Long-Term Debt - Additional Information (Details)
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3 Months Ended |
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Aug. 08, 2024
USD ($)
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Dec. 29, 2022 |
Mar. 31, 2025
USD ($)
PromissoryNote
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Mar. 31, 2024
USD ($)
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Dec. 31, 2024
USD ($)
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| Debt Instrument [Line Items] |
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| Amortization of deferred financing costs |
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$ 95,000
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$ 106,000
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| 2024 Revolver |
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| Debt Instrument [Line Items] |
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| Letter of credit, Amount |
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0
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| Line of credit facility, outstanding amount |
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$ 0
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| 2024 Revolver | Minimum |
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| Debt Instrument [Line Items] |
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| Line of credit facility, unused capacity, commitment fee percentage |
0.25%
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| 2024 Revolver | Maximum |
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| Debt Instrument [Line Items] |
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| Line of credit facility, unused capacity, commitment fee percentage |
0.30%
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| 2024 Amended and Restated Credit Agreement |
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| Debt Instrument [Line Items] |
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| Line of credit facility, maximum borrowing capacity |
$ 300,000,000
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| Debt Instrument, Term |
5 years
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| Line of credit facility, current borrowing capacity |
$ 150,000,000
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| Line of credit facility, maturity date |
Aug. 08, 2029
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| Debt instrument, negative covenant, maximum repurchase of common equity |
$ 50,000,000
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| Covenant description |
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The 2024 Amended and Restated Credit Agreement also contains several financial covenants, measured on a consolidated basis. First, during the period commencing with the fiscal quarter ended June 30, 2024 through June 30, 2025, (a) there must be liquidity (which is defined as availability under the 2024 Revolver, plus unrestricted cash) that is more than the greater of (1) $35,000 and (2) 35% of the Revolving Amount, as defined in the 2024 Amended and Restated Credit Agreement, (b) as of the end of each such quarter, total revenue on a trailing four-quarter basis must be greater than the requirements set forth in the 2024 Amended and Restated Credit Agreement, and (c) for each period of four consecutive quarters, Consolidated EBITDA, as defined in the 2024 Amended and Restated Credit Agreement, must not be less than $10,000. Second, during the period commencing with the fiscal quarter ending September 30, 2025 until maturity, (i) the Leverage Ratio, as defined in the 2024 Amended and Restated Credit Agreement, must not exceed 3.00 to 1.00 at the end of each fiscal quarter and (ii) the Interest Coverage Ratio, as defined in the 2024 Amended and Restated Credit Agreement, must not be less than 3.00 to 1.00 at the end of each fiscal quarter. The Leverage Ratio must not exceed 3.50 to 1.00 during certain periods following an acquisition of a certain size. The Company was in compliance with its financial debt covenants as of March 31, 2025.
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| Minimum liquidity amount |
$ 35,000,000
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| Percentage of revolving amount |
35.00%
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| Minimum consolidated EBITDA |
$ 10,000,000
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| Debt instrument, covenant compliance |
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The Company was in compliance with its financial debt covenants as of March 31, 2025.
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| 2024 Amended and Restated Credit Agreement | Maximum |
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| Debt Instrument [Line Items] |
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| Leverage ratio |
3
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3.5
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| Coverage Ratio |
3
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| 2024 Amended and Restated Credit Agreement | Daily Simple SOFR and Term SOFR Loans | Minimum |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
2.00%
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| 2024 Amended and Restated Credit Agreement | Daily Simple SOFR and Term SOFR Loans | Maximum |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
2.50%
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| 2024 Amended and Restated Credit Agreement | SOFR |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
1.00%
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0.10%
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| Debt instrument, term SOFR plus |
one-month
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| 2024 Amended and Restated Credit Agreement | Base Rate |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
0.50%
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| 2024 Amended and Restated Credit Agreement | Base Rate | Minimum |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
1.00%
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| 2024 Amended and Restated Credit Agreement | Base Rate | Maximum |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
1.50%
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| 2024 Amended and Restated Credit Agreement | Daily Simple SOFR, Term SOFR and Base Rate | Maximum |
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| Debt Instrument [Line Items] |
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| Debt instrument, basis spread on variable rate |
0.50%
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| Letter of Credit |
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| Debt Instrument [Line Items] |
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| Line of credit facility, maximum borrowing capacity |
$ 30,000,000
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| Other Noncurrent Assets and Deposits |
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| Debt Instrument [Line Items] |
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| Deferred financing costs |
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$ 1,642,000
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$ 1,737,000
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| Promissory Note |
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| Debt Instrument [Line Items] |
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| Number of promissory notes executed | PromissoryNote |
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2
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| Debt instrument, principal amount |
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$ 9,100,000
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| Debt instrument, periodic payment, principal |
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4,800,000
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| Debt instrument, periodic payment |
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$ 4,300,000
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| Interest rate |
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6.75%
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