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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

Components of the Company's outstanding debt obligations

The components of the Company’s outstanding debt obligations consisted of the following (in thousands):

​

​	​	​	​	​	​	​	​
​	​	​	December 31,
​		​	2023			2022
Term Loan	​	​	$	309,313	​	$	322,562
Revolving Credit Facility	​	​	​	—	​	​	—
Less: Unamortized discount and debt issuance costs	​	​		(8,112)	​		(9,681)
Total debt	​	​		301,201	​		312,881
Less: Current portion of long-term debt	​	​		(21,250)	​		(3,250)
Total long-term debt	​	​	$	279,951	​	$	309,631

Schedule of mandatory prepayments based on Company's excess cash flow for the year

Under the Amended Prior Term Loan, the Company was required to make mandatory prepayments based on the Company’s excess cash flow for the year, as follows (as a percentage of the Company’s excess cash flow for the year):

​

​	​	​	​
​	​	Mandatory	​
​	​	Prepayment	​
Net Leverage Ratio		Percentage
> 3.50:1.00		90	%
> 3.00:1.00 and ≤ 3.50:1.00		75	%
> 2.50:1.00 and ≤ 3.00:1.00		50	%
> 2.00:1.00 and ≤ 2.50:1.00		25	%
≤ 2.00:1.00		0	%

Principal payments due on the outstanding debt

Principal payments due on the outstanding debt in the next five fiscal years, excluding any potential payments based on excess cash flow levels, are as follows (in thousands):

​

​	​	​	​
​	​	​
Year Ended	​	Term Loan
2024		$	21,250
2025	​		3,250
2026	​		3,250
2027	​		3,250
2028	​	​	3,250
Thereafter	​		275,063
​	​	$	309,313

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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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