LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2023

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of September 30, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate
Credit Facility (1)	$	216,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan (2)		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan (3)		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan (4)		100,000	January 2028		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	$	549,834

⁽¹⁾ The Company utilized interest rate swaps on $100.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾      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.

⁽³⁾ 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.

⁽⁴⁾ The Company utilized 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):

	September 30, 2023				December 31, 2022
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	216,000	$	—	$	113,750	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		100,000		—
3.875% Convertible Senior Notes, net of Discount		50,789		—		50,670		—
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,370)		—		(1,637)		—
Total Long-Term Debt	$	548,219	$	—	$	445,583	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of September 30, 2023 will be required as follows (in thousands):

As of September 30, 2023	Amount
Remainder of 2023	$	—
2024		—
2025		51,034
2026		82,800
2027		316,000
2028		100,000
2029 and Thereafter		—
Total Long-Term Debt - Face Value	$	549,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of September 30, 2023 consisted of the following (in thousands):

	Total
Current Face Amount	$	549,834
Unamortized Discount on Convertible Debt		(245)
Financing Costs, net of Accumulated Amortization		(1,370)
Total Long-Term Debt	$	548,219

Schedule of interest expense on debt

	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest Expense	$	6,036	$	2,819	$	15,318	$	6,552
Amortization of Deferred Financing Costs		242		178		724		515
Amortization of Discount on Convertible Notes		40		40		119		149
Total Interest Expense	$	6,318	$	3,037	$	16,161	$	7,216
Total Interest Paid	$	5,589	$	2,107	$	15,178	$	5,785