Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Sale of Equity Interests in ARS
On July 13, 2023, the Company sold all of the equity interests in its subsidiary ARS for $3.3 million in cash plus $0.3 million in consideration to be paid by the seller in 90 days subject to certain conditions. The Company expects to recognize a gain of approximately $2.1 million on the sale.
Pending Repayment and Refinancing of Existing Revolving Credit Facility
On August 10, 2023, the Company entered into two non-binding agreements with lenders to repay and refinance its existing revolving credit facility. The Company expects to close these refinancing transactions prior to the maturity of its existing revolving credit facility on October 19, 2023, subject to customary closing conditions and closing deliverables; however, no assurance can be provided that these transactions will close on the currently anticipated timelines or at all.
Repurchase Program Authorization On August 10, 2023, the Company's board of directors approved a stock repurchase program pursuant to which the Company would be authorized to repurchase up to the lesser of $55 million or 10 million shares of its common stock, subject to the expected repayment and refinancing of its existing revolving credit facility and other factors discussed below. Following the completion of the refinancing transactions, any stock repurchases under this program may be made opportunistically from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Act of 1934, as amended, including any 10b5-1 plan, and will be subject to market conditions, applicable legal and contractual restrictions, liquidity requirements and other factors. The repurchase program has no time limit, does not require the Company to repurchase any specific number of shares and may be suspended from time to time, modified or discontinued by the Company's board of directors at any time. Any common stock repurchased as part of such stock repurchase program will be cancelled and retired.
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