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Debt Obligations (Tables)

12 Months Ended

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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