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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Obligations |
Schedule of components of debt obligations | Debt obligations consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2020 |  | 2019 |
Revolving credit facility | ​ | $ | 70,000 | ​ | $ | 28,000 | ​
Term loan | ​ | ​ | 135,000 | ​ | ​ | 150,000 | ​
Notes to former owners | ​ | ​ | 31,000 | ​ |  | 48,483 | ​
Total principal amount | ​ | ​ | 236,000 | ​ |  | 226,483 | ​
Less—unamortized debt issuance costs | ​ | ​ | (267) | ​ | ​ | (348) | ​
Total debt, net of unamortized debt issuance costs | ​ | ​ | 235,733 | ​ | ​ | 226,135 | ​
Less—current portion | ​ | ​ | — | ​ |  | (20,817) | ​
Total long-term portion of debt, net | ​ | $ | 235,733 | ​ | $ | 205,318 | ​
​
Schedule of future principal payments of long-term debt | At December 31, 2020, future principal payments of debt are as follows (in thousands):
​ | ​ | ​ | ​ | ​
Year ended December 31— |  | ​ |  | ​
2021 |  | $ | — |
2022 | ​ |  | 23,000 | ​
2023 | ​ |  | 34,000 | ​
2024 | ​ |  | 26,500 | ​
2025 | ​ |  | 152,500 | ​
Thereafter | ​ | ​ | — | ​
​ | ​ | $ | 236,000 | ​
Schedule of interest expense | Interest expense included the following primary elements (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2020 |  | 2019 |  | 2018 |
Interest expense on notes to former owners | ​ | $ | 1,354 | ​ | $ | 1,531 | ​ | $ | 642 | ​
Interest expense on borrowings and unused commitment fees | ​ |  | 5,319 | ​ |  | 6,887 | ​ |  | 2,211 | ​
Interest expense on interest rate swaps | ​ | ​ | 338 | ​ | ​ | — | ​ | ​ | — | ​
Letter of credit fees | ​ |  | 830 | ​ |  | 512 | ​ |  | 474 | ​
Amortization of debt financing costs | ​ |  | 544 | ​ |  | 387 | ​ |  | 383 | ​
Total | ​ | $ | 8,385 | ​ | $ | 9,317 | ​ | $ | 3,710 | ​
Schedule of reconciliation of Credit Facility Adjusted EBITDA to net income |
​ | ​ | ​ | ​ | ​
Net income |  | $ | 150,139 |
Provision for income taxes | ​ |  | 41,401 | ​
Interest expense, net | ​ |  | 8,282 | ​
Depreciation and amortization expense | ​ |  | 60,629 | ​
Stock-based compensation | ​ |  | 6,934 | ​
Pre-acquisition results of acquired companies, as defined under the Facility | ​ |  | 18,511 | ​
Credit Facility Adjusted EBITDA | ​ | $ | 285,896 | ​
Schedule of market rates relating to interest options under the Facility |
​ | ​ | ​ | ​
Base Rate Loan Option: |  |  |
Federal Funds Rate plus 0.50% |  | 0.59% | ​
Wells Fargo Bank, N.A. Prime Rate | ​ | 3.25% | ​
One-month LIBOR plus 1.00% | ​ | 1.14% | ​
Eurodollar Rate Loan Option: | ​ | ​ | ​
One-month LIBOR | ​ | 0.14% | ​
Six-month LIBOR | ​ | 0.26% | ​
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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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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