)(8,849)
Total long-term debt$149,154 $153,596 
The Company incurred interest expense on the 2021 Term Loan Facility of $2.6 million and $3.3 million for the three months ended June 30, 2025 and 2024, respectively, and $5.4 million and $7.0 million for the six months ended June 30, 2025 and 2024, respectively. Interest expense included amortization of debt issuance costs on the 2021 Credit Facilities of $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025, the Company’s borrowing capacity available under the 2021 Revolving Credit Facility was $45.0 million, which carries a commitment fee that is based on the Company’s consolidated total net leverage ratio and ranges from 0.25% to 0.50%. The commitment fee on the unused portion of the 2021 Revolving Credit Facility was 0.25% as of June 30, 2025. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $0.3 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company’s interest rates on the outstanding borrowings under the 2021 Term Loan Facility and 2021 Revolving Credit Facility were 6.39%.
Accrued interest was $2.6 million as of June 30, 2025 and $2.9 million as of December 31, 2024, and is included within accrued expenses on the consolidated balance sheets. As of June 30, 2025, the Company was in compliance with all covenants under the 2021 Credit Facilities.
The expected future principal payments for all borrowings as of June 30, 2025 were as follows:
(in thousands)Contractual maturity
2025–Remaining Period$4,750 
2026153,953 
158,703 
Unamortized debt issuance costs(680)
Total debt$158,023