Current and Long-Term Debt (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Current and Long-Term Obligations, Net |
Current and long-term obligations, net, are shown in the table below:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2026 Notes |
|
$ |
185,000 |
|
|
$ |
185,000 |
|
Term debt |
|
|
— |
|
|
|
13,228 |
|
2027 Convertible Notes |
|
|
25,450 |
|
|
|
— |
|
2025 Convertible Notes |
|
|
59,500 |
|
|
|
74,500 |
|
Mortgage Note |
|
|
42,923 |
|
|
|
43,500 |
|
Acquisition related promissory notes |
|
|
— |
|
|
|
1,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
312,873 |
|
|
|
317,728 |
|
Unamortized debt discount |
|
|
(6,156 |
) |
|
|
(6,598 |
) |
Unamortized deferred financing costs |
|
|
(4,744 |
) |
|
|
(7,747 |
) |
|
|
|
|
|
|
|
|
|
Total debt, net |
|
|
301,973 |
|
|
|
303,383 |
|
Less current portion, net* |
|
|
(52,461 |
) |
|
|
(5,905 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
249,512 |
|
|
$ |
297,478 |
|
|
|
|
|
|
|
|
|
|
| * |
The current portion of the debt includes scheduled payments on the mortgage notes, acquisition related promissory notes and acquisition related notes payable, net of corresponding portions of the unamortized debt discount and unamortized deferred financing costs. |
|
| Schedule of Principal Payments on Outstanding Indebtedness |
The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of December 31, 2024:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2027 Convertible Notes |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,450 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,450 |
|
2025 Convertible Notes |
|
|
59,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59,500 |
|
2026 Notes |
|
|
— |
|
|
|
185,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
185,000 |
|
Mortgages Notes |
|
|
720 |
|
|
|
16,484 |
|
|
|
18,050 |
|
|
|
7,669 |
|
|
|
— |
|
|
|
— |
|
|
|
42,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
60,220 |
|
|
$ |
201,484 |
|
|
$ |
43,500 |
|
|
$ |
7,669 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
312,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
| Schedule of Components of Current and Long Term Debt Obligations |
The following table presents information about the current and long-term debt obligations of the Company as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term debt |
|
$ |
13,228 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(13,228 |
) |
|
$ |
— |
|
2025 Convertible Notes |
|
|
74,500 |
|
|
|
— |
|
|
|
— |
|
|
|
(10,000 |
) |
|
|
(5,000 |
) |
|
|
59,500 |
|
Mortgages Notes |
|
|
43,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(577 |
) |
|
|
42,923 |
|
2026 Notes |
|
|
185,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
185,000 |
|
2027 Convertible Notes |
|
|
— |
|
|
|
25,750 |
|
|
|
— |
|
|
|
(300 |
) |
|
|
— |
|
|
|
25,450 |
|
Acquisition related promissory notes |
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,500 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
317,728 |
|
|
$ |
25,750 |
|
|
$ |
— |
|
|
$ |
(10,300 |
) |
|
$ |
(20,305 |
) |
|
$ |
312,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term debt |
|
$ |
38,215 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(24,987 |
) |
|
$ |
13,228 |
|
2025 Convertible Notes |
|
|
74,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
74,500 |
|
Mortgages Notes |
|
|
35,965 |
|
|
|
8,050 |
|
|
|
— |
|
|
|
— |
|
|
|
(515 |
) |
|
|
43,500 |
|
2023 Convertible Notes |
|
|
5,600 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,600 |
) |
|
|
— |
|
2026 Notes |
|
|
185,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
185,000 |
|
Acquisition related real estate notes |
|
|
7,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,000 |
) |
|
|
— |
|
Acquisition related promissory notes |
|
|
3,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,500 |
) |
|
|
1,500 |
|
Acquisition related note payable |
|
|
3,214 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,214 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
352,494 |
|
|
$ |
8,050 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(42,816 |
) |
|
$ |
317,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Interest and Amortization Expense on Debt Obligations |
Total interest and amortization expense on the Company’s debt obligations for the years ended December 31, 2024, 2023 and 2022 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
Interest expense on debt |
|
$ |
29,573 |
|
|
$ |
41,900 |
|
|
$ |
40,123 |
|
Amortization of debt discount |
|
$ |
5,592 |
|
|
$ |
5,783 |
|
|
$ |
5,327 |
|
Amortization of debt premium |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(164 |
) |
Amortization of debt issuance costs |
|
$ |
3,805 |
|
|
$ |
3,569 |
|
|
$ |
3,425 |
|
Other interest (expense) income, net |
|
$ |
(992 |
) |
|
$ |
(565 |
) |
|
$ |
(362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense, net |
|
$ |
37,978 |
|
|
$ |
50,687 |
|
|
$ |
48,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|