Debt |
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| Debt | NOTE 9. Debt The following table presents the components of long-term debt in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.
The Company elects to use three-month Term SOFR plus a ten-point credit spread adjustment plus the margin on SOFR required by the 2019 Credit Agreement to pay interest on its debt. The 2019 Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the first lien leverage ratio, measured as of the last day of each fiscal quarter on which outstanding borrowings under the revolving credit facility exceed 35.0% of the commitments thereunder (excluding certain letters of credit), of no greater than 3.80 to 1.00. As of March 31, 2024, there were no outstanding borrowings under the revolving credit facility and the Company was in compliance with its financial performance covenant. There were no repayments of outstanding term loans under the 2019 Credit Agreement during the three months ended March 31, 2024 and 2023. Refer to Note 15, Subsequent Events, for information related to term loan activity subsequent to March 31, 2024. The following table presents the components of interest expense and other financing costs on the unaudited Condensed Consolidated Statements of Operations for the periods ended March 31, 2024 and 2023.
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