v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events
Note 16 - Subsequent Events
Management has evaluated subsequent events from March 31, 2026 through the date the financial statement was available to be issued and has determined there are no material subsequent events that require disclosure other than as described below.
Share Repurchase Program
Subsequent to March 31, 2026 and up through April 30, 2026, the Company repurchased and subsequently retired 3,164,926 shares of the Company’s common stock in the open market at a cost of $18.6 million for an average price of $5.89 per share, under the Share Repurchase Program described further in Note 1 - Business, Basis of Presentation, and Summary of Significant Accounting Policies to the consolidated financial statements.
First Lien Credit Agreement Amendment
On May 8, 2026, the Company entered into an amendment of its existing credit agreement that provided for, among other things, an increase to existing commitments under the First Lien Revolving Credit Facility by $26.0 million.
Restructuring Program
On May 5, 2026, the Company’s Board of Directors (the "Board") approved a restructuring program (the “2026 Restructuring Program”) in order to reduce operating costs and drive stronger operating leverage. The 2026 Restructuring Program is anticipated to entail a global reduction in force impacting approximately 20% of the Company’s ending first quarter headcount. Of the impacted roles, approximately one-fourth will be reallocated to or offset by hiring in different locations. The 2026 Restructuring Program is expected to be substantially complete by the end of 2026 resulting in estimated aggregate pre-tax charges in the range of $45.0 million to $60.0 million, the majority of which are expected to result in cash expenditures. These expenditures primarily consist of one-time termination benefits to affected employees, including but not limited to severance payments and benefits.