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Debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Term loan facility |  | $ | 159,687 |  |  | $ | 166,250 |
Revolving line of credit |  |  | — |  |  |  | — |
Aircraft loan |  |  | 10,935 |  |  |  | — |
Less deferred debt issuance costs |  |  | (1,497 | ) |  |  | (1,725 | )
Total debt |  |  | 169,125 |  |  |  | 164,525 |
Less current portion of long-term debt |  |  | (13,149 | ) |  |  | (12,031 | )
Long-term debt, less current portion |  | $ | 155,976 |  |  | $ | 152,494 |
Summary of Term Loan Amortization | The 2021 Credit Facility term loan must be repaid in quarterly installments and shall amortize at the following future quarterly rates:
Date | Quarterly Installment Rate
September 30, 2023 | 1.25%
December 31, 2023 | 1.88%
March 31, 2024 | 1.88%
June 30, 2024 | 1.88%
September 30, 2024 | 1.88%
December 31, 2024 | 1.88%
March 31, 2025 | 1.88%
June 30, 2025 | 1.88%
September 30, 2025 | 1.88%
December 31, 2025 | 2.50%
March 31, 2026 | 2.50%
April 27, 2026 | Remaining balance
Summary of 2021 Credit Facility Interest Rate Subject to Leverage Ratio and SOFR | The 2021 Credit Facility term loan and the revolving line of credit bear interest subject to the applicable spread based on Company’s leverage ratio and SOFR plus 0.10% as follows:
Pricing Tier |  | Consolidated Leverage Ratio |  | Senior Credit Facilities SOFR Spread |  |  | Senior Credit Facilities Base Rate Spread |  |  | Commitment Fee |  |  | Letter of Credit Fee |  |
1 |  | ≥ 3.75 x to 1.0 |  |  | 2.50 |  | % |  | 1.50 |  | % |  | 0.25 |  | % |  | 2.50 |  | %
2 |  | < 3.75 x to 1.0 but ≥ 3.25 to 1.0 |  |  | 2.25 |  |  |  | 1.25 |  |  |  | 0.23 |  |  |  | 2.25 |  |
3 |  | <3.25 x to 1.0 but ≥ 2.50 to 1.0 |  |  | 2.00 |  |  |  | 1.00 |  |  |  | 0.20 |  |  |  | 2.00 |  |
4 |  | <2.50 x to 1.0 but ≥ 1.75 to 1.0 |  |  | 1.75 |  |  |  | 0.75 |  |  |  | 0.15 |  |  |  | 1.75 |  |
5 |  | <1.75 x to 1.0 |  |  | 1.50 |  |  |  | 0.50 |  |  | 0.15 |  |  |  | 1.50 |  |
Schedule of Aggregate Annual Maturities of Long-Term Debt | The following is a schedule of the aggregate annual maturities of long-term debt presented on the unaudited condensed consolidated statement of financial position, gross of deferred debt issuance cost of $1.5 million, based on the terms of the 2021 Credit Facility and the Aircraft Loan:
June 30, |  | 2021 Credit Facility |  | Aircraft Loan |  | Total |
2024 |  | $ | 12,031 |  | $ | 1,118 |  | $ | 13,149 |
2025 |  |  | 13,125 |  |  | 1,109 |  |  | 14,234 |
2026 |  |  | 134,531 |  |  | 1,188 |  |  | 135,719 |
2027 |  |  | — |  |  | 1,273 |  |  | 1,273 |
2028 |  |  | — |  |  | 6,247 |  |  | 6,247 |
Total |  | $ | 159,687 |  | $ | 10,935 |  | $ | 170,622 |

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