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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2022
Schedule of components of debt obligations | Debt obligations consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2022 |  | 2021 |
Revolving credit facility | ​ | $ | 215,000 | ​ | $ | 220,000 | ​
Term loan | ​ | ​ | — | ​ | ​ | 120,000 | ​
Notes to former owners | ​ | ​ | 41,040 | ​ |  | 47,954 | ​
Finance lease liabilities | ​ | ​ | — | ​ | ​ | 266 | ​
Other debt | ​ | ​ | 205 | ​ | ​ | — | ​
Total principal amount | ​ | ​ | 256,245 | ​ |  | 388,220 | ​
Less—unamortized debt issuance costs | ​ | ​ | — | ​ | ​ | (190) | ​
Total debt, net of unamortized debt issuance costs | ​ | ​ | 256,245 | ​ | ​ | 388,030 | ​
Less—current portion | ​ | ​ | (9,000) | ​ |  | (2,788) | ​
Total long-term portion of debt, net | ​ | $ | 247,245 | ​ | $ | 385,242 | ​
​
Schedule of future principal payments of notes to former owners | At December 31, 2022, future principal payments of debt are as follows (in thousands):
​ | ​ | ​ | ​ | ​
Year ending December 31— |  | ​ |  | ​
2023 |  | $ | 9,000 |
2024 | ​ |  | 7,332 | ​
2025 | ​ |  | 22,269 | ​
2026 | ​ |  | 2,644 | ​
2027 | ​ |  | 215,000 | ​
​ | ​ | $ | 256,245 | ​
​
Schedule of interest expense |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
Interest expense on notes to former owners | ​ | $ | 1,139 | ​ | $ | 1,052 | ​ | $ | 1,354 | ​
Interest expense on borrowings and unused commitment fees | ​ |  | 10,955 | ​ |  | 3,371 | ​ |  | 5,319 | ​
Interest expense (income) on interest rate swaps | ​ | ​ | (332) | ​ | ​ | 499 | ​ | ​ | 338 | ​
Interest expense on finance leases | ​ | ​ | 4 | ​ | ​ | 57 | ​ | ​ | — | ​
Letter of credit fees | ​ |  | 800 | ​ |  | 679 | ​ |  | 830 | ​
Amortization of debt financing costs | ​ |  | 786 | ​ |  | 538 | ​ |  | 544 | ​
Total | ​ | $ | 13,352 | ​ | $ | 6,196 | ​ | $ | 8,385 | ​
Schedule of market rates relating to interest options under the Facility | ​
​ | ​ | ​ | ​
Base Rate Loan Option: |  |  |
Federal Funds Rate plus 0.50% |  | 4.83% | ​
Wells Fargo Bank, N.A. Prime Rate | ​ | 7.50% | ​
One-month SOFR plus 1.00% | ​ | 5.06% | ​
SOFR Loan Option: | ​ | ​ | ​
One-month SOFR | ​ | 4.06% | ​
Three-month SOFR | ​ | 3.62% | ​
Six-month SOFR | ​ | 2.89% | ​
​
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, 2022, future principal payments of notes to former owners by maturity year are as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Range of Stated
​ |  | December 31, 2022 | ​ | Interest Rates
2023 | ​ | $ | 9,000 | ​ | 2.5 | %
2024 | ​ |  | 7,200 | ​ | 2.5 - 3.0 | %
2025 | ​ |  | 22,215 | ​ | 2.3 - 3.0 | %
2026 | ​ |  | 2,625 | ​ | 2.5 | %
Total | ​ | $ | 41,040 | ​ | ​ | ​
​

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