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BANK BORROWINGS | 12 Months Ended
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Dec. 31, 2024
Bank Borrowings |
Bank Borrowings | 9. BANK BORROWINGS ​ The Company has a $50,000 credit facility collateralized by its account receivables that expires March 31, 2025. This facility can be increased, at the Company’s option, to $80,000 for permitted acquisitions or other uses authorized by the lender on substantially the same terms. Amounts outstanding under this facility bear interest at the greatest of (i) the prime rate (7.50% at December 31, 2024), (ii) the federal funds effective rate plus 0.50% per annum, and (iii) the daily Secured Overnight Financing Rate, or SOFR, plus 1.00% per annum, provided that the rate shall at no time be less than 1.00% per annum. The credit facility includes various customary financial ratios and operating covenants, including minimum net worth and maximum funded debt ratio requirements, and default acceleration provisions. The credit facility does not include restrictions on future dividend payments. Funded debt ratio is the ratio of average outstanding advances under the credit facility to Adjusted Earnings Before Interest Expense, Taxes, Depreciation, Amortization, and Special Charges, or Adjusted EBITDA. The maximum allowable funded debt ratio under the agreement is 2.0 to 1.0. Decreases in the Company’s consolidated twelve months Adjusted EBITDA could limit its potential borrowing capacity under the credit facility. As of December 31, 2024, the Company was in compliance with the covenants of the credit facility. ​ Cash receipts are automatically applied against any outstanding borrowings. During the years ended December 31, 2024 and 2023, the Company borrowed incremental amounts that were each repaid in full. These borrowings for the years ended December 31, 2024 and 2023 totaled $26,051 and $88,198, respectively; however, at no time were the outstanding borrowings greater than the $50,000 limit under the credit facility. The Company had no outstanding borrowings under the credit facility as of December 31, 2024 or 2023, and accordingly, the entire $50,000 credit facility was available for borrowings on each such date.

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