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Long-term debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
On July 29, 2021, the Company entered into an amendment (the "First Amendment") to the 2020 Credit Agreement dated as of September 23, 2020, with the lenders that are party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended by the First Amendment, the “Existing Credit Agreement”). On June 8, 2023, the Company entered into a Second Amendment (the “Second Amendment”) to the Existing Credit Agreement (as amended by the Second Amendment, the “Amended Credit Agreement”).
The 2021 Term Loan Facility requires mandatory prepayments of principal with any Excess Cash Flow (as defined in the 2021 Credit Facilities) on an annual basis. The Company generated excess cash flow (as defined in the Amended Credit Agreement) for the year ended December 31, 2023, and so will be required to prepay approximately $3.0 million of the principal under the 2021 Term Loan Facility during the three months ending June 30, 2024, which amount has been classified within the current portion of long-term debt on the consolidated balance sheets.
Long-term debt consisted of the following:
As of
(in thousands)March 31,
2024		December 31,
2023
2021 Term Loan Facility$168,625 $171,000 
2021 Revolving Credit Facility5,000 5,000 
Debt issuance costs(1,525)(1,701)
Total debt$172,100 $174,299 
Less: current portion, net of debt issuance costs of $681 and $693, respectively
(11,866)(11,854)
Total long-term debt$160,234 $162,445 
The Company incurred interest expense on the 2021 Term Loan Facility of $3.6 million and $3.4 million for the three months ended March 31, 2024 and 2023, respectively. Interest expense included amortization of debt issuance costs on the 2021 Credit Facilities of $0.2 million for the three months ended March 31, 2024 and 2023.
As of March 31, 2024, the Company’s borrowing capacity available under the 2021 Revolving Credit Facility was $45.0 million, which carries a commitment fee based on the Company’s consolidated total net leverage ratio and ranges from 0.25% to 0.50%. The commitment fee on the unused portion of the 2021 Revolving Credit Facility was 0.38% as of March 31, 2024. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company’s interest rate on the outstanding borrowings under the 2021 Term Loan Facility and the 2021 Revolving Credit Facility was 7.93%.
Accrued interest was $3.6 million as of March 31, 2024 and $3.7 million as of December 31, 2023, and is included within accrued expenses on the consolidated balance sheets. As of March 31, 2024, the Company was in compliance with all covenants under the 2021 Credit Facilities.
The expected future principal payments for all borrowings as of March 31, 2024 were as follows:
(in thousands)Contractual maturity
2024–Remaining Period$10,172 
20259,500 
2026153,953 
Debt and issuance costs173,625 
Unamortized debt issuance costs(1,525)
Total debt$172,100