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LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Company's Long-term Debt

The components of the Company's long-term debt consisted of the following (in thousands):

			March 31, 2024						December 31, 2023
ABL Revolver			$	—											$	—
Senior Secured Term Loan B due October 13, 2030(1)			547,250												548,625
Total debt			547,250												548,625
Less: current maturities			(5,500)												(5,500)
Total long-term debt			$	541,750											$	543,125
Unamortized discount and debt issuance costs			21,533												22,428
Long-term debt, net of unamortized discount and debt issuance costs			$	520,217											$	520,697

(1) The fair value of the Term Loan B due October 13, 2030 was $551.4 million and $554.1 million as of March 31, 2024 and December 31, 2023, respectively.

Schedule of Covenant Compliance

Secured Leverage Ratio – The Term Loan B Agreement requires that the Company’s Secured Leverage Ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt (net of unrestricted cash, not to exceed $200 million) as of such day to EBITDA, beginning with the fiscal quarter ending March 31, 2024, is either equal to or less than as indicated in the table below:

Fiscal Quarter						Secured Leverage Ratio
March 31, 2024						5.75:1.00
June 30, 2024						5.50:1.00
September 30, 2024						5.50:1.00
December 31, 2024						5.50:1.00
March 31, 2025						5.25:1.00
June 30, 2025						5.25:1.00
September 30, 2025						5.25:1.00
December 31, 2025						5.00:1.00
March 31, 2026						5.00:1.00
June 30, 2026 and thereafter						4.75:1.00

Schedule of Maturities of Long-Term Debt

As of March 31, 2024, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):

						Amount
2024						$	4,125
2025						5,500
2026						5,500
2027						5,500
2028						5,500
Thereafter						521,125
Total						$	547,250

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