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Debt Obligations (Tables)

12 Months Ended

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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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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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

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