v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following table summarizes the Company’s debt position:
As of
June 30, 2026December 31, 2025
Revolving credit facilityTerm loan facilityTotalRevolving credit facilityTerm loan facilityTotal
Current portion of long-term borrowings$290,000 $91,250 $381,250 $— $5,000 $5,000 
Unamortized debt issuance costs— (95)(95)— (114)(114)
Current portion of long-term borrowings290,000 91,155 381,155 — 4,886 4,886 
Long-term borrowings— — — 205,000 88,750 293,750 
Unamortized debt issuance costs— — — — (38)(38)
Long-term borrowings— — — 205,000 88,712 293,712 
Borrowings$290,000 $91,155 $381,155 $205,000 $93,598 $298,598 
Unamortized debt issuance costs for the Company’s revolving credit facility of $313 and $507 as of June 30, 2026 and December 31, 2025, respectively, are presented under “Other current assets” and “Other assets,” as applicable in the consolidated balance sheets.

Credit Agreement

The Company held a $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”), dated as of November 21, 2017 with certain lenders and Citibank N.A. as Administrative Agent. This agreement was amended and restated in April 2022, followed by the First Amendment to Amended and Restated Credit Agreement in August 2024 (the “2024 Credit Agreement”). Among other things, the 2024 Credit Agreement increased revolving credit commitments to $500,000 and provided a new term loan facility of $100,000 with an annual repayment amount of 5%. The increased revolving credit facility and the new term loan facility both mature on April 18, 2027. The Company is in the process of refinancing its 2024 Credit Agreement, which is expected to be completed in the third quarter of 2026. The Company believes that it has access to adequate resources, which include cash and cash equivalents, short-term investments, cash provided by operating activities and unused amounts in its revolving credit facility to meet its needs for at least the next twelve months.

Under the 2024 Credit Agreement, obligations bear interest at a rate equal to specified prime rate (alternate base rate) or the adjusted secured overnight financing rate (SOFR) specified therein, plus, in each case, an applicable margin, and are guaranteed by the Company’s wholly-owned material domestic subsidiaries and secured by all or substantially all of the Company’s and its material domestic subsidiaries’ assets. The revolving credit commitments are subject to a commitment fee. The 2024 Credit Agreement includes a letter of credit sub facility and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the revolving credit facility can be used for working capital and general corporate purposes, including permitted acquisitions.

The effective interest rates of the revolving credit facility and the term loan facility are as follows:

Three months ended June 30,Six months ended June 30,
2026202520262025
Revolving credit facility5.0 %5.8 %5.0 %5.8 %
Term loan facility5.1 %5.7 %5.1 %5.7 %

As of June 30, 2026 and December 31, 2025, the Company was in compliance with the financial covenants under the 2024 Credit Agreement.

The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of June 30, 2026 was as follows:

Revolving credit facilityTerm loan facility
2026 (July 1 - December 31)$— $2,500 
2027290,000 88,750 
Total$290,000 $91,250 
Letters of Credit

In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of June 30, 2026 and December 31, 2025, the Company had outstanding letters of credit of $1,137 and $1,598, respectively, that were not recognized in the consolidated balance sheets.