Debt - Additional Information (Details) - USD ($)
$ in Thousands |
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Feb. 01, 2020 |
Aug. 21, 2014 |
May 31, 2019 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2021 |
Jun. 30, 2021 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Unamortized discount and debt issuance costs |
|
|
|
$ 6,694
|
|
|
$ 6,694
|
|
$ 4,030
|
|
|
| Accumulated amortization of discount and debt issuance costs |
|
|
|
3,499
|
|
|
3,499
|
|
$ 6,145
|
|
|
| Amortization of deferred debt issuance costs |
|
|
|
303
|
|
$ 423
|
713
|
$ 842
|
|
|
|
| Loss on extinguishment of debt |
|
|
|
$ 0
|
|
$ 0
|
$ (1,882)
|
0
|
|
|
|
| Long-term Debt, Description |
|
|
|
|
|
|
Under the First Lien Term Loan under the Credit Agreement, we had the option of selecting either (i) a Base Rate interest rate plus a fixed margin of 2.25% or (ii) a Eurodollar (LIBOR) interest rate for one, two, three or six months plus a fixed margin of 3.25%.
|
|
|
|
|
| Debt Instrument, Interest Rate, Effective Percentage |
|
|
|
8.34%
|
|
|
8.34%
|
|
8.46%
|
|
|
| Proceeds from debt borrowings |
|
|
|
|
|
|
$ 925,000
|
$ 0
|
|
|
|
| Maturity date |
|
|
|
|
Mar. 31, 2031
|
|
|
|
|
|
|
| Line of Credit Facility, Expiration Date |
|
|
|
|
|
|
|
|
|
May 14, 2026
|
|
| Amount Outstanding |
|
|
|
$ 933,000
|
|
|
$ 933,000
|
|
|
|
|
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
|
|
|
|
|
|
0.25%
|
|
0.25%
|
|
|
| 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Loss on extinguishment of debt |
|
|
|
|
$ (1,882)
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
$ 925,000
|
|
|
|
|
|
|
| Debt Instrument, Frequency of Periodic Payment |
|
|
|
|
|
|
The SOFR rate has a floor of 0.00%. Starting September 30, 2024, the loans will be amortized in equal quarterly installments at an annual rate of 1.00% of the original principal amount.
|
|
|
|
|
| Standby Letters of Credit |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Letters of Credit Outstanding, Amount |
|
|
|
284
|
|
|
$ 284
|
|
$ 807
|
|
|
| Available Standby Letters of Credit |
|
|
|
90,000
|
|
|
$ 90,000
|
|
|
|
|
| Letter of Credit, Expiration |
|
|
|
|
|
|
Any letter of credit issued under the Amended and Restated Credit Agreement has an expiration date which is the earlier of (i) no later than 12 months from the date of issuance or (ii) five business days prior to the maturity date of the Revolving Commitments, as amended under Amendment No. 2 to the Amended and Restated First Lien Credit Agreement
|
|
|
|
|
| Minimum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
2.50%
|
2.00%
|
|
|
|
|
|
|
|
|
| Maximum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
3.00%
|
2.50%
|
|
|
|
|
|
|
|
|
| First Lien Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Long-term Debt, Description |
In February 2020, we entered into Amendment No. 1 to Amended and Restated First Lien Credit Agreement, which changed the interest rate spreads associated with the credit agreement where (i) the variable margin associated with the Base Rate interest rate plus a variable margin based on our First Lien Net Leverage Ratio changed from 2.25% to 2.50% to 2.00% to 2.25% and (ii) the variable margin associated with the Eurodollar Rate interest rate for one, two, three or six months plus a variable margin based on our First Lien Net Leverage Ratio changed from 3.25% to 3.50% to 3.00% to 3.25%.
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from debt borrowings |
|
|
|
|
|
|
|
|
|
$ 285,962
|
|
| Amount Outstanding |
|
|
|
925,000
|
|
|
$ 925,000
|
|
901,201
|
|
|
| First Lien Term Loan | Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Revolving Commitment |
|
|
|
300,000
|
|
|
$ 300,000
|
|
|
|
|
| First Lien Term Loan | Minimum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
|
|
|
|
|
290,000
|
|
| First Lien Term Loan | Maximum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
|
|
|
|
|
$ 903,301
|
|
| Amended and Restated First Lien Credit Agreement |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Long-term Debt, Description |
|
|
|
|
|
|
The Credit Agreement requires the Borrower to maintain a Rent Adjusted Total Net Leverage Ratio no greater than 6.50 to 1.00, tested quarterly beginning with the quarter ending September 30, 2024, for the benefit of lenders holding the Revolving Commitments.
|
|
|
|
|
| Rent adjusted total net leverage ratio |
|
|
|
|
6.50 to 1.00
|
|
|
|
|
|
|
| Amended and Restated First Lien Credit Agreement | Minimum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
| Amended and Restated First Lien Credit Agreement | Maximum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
300,000
|
|
|
|
|
|
|
| Outstanding Term Loans | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
901,201
|
|
|
|
|
|
|
| Incremental Term Commitments | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
|
$ 23,799
|
|
|
|
|
|
|
| Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Long-term Debt, Description |
|
|
|
|
|
|
Under the Revolving Commitment under the Credit Agreement, we had the option of selecting either (i) a Base Rate interest rate plus a variable margin of 2.50% to 3.00%, based on our First Lien Net Debt Leverage Ratio, or (ii) a Eurodollar (LIBOR) interest rate for one, two, three or six months plus a variable margin of 3.50% to 4.00%, based on our First Lien Net Leverage Ratio.
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
|
291,716
|
|
|
$ 291,716
|
|
149,193
|
|
|
| Amount Outstanding |
|
|
|
$ 8,000
|
|
|
$ 8,000
|
|
$ 0
|
|
|
| Revolving Credit Facility | Minimum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
$ 50,000
|
|
|
|
|
|
|
|
$ 75,000
|
| Revolving Credit Facility | Maximum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Maximum Available Borrowing Capacity |
|
|
$ 75,000
|
|
|
|
|
|
|
|
$ 150,000
|
| LIBOR |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
2.25%
|
|
|
|
|
|
|
|
|
|
| LIBOR Margin |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
3.25%
|
|
|
|
|
|
|
|
|
|
| Eurodollar | Minimum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
3.50%
|
3.00%
|
|
|
|
|
|
|
|
|
| Eurodollar | Maximum |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
4.00%
|
3.50%
|
|
|
|
|
|
|
|
|
| SOFR |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Floor Interest Rate |
|
|
|
|
0.00%
|
|
|
|
|
|
|
| SOFR | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
|
|
|
3.00%
|
|
|
|
|
|
|
| SOFR | Minimum | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Interest rate |
|
|
|
|
2.50%
|
|
|
|
|
|
|
| SOFR | Maximum | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Interest rate |
|
|
|
|
2.75%
|
|
|
|
|
|
|
| SOFR | Amended and Restated First Lien Credit Agreement |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
|
|
|
2.50%
|
|
|
|
|
|
|
| Base Rate | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
|
|
|
2.00%
|
|
|
|
|
|
|
| Base Rate | Minimum | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Interest rate |
|
|
|
|
1.50%
|
|
|
|
|
|
|
| Base Rate | Maximum | 2024 Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Interest rate |
|
|
|
|
1.75%
|
|
|
|
|
|
|
| Base Rate | Amended and Restated First Lien Credit Agreement |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
|
|
|
1.50%
|
|
|
|
|
|
|