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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

As of December 31, 2022 and 2021, long-term debt consisted of the following:

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

Average
Interest Rate

 

Outstanding
Balance

 

 

Average
Interest Rate

 

Outstanding
Balance

 

Term Loan

 

 

 

$

288,750

 

 

 

 

$

182,500

 

Delayed-Draw Term Loan

 

 

 

 

220,000

 

 

 

 

 

 

Revolving Credit

 

 

 

 

52,616

 

 

 

 

 

241,055

 

 Total before debt issuance costs

 

3.3%

 

 

561,366

 

 

1.6%

 

 

423,555

 

 Unamortized debt issuance costs

 

 

 

 

(5,032

)

 

 

 

 

(1,950

)

 

 

 

 

$

556,334

 

 

 

 

$

421,605

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

 

 

$

23,250

 

 

 

 

$

10,000

 

Long-term debt - non-current

 

 

 

 

533,084

 

 

 

 

 

411,605

 

Total

 

 

 

$

556,334

 

 

 

 

$

421,605

 

Schedule of Future Scheduled Repayments of Term Loan Principal

Future scheduled repayments of term loan principal are as follows:

Payments due by

 

Term Loan

 

 

Delayed-Draw Term Loan

 

 

Revolving Credit

 

 

Total

 

December 31, 2023

 

$

15,000

 

 

$

8,250

 

 

$

 

 

$

23,250

 

December 31, 2024

 

 

15,000

 

 

 

11,000

 

 

 

 

 

 

26,000

 

December 31, 2025

 

 

20,625

 

 

 

15,125

 

 

 

 

 

 

35,750

 

December 31, 2026

 

 

22,500

 

 

 

16,500

 

 

 

 

 

 

39,000

 

December 31, 2027

 

 

215,625

 

 

 

169,125

 

 

 

52,616

 

 

 

437,366

 

 Total

 

$

288,750

 

 

$

220,000

 

 

$

52,616

 

 

$

561,366

 

Schedule of Net Debt Issuance Costs The balance of net debt issuance costs at December 31, 2022 and 2021 are as follows:

 

 

 

2022

 

 

2021

 

Amortizable debt issuance costs

 

$

12,813

 

 

$

8,751

 

Accumulated amortization

 

 

(7,781

)

 

 

(6,801

)

 Net debt issuance costs

 

$

5,032

 

 

$

1,950