Long-Term Obligations (Tables)

3 Months Ended

Sep. 30, 2023

LOng-Term Obligations Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The carrying values of our long-term debt consist of the following (in thousands):

	Effective Interest Rate		As of September 30, 2023		Effective Interest Rate		As of December 31, 2022
Senior Secured Credit Facilities:
Term Loan A — principal	7.62	%	$	818,125	3.99	%	$	834,000
Term Loan B — principal	7.96	%	837,250		4.61	%	843,625
Revolving Credit Facility — principal	—	%	—		—	%	—
Less unamortized debt issuance costs(1)			(20,443)				(24,262)
Total carrying value of long-term debt			1,634,932				1,653,363
Less current portion of long-term debt			45,688				29,688
Long-term debt, net			$	1,589,244			$	1,623,675

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(1)    Comprised of $10.1 million and $10.3 million relating to the Term Loan A and the Term Loan B, respectively, as of September 30, 2023.

Schedule of Maturities of Long-term Debt

As of September 30, 2023, the aggregate amount of principal repayments of our long-term debt (including any current portion) for each of the next five years is approximately (in thousands):

Remainder of 2023	$	7,437
2024	51,000
2025	51,000
2026	72,250
2027	672,563
2028	8,500
Thereafter	792,625
Total	$	1,655,375

Interest expense on long term debt

The following table presents the total interest expense related to our long-term debt (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Contractual interest	$	32,494	$	19,228	$	92,593	$	41,868
Amortization of debt issuance costs	1,704		1,758		5,108		5,200
Commitment fee — Revolving Credit Facility	384		334		1,135		994
Total long-term debt-related interest expense	$	34,582	$	21,320	98,836		48,062

Applicable Margin Based on Leverage Ratio

Effective on the first Adjustment Date, as defined in the Credit Agreement, occurring subsequent to our quarter ending June 30, 2022, the applicable margin for the Term Loan A and borrowings under the Revolving Credit Facility will be determined by reference to the leverage ratio in effect from time to time as set forth in the following table:

Leverage Ratio	Applicable Margin for Term SOFR Loans	Applicable Margin for Base Rate Loans	Commitment Fee Rate
Greater than 4.00 to 1.0	2.25%	1.25%	0.35%
Less than or equal to 4.00 to 1.0 but greater than 3.00 to 1.0	2.00%	1.00%	0.30%
Less than or equal to 3.00 to 1.0 but greater than 2.50 to 1.0	1.75%	0.75%	0.25%
Less than or equal to 2.50 to 1.0 but greater than 2.00 to 1.0	1.50%	0.50%	0.20%
Less than or equal to 2.00 to 1.0	1.25%	0.25%	0.15%