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Debt Obligations | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt Obligations | 7. Debt Obligations ​ Debt obligations consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 |
Revolving credit facility | ​ | $ | — | ​ | $ | — | ​
Notes to former owners | ​ | ​ | 72,325 | ​ |  | 67,593 | ​
Other debt | ​ | ​ | 695 | ​ | ​ | 742 | ​
Total debt | ​ | ​ | 73,020 | ​ | ​ | 68,335 | ​
Less—current portion | ​ | ​ | (11,689) | ​ |  | (6,042) | ​
Total long-term portion of debt | ​ | $ | 61,331 | ​ | $ | 62,293 | ​
​ Revolving Credit Facility ​ We have an $850.0 million senior credit facility (the “Facility”) provided by a syndicate of banks, which is composed of a revolving credit line guaranteed by certain of our subsidiaries. The Facility also provides for an accordion or increase option not to exceed the greater of (a) $250 million and (b) 1.0x Credit Facility Adjusted EBITDA (as defined below), as well as a sublimit of up to $175.0 million issuable in the form of letters of credit. The Facility expires in July 2027 and is secured by a first lien on substantially all of our personal property except for assets related to projects subject to surety bonds and the equity of, and assets held by, certain unrestricted subsidiaries and our wholly owned captive insurance company, and a second lien on our assets related to projects subject to surety bonds. As of June 30, 2025, we had no outstanding borrowings on the revolving credit facility, $83.2 million in letters of credit outstanding and $766.8 million of credit available. ​ There are two interest rate options for borrowings under the Facility, the Base Rate Loan (as defined in the Facility) option and the Secured Overnight Financing Rate (“SOFR”) Loan option. These rates are floating rates determined by the broad financial markets, meaning they can and do move up and down from time to time. Additional margins are then added to these two rates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | %
​ There were no outstanding borrowings on the revolving credit facility as of June 30, 2025 and December 31, 2024. ​ Certain of our vendors require letters of credit to ensure reimbursement for amounts they are disbursing on our behalf, such as to beneficiaries under our self-funded insurance programs. We have also occasionally used letters of credit to guarantee performance under our contracts and to ensure payment to our subcontractors and vendors under those contracts. Our lenders issue such letters of credit through the Facility. A letter of credit commits the lenders to pay specified amounts to the holder of the letter of credit if the holder demonstrates that we have failed to perform specified actions. If this were to occur, we would be required to reimburse the lenders for amounts they fund to honor the letter of credit holder’s claim. Absent a claim, there is no payment or reserving of funds by us in connection with a letter of credit. However, because a claim on a letter of credit would require immediate reimbursement by us to our lenders, letters of credit are treated as a use of Facility capacity. The letter of credit fees range from 1.00% to 2.00% per annum, based on the Net Leverage Ratio. ​ Commitment fees are payable on the portion of the revolving loan capacity not in use for borrowings or letters of credit at any given time. These fees range from 0.15% to 0.25% per annum, based on the Net Leverage Ratio. ​ The Facility contains financial covenants defining various financial measures and the levels of these measures with which we must comply. Covenant compliance is assessed as of each quarter end. We were in compliance with all of our financial covenants as of June 30, 2025. ​ Notes to Former Owners ​ We have outstanding notes to the former owners of acquired companies. Together, these notes had an outstanding balance of $72.3 million as of June 30, 2025. At June 30, 2025, future principal payments of notes to former owners by maturity year are as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Range of Stated
​ |  | June 30, 2025 | ​ | Interest Rates
2026 | ​ | $ | 30,625 | ​ | 2.5 - 5.5 | %
2027 | ​ |  | 36,700 | ​ | 4.0 - 5.5 | %
2028 | ​ | ​ | 5,000 | ​ | 5.5 | %
Total | ​ | $ | 72,325 | ​ | ​ | ​
​ ​ F

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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