Long-Term Debt and Related Matters

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Related Matters

Long-Term Debt and Related Matters

Long-term debt as of December 31, 2024 and 2023 consisted of the following:

	December 31,
	2024		2023
Revolving credit facility with an interest rate of 6.38% as of December 31, 2024 and 7.40% as of December 31, 2023	$	46,467	$	55,060
Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.80% as of December 31, 2024 and 4.67% as of December 31, 2023	473		213
Total debt	46,940		55,273
Less: current maturities	(167)		(102)
Long-term portion	$	46,773	$	55,171

The expected maturities of long-term debt for December 31, 2025 and thereafter are as follows:

Year Ending December 31,
2025	$	167
2026	46,577
2027	51
2028	50
2029	50
2030 and thereafter	45
Total	$	46,940

Borrowings

On August 13, 2021, the Company, its domestic subsidiaries, and certain of its Canadian and United Kingdom subsidiaries (collectively, the “Borrowers”), entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with PNC Bank, N.A., Citizens Bank, N.A., Wells Fargo Bank, National Association, Bank of America, N.A., and BMO Harris Bank, National Association. The Credit Agreement, as amended, modifies the prior amended revolving credit facility, on terms more favorable to the Company and extends the maturity from April 30, 2024 to August 13, 2026. The Credit Agreement provides for a five-year, revolving credit facility that permits aggregate borrowings of the Borrowers up to $130,000 with a sublimit of the equivalent of $25,000 U.S. dollars that is available to the Canadian and United Kingdom borrowers in the aggregate. The Credit Agreement’s incremental loan feature permits the Company to increase the available commitments under the facility by up to an additional $50,000 subject to the Company’s receipt of increased commitments from existing or new lenders and the satisfaction of certain conditions. On August 12, 2022, the Company entered into a second amendment to its Credit Agreement (the “Second Amendment”) which added an additional tier to the pricing grid and provided for the conversion from LIBOR-based to SOFR-based borrowings.

Borrowings under the Credit Agreement, as amended, will bear interest at rates based upon either the base rate or SOFR rate plus applicable margins. The Credit Agreement includes two financial covenants: (a) Maximum Gross Leverage Ratio, defined as the Company’s consolidated Indebtedness (as defined in the Credit Agreement) divided by the Company’s consolidated EBITDA, which must not exceed (i) 3.25 to 1.00 for all testing periods other than during an Acquisition Period (as defined in the Credit Agreement), and (ii) 3.50 to 1.00 for all testing periods occurring during an Acquisition Period, and (b) Minimum Consolidated Fixed Charge Coverage Ratio, defined as the Company’s consolidated EBITDA divided by the Company’s Fixed Charges (as defined in the Credit Agreement), which must be more than 1.05 to 1.00.

As of December 31, 2024 and 2023, the Company was in compliance with the covenants in the Credit Agreement, as amended. As of December 31, 2024 and 2023, the Company had outstanding letters of credit of approximately $1,409 and $2,807, respectively, and had net available borrowing capacity of $82,124 and $72,133, respectively, subject to covenant restrictions. The maturity date of the facility is August 13, 2026.