v3.26.3
Borrowings
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following table summarizes the Company’s debt position:
As of
September 30, 2026December 31, 2025
Revolving credit facilityTerm loan facilityTotalRevolving credit facilityTerm loan facilityTotal
Current portion of long-term borrowings$— $10,000 $10,000 $— $5,000 $5,000 
Unamortized debt issuance costs— (297)(297)— (114)(114)
Current portion of long-term borrowings— 9,703 9,703 — 4,886 4,886 
Long-term borrowings115,000 387,500 502,500 205,000 88,750 293,750 
Unamortized debt issuance costs— (1,154)(1,154)— (38)(38)
Long-term borrowings115,000 386,346 501,346 205,000 88,712 293,712 
Borrowings$115,000 $396,049 $511,049 $205,000 $93,598 $298,598 
Unamortized debt issuance costs for the Company’s revolving credit facility of $2,317 and $507 as of September 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

On August 18, 2026, the Company entered into a Revolving Credit and Term Loan Credit Agreement (the “2026 Credit Agreement”) with certain lenders and PNC Bank, National Association, as administrative agent. The 2026 Credit Agreement provides for (i) a $600,000 revolving credit facility (the “Revolving Credit Facility”), and (ii) a $400,000 term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Credit Facilities”). Each of the Credit Facilities matures on August 18, 2031.

Subject to specified approvals and conditions, the 2026 Credit Agreement permits the Company to increase the aggregate revolving commitments and/or obtain incremental term loans, in an aggregate amount not to exceed the greater of $470,000 and 100% of the Company's EBITDA, less prior increases, plus additional amounts subject to compliance with certain leverage requirements.

Borrowings under the 2026 Credit Agreement bear interest, at the Company’s option, at (a) Term SOFR plus an applicable margin ranging from 1.00% to 1.75% per annum, (b) Daily Simple SOFR plus an applicable margin ranging from 1.00% to 1.75% per annum, or (c) the Alternate Base Rate plus an applicable margin ranging from 0.00% to 0.75% per annum. In each case, the applicable margin is determined based on the Company’s total net leverage ratio. The Company is also required to pay a commitment fee ranging from 0.125% to 0.25% per annum on the unused portion of the Revolving Credit Facility, based on the Company’s total net leverage ratio.

The Company used proceeds from the Credit Facilities to repay all outstanding obligations under its First Amendment to Amended and Restated Credit Agreement entered into in August 2024 (the “2024 Credit Agreement”) with Citibank, N.A., in an aggregate principal amount and accrued interest of $532,678. The 2024 Credit Agreement was terminated, and no early termination penalties or prepayment fees were paid in connection with the termination. The Company also expects to use the proceeds from the Credit Facilities for working capital, general corporate purposes, permitted acquisitions and share buybacks. The Term Loan Facility amortizes in quarterly installments through maturity, with the remaining outstanding balance due on August 18, 2031.

The obligations under the 2026 Credit Agreement are guaranteed by the Company's wholly owned material domestic subsidiaries and are secured by liens on substantially all of the assets of the Company and the guarantors and pledges of the equity interests in certain subsidiaries, in each case subject to certain exceptions and exclusions. The 2026 Credit Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the Company's ability to incur indebtedness, create liens, make certain investments, pay dividends and other distributions, enter into certain mergers, consolidations, liquidations or acquisitions, dispose of certain assets or subsidiaries, and requires the Company to maintain a minimum interest coverage ratio of 3.00 to 1.00 and a maximum total net leverage ratio of 3.50 to 1.00, in each case measured as of the last day of each fiscal quarter for the four consecutive fiscal quarters then ended. The maximum total net leverage ratio may be increased to 4.00 to 1.00 for four consecutive fiscal quarters following certain qualifying material acquisitions. The 2026 Credit Agreement also contains customary events of default.


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

Three months ended September 30,Nine months ended September 30,
2026202520262025
Revolving credit facility5.1 %5.7 %5.1 %5.7 %
Term loan facility5.0 %5.7 %5.1 %5.7 %

As of September 30, 2026 and December 31, 2025, the Company was in compliance with the financial covenants under the 2026 Credit Agreement and the 2024 Credit Agreement, respectively.
The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of September 30, 2026 was as follows:

Revolving credit facilityTerm loan facility
2026 (October 1 - December 31)$— $2,500 
2027— 10,000 
2028— 15,000 
2029— 20,000 
2030— 20,000 
2031115,000 330,000 
Total$115,000 $397,500 
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 September 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.