Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2019

Debt Obligations

Schedule of components of debt obligations

Debt obligations consist of the following (in thousands):

	December 31,
	2019		2018
Revolving credit facility	$	28,000	$	50,000
Term loan		150,000		—
Notes to former owners		48,483		26,813
Other debt		—		105
Total principal amount		226,483		76,918
Less—unamortized debt issuance costs		(348)		—
Total debt, net of unamortized debt issuance costs		226,135		76,918
Less—current portion		(20,817)		(3,279)
Total long-term portion of debt, net	$	205,318	$	73,639

Schedule of future principal payments of long-term debt

At December 31, 2019, future principal payments of debt are as follows (in thousands):

Year ended December 31—
2020	$	20,817
2021		17,666
2022		27,500
2023		27,500
2024		22,500
Thereafter		110,500
	$	226,483

Schedule of interest expense

Interest expense included the following primary elements (in thousands):

	Year Ended December 31,
	2019		2018		2017
Interest expense on notes to former owners	$	1,531	$	642	$	365
Interest expense on borrowings and unused commitment fees		6,887		2,211		1,862
Letter of credit fees		512		474		553
Amortization of debt financing costs		387		383		376
Total	$	9,317	$	3,710	$	3,156

Schedule of reconciliation of Credit Facility Adjusted EBITDA to net income

Net income	$	114,324
Provision for income taxes		37,418
Interest expense, net		9,093
Depreciation and amortization expense		51,572
Stock-based compensation		5,878
Pre-acquisition results of acquired companies, as defined under the Facility		1,404
Credit Facility Adjusted EBITDA	$	219,689

Schedule of market rates relating to interest options under the Facility

Base Rate Loan Option:
Federal Funds Rate plus 0.50%	2.05%
Wells Fargo Bank, N.A. Prime Rate	4.75%
One-month LIBOR plus 1.00%	2.76%
Eurodollar Rate Loan Option:
One-month LIBOR	1.76%
Six-month LIBOR	1.91%

Summary of additional margins

	Consolidated Total Indebtedness to
	Credit Facility Adjusted EBITDA
	Less than 1.00		1.00 to 1.75		1.75 to 2.50		2.50 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option	0.25	%	0.50	%	0.75	%	1.00	%
Eurodollar Rate Loan Option	1.25	%	1.50	%	1.75	%	2.00	%
Letter of credit fees	1.25	%	1.50	%	1.75	%	2.00	%
Commitment fees on any portion of the Revolving Loan capacity not in use for borrowings or letters of credit at any given time	0.20	%	0.25	%	0.30	%	0.35	%