LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	113,750	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan (1)		65,000	March 2026		30-day SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan (2)		100,000	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan (3)		100,000	January 2028		30-day SOFR + 0.10% + [1.20% - 2.15%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	447,584

(1) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread.

(2) The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread

(3) The Company entered into interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):

	December 31, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	113,750	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		—		—
3.875% Convertible Senior Notes, net of Discount		50,670		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,637)		—		(1,196)		—
Total Long-Term Debt	$	445,583	$	—	$	278,273	$	—

Schedule of payments applicable to reduction of principal amounts

As of December 31, 2022	Amount
2023	$	—
2024		—
2025		51,034
2026		82,800
2027		213,750
2028 and Thereafter		100,000
Total Long-Term Debt - Face Value	$	447,584

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2022 consisted of the following (in thousands):

	Total
Current Face Amount	$	447,584
Unamortized Discount on Convertible Debt		(364)
Financing Costs, net of Accumulated Amortization		(1,637)
Total Long-Term Debt	$	445,583

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2022, 2021 and 2020 (in thousands):

	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Interest Expense	$	10,171	$	7,065	$	9,005
Amortization of Deferred Financing Costs		755		586		454
Amortization of Discount on Convertible Notes		189		1,278		1,379
Total Interest Expense	$	11,115	$	8,929	$	10,838
Total Interest Paid	$	9,862	$	7,274	$	9,716