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Debt Obligations (Tables)
12 Months Ended
Dec. 31, 2023
Schedule of components of debt obligations

Debt obligations consist of the following (in thousands):

December 31,

 

2023

    

2022

 

Revolving credit facility

$

$

215,000

Notes to former owners

44,070

 

41,040

Other debt

142

205

Total debt

44,212

256,245

Less—current portion

(4,867)

 

(9,000)

Total long-term portion of debt

$

39,345

$

247,245

Schedule of future principal payments of notes to former owners

At December 31, 2023, future principal payments of debt are as follows (in thousands):

Year ending December 31—

    

    

2024

    

$

4,867

 

2025

 

21,701

2026

 

14,144

2027

 

3,500

$

44,212

Schedule of interest expense

Year Ended December 31,

 

    

2023

    

2022

    

2021

 

Interest expense on notes to former owners

$

1,365

$

1,139

$

1,052

Interest expense on borrowings and unused commitment fees

 

7,507

 

10,955

 

3,371

Interest expense (income) on interest rate swaps

(332)

499

Interest expense on finance leases

4

57

Letter of credit fees

 

724

 

800

 

679

Amortization of debt financing costs

 

685

 

786

 

538

Total

$

10,281

$

13,352

$

6,196

Schedule of market rates relating to interest options under the Facility

Base Rate Loan Option:

    

    

 

Federal Funds Rate plus 0.50%

    

5.83%

Wells Fargo Bank, N.A. Prime Rate

8.50%

One-month SOFR plus 1.00%

6.34%

SOFR Loan Option:

One-month SOFR

5.34%

Three-month SOFR

5.36%

Six-month SOFR

5.35%

Summary of additional margins

Net Leverage Ratio

    

Less than 
1.00

    

1.00 to less than 1.75

    

1.75 to less than 2.50

    

2.50 to less than 3.00

 

3.00 or greater

Additional Per Annum Interest Margin Added Under:

Base Rate Loan Option

0.00

%

0.25

%  

0.50

%  

0.75

%

1.00

%

SOFR Loan Option

1.00

%

1.25

%

1.50

%

1.75

%

2.00

%

Letter of credit fees

1.00

%

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

0.15

%  

0.175

%  

0.20

%  

0.225

%  

0.25

%

Notes to Former Owners  
Schedule of future principal payments of notes to former owners At December 31, 2023, future principal payments of notes to former owners by maturity year are as follows (dollars in thousands):

Balance at

Range of Stated

    

December 31, 2023

Interest Rates

2024

$

4,800

2.5

%

2025

 

21,645

2.3 - 3.0

%

2026

 

14,125

2.5 - 5.5

%

2027

3,500

5.5

%

Total

$

44,070