Long Term Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2017

Debt Obligations

Schedule of components of debt obligations

Long‑term debt obligations consist of the following (in thousands):

	December 31,
	2017		2016
Revolving credit facility	$	45,000	$	—
Notes to former owners		15,325		2,250
Other debt		214		305
Capital lease obligations		—		256
Total debt		60,539		2,811
Less—current portion		(613)		(763)
Total long-term portion of debt	$	59,926	$	2,048

Schedule of future principal payments of long-term debt

At December 31, 2017, future principal payments of debt are as follows (in thousands):

Year ended December 31—
2018	$	613
2019		626
2020		7,150
2021		52,150
	$	60,539

Schedule of interest expense

Interest expense included the following primary elements (in thousands):

	Year Ended December 31,
	2017		2016		2015
Interest expense on notes to former owners	$	365	$	70	$	25
Interest expense on borrowings and unused commitment fees		1,862		1,251		692
Letter of credit fees		553		657		719
Amortization of debt financing costs		376		367		317
Total	$	3,156	$	2,345	$	1,753

Schedule of reconciliation of Credit Facility Adjusted EBITDA to net income

The following is a reconciliation of Credit Facility Adjusted EBITDA to net income for 2017 (in thousands):

Net income including noncontrolling interests	$	55,272
Provision for income taxes		45,666
Interest expense, net		3,086
Depreciation and amortization expense		37,456
Stock-based compensation		6,377
Goodwill impairment		1,105
Pre-acquisition results of acquired companies, as defined under the Facility		4,597
Credit Facility Adjusted EBITDA	$	153,559

Schedule of market rates relating to interest options under the Facility

the following are the respective market rates as of December 31, 2017 relating to interest options under the Facility:

Base Rate Loan Option:
Federal Funds Rate plus 0.50%	1.87%
Wells Fargo Bank, N.A. Prime Rate	4.50%
One-month LIBOR plus 1.00%	2.56%
Eurodollar Rate Loan Option:
One-month LIBOR	1.56%
Six-month LIBOR	1.84%

Summary of additional margins

	Consolidated Total Indebtedness to
	Credit Facility Adjusted EBITDA
	Less than 0.75		0.75 to 1.50		1.50 to 2.25		2.25 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option	0.25	%	0.50	%	0.75	%	1.00	%
Eurodollar Rate Loan Option	1.25	%	1.50	%	1.75	%	2.00	%
Letter of credit fees	1.25	%	1.50	%	1.75	%	2.00	%
Commitment fees on any portion of the Revolving Loan capacity not in use for borrowings or letters of credit at any given time	0.20	%	0.25	%	0.30	%	0.35	%