Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2018

Debt Obligations

Schedule of components of debt obligations

Debt obligations consist of the following (in thousands):

	December 31,
	2018		2017
Revolving credit facility	$	50,000	$	45,000
Notes to former owners		26,813		15,325
Other debt		105		214
Total debt		76,918		60,539
Less—current portion		(3,279)		(613)
Total long-term portion of debt	$	73,639	$	59,926

Schedule of future principal payments of long-term debt

At December 31, 2018, future principal payments of debt are as follows (in thousands):

Year ended December 31—
2019	$	3,279
2020		13,822
2021		9,817
2022		—
2023		50,000
	$	76,918

Schedule of interest expense

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

	Year Ended December 31,
	2018		2017		2016
Interest expense on notes to former owners	$	642	$	365	$	70
Interest expense on borrowings and unused commitment fees		2,211		1,862		1,251
Letter of credit fees		474		553		657
Amortization of debt financing costs		383		376		367
Total	$	3,710	$	3,156	$	2,345

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 2018 (in thousands):

Net income	$	112,903
Provision for income taxes		35,773
Interest expense, net		3,637
Depreciation and amortization expense		42,689
Stock-based compensation		7,161
Pre-acquisition results of acquired companies, as defined under the Facility		3,771
Credit Facility Adjusted EBITDA	$	205,934

Schedule of market rates relating to interest options under the Facility

the following are the respective market rates as of December 31, 2018 relating to interest options under the Facility:

Base Rate Loan Option:
Federal Funds Rate plus 0.50%	2.95%
Wells Fargo Bank, N.A. Prime Rate	5.50%
One-month LIBOR plus 1.00%	3.52%
Eurodollar Rate Loan Option:
One-month LIBOR	2.52%
Six-month LIBOR	2.87%

Summary of additional margins

	Consolidated Total Indebtedness to
	Credit Facility Adjusted EBITDA
	Less than 1.00		1.00 to 1.75		1.75 to 2.50		2.50 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	%