XML 35 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Outstanding long-term debt was as follows:
March 31, 2025December 31, 2024
Senior long-term debt:
Senior Secured Credit Facility$30,000 $— 
Other debt:
Lines of credit10,044 29,989 
Notes payable and other debt23,646 23,761 
Total senior and other debt63,690 53,750 
Finance lease obligations and sale-leaseback financings50,933 48,395 
Total long-term debt and finance leases114,623 102,145 
Less: total unamortized deferred financing costs1,729 1,858 
Less: current portion of long-term debt and finance leases21,906 41,260 
Long-term debt and finance leases, less current portion$90,988 $59,027 

Senior Secured Credit Facility

The Company maintains a revolving credit facility (the Revolving Credit Facility) under its credit agreement (the Amended Credit Agreement) that provides for $155,000 of revolving credit loans maturing September 18, 2028. The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.”

As of March 31, 2025 and December 31, 2024, the Senior Secured Credit Facility had a total outstanding balance of $30,000 and $0, respectively.

Estimated Fair Value of Debt

As of March 31, 2025 and December 31, 2024, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of March 31, 2025, our Amended Credit Agreement contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Amended Credit Agreement provides, solely with respect to the revolving credit facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, to exceed 3 as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. The Amended Credit Agreement also provides that if less than 25% of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply. As of March 31, 2025, this condition was satisfied and, therefore, we were not subject to the leverage ratio. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of March 31, 2025.