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Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt

Schedule of total debt

The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:

										Outstanding			Outstanding
										Balance as of			Balance as of
				Stated Interest		Payment		Term		September 30,			December 31,
(dollar amounts in thousands)		Inception Date		Rate (per annum)		Frequency		(years)		2019			2018
Credit Agreement
Revolving loans		9/13/2019		Variable		Variable		5		$	125,973		$	58,306
Equipment Notes
Equipment Note 1		9/28/2018		4.16%		Semi-annual		5			10,793			12,655
Equipment Note 2		9/28/2018		4.23%		Semi-annual		7			11,200			12,279
Equipment Note 3		12/31/2018		3.97%		Semi-annual		5			2,124			2,291
Equipment Note 4		12/31/2018		4.02%		Semi-annual		7			2,211			2,313
Equipment Note 5		12/31/2018		4.01%		Semi-annual		7			1,851			1,948
Equipment Note 6		6/25/2019		2.89%		Semi-annual		7			15,005			—
Equipment Note 7		6/24/2019		3.09%		Semi-annual		5			9,033			—
											52,217			31,486
Total debt											178,190			89,792
Less: current portion of long-term debt											(6,552)			(3,681)
Long-term debt										$	171,638		$	86,111

Schedule of remaining principal payments for long term obligations

The following table sets forth our remaining principal payments for the Company’s outstanding Equipment Notes as of September 30, 2019:

		Future
		Equipment Notes
(in thousands)		Principal Payments
Remainder of 2019		$	1,729
2020			6,608
2021			6,852
2022			7,107
2023			10,360
2024			5,964
Thereafter			13,597
Total future principal payments		$	52,217
Less: current portion of equipment notes			(6,552)
Long-term principal obligations		$	45,665

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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