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Debt Obligations (Tables) | 12 Months Ended
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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 | %

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to net income for debt covenant compliance. + References No definition available. + Details
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