Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

NOTE 5 – DEBT

At March 31, 2025 and December 31, 2024, debt consisted of:

	March 31, 2025				December 31, 2024
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	200,250			$	200,250
Delayed-Draw Term Loan			154,000				156,750
Revolving Credit			150,000				57,225
Total before debt issuance costs	5.7%		504,250		6.6%		414,225
Unamortized debt issuance costs			(2,206	)			(2,482	)
Total		$	502,044			$	411,743

	March 31, 2025		December 31, 2024
Current portion of long-term debt	$	—	$	—
Long-term debt - non-current		502,044		411,743
Total	$	502,044	$	411,743

As of March 31, 2025, the Company had $448.4 million of unused borrowing capacity under the $600.0 million revolving line of credit under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $1.6 million. The average interest rate on borrowings under the Credit Facility was 5.7% for the three months ended March 31, 2025 and 6.6% for the twelve months ended December 31, 2024, respectively. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.1% for the three months ended March 31, 2025 and 5.3% for the twelve months ended December 31, 2024, respectively.

Future scheduled repayments of debt principal are as follows:

Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
March 31, 2026	$	—	$	—	$	—	$	—
March 31, 2027		—		—		—		—
May 6, 2027 (Maturity)		200,250		154,000		150,000		504,250
Total	$	200,250	$	154,000	$	150,000	$	504,250