Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Debt Obligations

Schedule of components of debt obligations

Debt obligations consist of the following (in thousands):

	December 31,
	2021		2020
Revolving credit facility	$	220,000	$	70,000
Term loan		120,000		135,000
Notes to former owners		47,954		31,000
Finance lease liabilities (See Note 10)		266		—
Total principal amount		388,220		236,000
Less—unamortized debt issuance costs		(190)		(267)
Total debt, net of unamortized debt issuance costs		388,030		235,733
Less—current portion		(2,788)		—
Total long-term portion of debt, net	$	385,242	$	235,733

Schedule of future principal payments of long-term debt

At December 31, 2021, future principal payments of debt are as follows (in thousands):

Year ending December 31—
2022	$	2,788
2023		27,981
2024		35,352
2025		322,099
	$	388,220

Schedule of interest expense

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

	Year Ended December 31,
	2021		2020		2019
Interest expense on notes to former owners	$	1,052	$	1,354	$	1,531
Interest expense on borrowings and unused commitment fees		3,371		5,319		6,887
Interest expense on interest rate swaps		499		338		—
Interest expense on finance leases		57		—		—
Letter of credit fees		679		830		512
Amortization of debt financing costs		538		544		387
Total	$	6,196	$	8,385	$	9,317

Schedule of market rates relating to interest options under the Facility

Base Rate Loan Option:
Federal Funds Rate plus 0.50%	0.57%
Wells Fargo Bank, N.A. Prime Rate	3.25%
One-month LIBOR plus 1.00%	1.10%
Eurodollar Rate Loan Option:
One-month LIBOR	0.10%
Six-month LIBOR	0.34%

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	%