DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Long-Term Debt

As of December 31, 2024 and 2023, our total long-term debt and finance lease obligations are summarized as follows (in thousands):

	December 31,
	2024		2023
2022 ABL Credit Facility1	$	112,671	$	113,415
ME/RE Loans1	22,119		24,061
Uptiered Loan1	143,955		129,436
Incremental Term Loan1	39,824		38,758
Equipment Financing Loan	1,399		—
Total	319,968		305,670
Finance lease obligations2	5,143		5,756
Total debt and finance lease obligations	325,111		311,426
Current portion of long-term debt and finance lease obligations	(6,485)		(5,212)
Total long-term debt and finance lease obligations, less current portion	$	318,626	$	306,214

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1        Comprised of principal amount outstanding, less unamortized debt issuance costs. See below for additional information.

2        For information on our finance lease obligations see Note 12 - Leases.

Summary of Maturities of our Debt

The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2024 (in thousands):

December 31
2025	$	5,666
2026	298,301
2027	24,398
2028	—
2029	—
Thereafter	—
Total1	$	328,365

1        The total excludes unamortized debt issuance cost of $8.4 million.

Summary of Debt

The terms of the 2022 ABL Credit Facility are described in the table below (dollar amounts are presented in thousands):

	Revolving Credit Loans	Delayed Draw Term Loan
Scheduled maturity date1	9/30/2027	9/30/2027
Stated interest rate	SOFR + applicable margin (base + applicable margin)	SOFR + applicable margin (base + applicable margin)
Actual interest rate:
12/31/2024	8.92%	14.17%
12/31/2023	10.11%	15.46%
Interest payments	monthly	monthly
Cash paid for interest
12/31/2024	$7,940	$5,459
12/31/2023	$6,984	$5,317
Balances at 12/31/2024
Principal balance	$77,905	$35,000
Unamortized balance of debt issuance cost	NA2	$(234)
Net carrying balance	$77,905	$34,766
Balances at 12/31/2023
Principal balance	$78,415	$35,000
Unamortized balance of debt issuance cost	NA2	$—
Net carrying balance	$78,415	$35,000
Unamortized balance of deferred financing cost
12/31/2024	$693	NA2
12/31/2023	$267	NA2
Available amount at 12/31/2024	$35,886	$—

1 Amended maturity date is the earlier of (i) the Scheduled Maturity Date and (ii) the Springing Maturity Date (91 days prior to Scheduled Maturity Date of the A&R Term Loan Credit Agreement (defined below), or October 1, 2026).

2 Not applicable

The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands):

Scheduled maturity date1	9/30/2027
Stated interest rate	SOFR + 5.00% + 0.11% credit spread adjustment
Principal payments	$237 monthly
Effective interest rate2
12/31/2024	12.97%
12/31/2023	17.40%
Actual cash interest rate
12/31/2024	9.67%
12/31/2023	11.21%
Interest payments	monthly
Cash paid for interest
12/31/2024	$2,737
12/31/2023	$1,384
Balances at 12/31/2024
Principal balance	$22,981
Unamortized balance of debt issuance cost	$(862)
Net carrying balance	$22,119
Balances at 12/31/2023
Principal balance	$25,823
Unamortized balance of debt issuance cost	$(1,762)
Net carrying balance	$24,061
Available amount at 12/31/2024	$—

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1 Amended maturity date is the earlier of (i) the Scheduled Maturity Date and (ii) the Springing Maturity Date (91 days prior to Scheduled Maturity Date of the A&R Term Loan Credit Agreement, or October 1, 2026).

2 The effective interest rate as of December 31, 2024, consisted of a 9.67% variable interest rate paid in cash and an additional 3.30% due to non-cash amortization of the related debt issuance costs. The effective interest rate as of December 31, 2023, consisted of a 11.21% variable interest rate paid in cash and an additional 6.19% due to amortization of the related debt issuance costs.

The terms of Uptiered Loan / Subordinated Term Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands):

	Uptiered Loan	Incremental Term Loan
Maturity date	12/31/2027 (12/31/2026 if outstanding balance is greater than $50 million)	12/31/2026
Stated interest rate
12/31/2024	9.5% PIK and 4.0% cash3	12% paid in cash
12/31/2023	12% PIK	12% paid in cash
Principal payments	at maturity	$356 quarterly
Effective interest rate
12/31/2024	14.56%1	22.96%2
12/31/2023	12.86%1	22.96%2
Interest payments	cash quarterly/PIK monthly	quarterly
Cash paid for interest
12/31/2024	$2,775	$5,684
12/31/2023	$—	$898
PIK interest added to principal
12/31/2024	$14,366	$—
12/31/2023	$14,644	$8
Balances at 12/31/2024
Principal balance4	$144,454	$46,627
Unamortized balance of debt issuance cost	$(499)	$(6,803)
Net carrying balance	$143,955	$39,824
Balances at 12/31/2023
Principal balance4	$130,087	$48,052
Unamortized balance of debt issuance cost	$(651)	$(9,294)
Net carrying balance	$129,436	$38,758
Available amount at 12/31/2024	$—	$10,000

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1 The effective interest rate on the Uptiered Loan as of December 31, 2024, consisted of a 13.50% stated interest rate paid in PIK and cash and an additional 1.06% due to the amortization of the related debt issuance costs. The effective interest rate on the Uptiered Loan as of December 31, 2023 consisted of a 12.00% stated interest rate paid in PIK and an additional 0.86% due to the acceleration of the amortization of the related debt issuance costs.

2 The effective interest rate on the Incremental Term Loan as of December 31, 2024 and 2023, consisted of a 12.00% stated interest rate paid in cash and an additional 10.96% due to the amortization of the related debt issuance costs.

3 Cash and PIK split is determined based on the Net Leverage Ratio as defined in the A&R Term Loan Credit Agreement.

4 The principal balance of the Uptiered Loan is made up of $22.5 million drawn on November 9, 2021, $27.5 million drawn on December 8, 2021, and $57.0 million added as part of the exchange agreement on October 4, 2022. In addition, the principal balance includes PIK interest of $36.6 million and $22.2 million as of December 31, 2024 and December 31, 2023 respectively, and PIK fees of $0.9 million incurred as of December 31, 2022.

Summary of Warrants or Rights

	Original					After 1 for 10 Reverse Stock Split (Effective date December 22, 2022)
Holder	Date	Number of shares	Exercise price		Expiration date	Number of shares	Exercise price		Expiration date
APSC Holdco II, LP
Original	12/18/2020	3,582,949	$	7.75	6/14/2028
Amended	11/9/2021	500,000	$	1.50	6/14/2028
Amended	12/8/2021	917,051	$	1.50	12/8/2028
Total APSC		5,000,000	$	1.50	12/8/2028	500,000	$	15.00	12/8/2028
Corre	12/8/2021	5,000,000	$	1.50	12/8/2028	500,000	$	15.00	12/8/2028
Total warrants		10,000,000				1,000,000