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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
https://cdn.kscope.io/9ba059ec030f8f844a08f86656f42e1e-rock-20220930_g1.jpg
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-22462
 
GIBRALTAR INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter) 
Delaware 16-1445150
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
3556 Lake Shore RoadP.O. Box 2028BuffaloNew York 14219-0228
(Address of principal executive offices) (Zip Code)
(716826-6500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareROCKNASDAQ Stock Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  

As of November 2, 2022, the number of common shares outstanding was: 30,970,972.



Table of Contents
GIBRALTAR INDUSTRIES, INC.
INDEX
 
 PAGE 
NUMBER
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net sales$391,291 $369,353 $1,076,105 $1,005,334 
Cost of sales296,735 286,101 826,434 781,133 
Gross profit94,556 83,252 249,671 224,201 
Selling, general, and administrative expense47,160 45,274 140,941 141,999 
Income from operations47,396 37,978 108,730 82,202 
Interest expense1,048 491 2,189 1,180 
Other expense (income)363 72 797 (4,279)
Income before taxes45,985 37,415 105,744 85,301 
Provision for income taxes11,690 9,561 26,686 20,578 
Income from continuing operations34,295 27,854 79,058 64,723 
Discontinued operations:
(Loss) income before taxes (201) 1,867 
Provision for income taxes 97  323 
(Loss) income from discontinued operations (298) 1,544 
Net income$34,295 $27,556 $79,058 $66,267 
Net earnings per share – Basic:
Income from continuing operations$1.08 $0.85 $2.44 $1.97 
(Loss) income from discontinued operations (0.01) 0.05 
Net income$1.08 $0.84 $2.44 $2.02 
Weighted average shares outstanding – Basic31,707 32,802 32,396 32,791 
Net earnings per share – Diluted:
Income from continuing operations$1.08 $0.84 $2.43 $1.96 
(Loss) income from discontinued operations (0.01) 0.05 
Net income$1.08 $0.83 $2.43 $2.01 
Weighted average shares outstanding – Diluted31,812 33,050 32,503 33,055 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income $34,295 $27,556 $79,058 $66,267 
Other comprehensive (loss) income:
Foreign currency translation adjustment(3,568)(1,057)(6,993)2,902 
Minimum post retirement benefit plan adjustments, net of tax12 27 37 81 
Other comprehensive (loss) income(3,556)(1,030)(6,956)2,983 
Total comprehensive income $30,739 $26,526 $72,102 $69,250 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30,
2022
December 31,
2021
(unaudited)
Assets
Current assets:
Cash and cash equivalents$21,919 $12,849 
Accounts receivable, net of allowance of $3,847 and $3,738, respectively
275,704 236,444 
Inventories, net204,000 176,207 
Prepaid expenses and other current assets37,578 21,467 
Total current assets539,201 446,967 
Property, plant, and equipment, net105,097 96,885 
Operating lease assets24,850 18,120 
Goodwill510,866 510,942 
Acquired intangibles145,374 141,504 
Other assets875 483 
$1,326,263 $1,214,901 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$157,167 $172,286 
Accrued expenses and other current liabilities82,789 67,993 
Billings in excess of cost42,412 46,711 
Total current liabilities282,368 286,990 
Long-term debt121,840 23,781 
Deferred income taxes40,257 40,278 
Non-current operating lease liabilities17,956 11,390 
Other non-current liabilities20,351 27,204 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
  
Common stock, $0.01 par value; authorized 100,000 shares in 2022 and 2021; 34,034 shares and 33,799 shares issued and outstanding in 2022 and 2021
340 338 
Additional paid-in capital320,428 314,541 
Retained earnings624,630 545,572 
Accumulated other comprehensive (loss) income(6,769)187 
Treasury stock, at cost, 2,530 and 1,107 shares in 2022 and 2021
(95,138)(35,380)
Total stockholders’ equity843,491 825,258 
$1,326,263 $1,214,901 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited) 
Nine Months Ended
September 30,
 20222021
Cash Flows from Operating Activities
Net income$79,058 $66,267 
Income from discontinued operations 1,544 
Income from continuing operations79,058 64,723 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization19,192 23,958 
Stock compensation expense5,889 6,769 
Exit activity costs, non-cash1,427 1,193 
Provision for (benefit of) deferred income taxes181 (689)
Other, net3,620 1,274 
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable(25,538)(65,297)
Inventories(19,840)(65,906)
Other current assets and other assets393 (316)
Accounts payable(24,756)32,029 
Accrued expenses and other non-current liabilities(1,065)(12,261)
Net cash provided by (used in) operating activities of continuing operations38,561 (14,523)
Net cash used in operating activities of discontinued operations (2,002)
Net cash provided by (used in) operating activities 38,561 (16,525)
Cash Flows from Investing Activities
Acquisitions, net of cash acquired(51,621)4,143 
Purchases of property, plant, and equipment(15,704)(13,251)
Net proceeds from sale of business 38,062 
Net cash (used in) provided by investing activities of continuing operations(67,325)28,954 
Net cash used in investing activities of discontinued operations (176)
Net cash (used in) provided by investing activities(67,325)28,778 
Cash Flows from Financing Activities
Proceeds from long-term debt197,800 58,500 
Long-term debt payments(100,000)(83,636)
Purchase of common stock at market prices(58,125)(6,161)
Net proceeds from issuance of common stock 1,021 
Net cash provided by (used in) financing activities39,675 (30,276)
Effect of exchange rate changes on cash(1,841)(97)
Net increase (decrease) in cash and cash equivalents9,070 (18,120)
Cash and cash equivalents at beginning of year12,849 32,054 
Cash and cash equivalents at end of period$21,919 $13,934 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited) 
 Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Income (Loss)
Treasury StockTotal
Stockholders’ Equity
 SharesAmountSharesAmount
Balance at December 31, 202133,799 $338 $314,541 $545,572 $187 1,107 $(35,380)$825,258 
Net income— — — 15,456 — — — 15,456 
Foreign currency translation adjustment— — — — (227)— — (227)
Minimum post retirement benefit plan adjustments, net of taxes of $10
— — — — 24 — — 24 
Stock compensation expense— — 1,352 — — — — 1,352 
Net settlement of restricted stock units173 2 (2)— — 72 (3,461)(3,461)
Balance at March 31, 202233,972 $340 $315,891 $561,028 $(16)1,179 $(38,841)$838,402 
Net income— — — 29,307 — — — 29,307 
Foreign currency translation adjustment— — — — (3,198)— — (3,198)
Minimum post retirement benefit plan adjustments, net of taxes of $0
— — — — 1 — — 1 
Stock compensation expense— — 2,773 — — — — 2,773 
Awards of common stock16 — — — — — — — 
Net settlement of restricted stock units1   — —  (7)(7)
Common stock repurchased under stock repurchase program— — — — — 1,195 (50,000)(50,000)
Balance at June 30, 202233,989 $340 $318,664 $590,335 $(3,213)2,374 $(88,848)$817,278 
Net income— — — 34,295 — — — 34,295 
Foreign currency translation adjustment— — — — (3,568)— — (3,568)
Minimum post retirement benefit plan adjustments, net of taxes of $5
— — — — 12 — — 12 
Stock compensation expense— — 1,764 — — — — 1,764 
Awards of common shares
— — — — — — — — 
Net settlement of restricted stock units
45   — — 18 (749)(749)
Common stock repurchased under stock repurchase program— — — — — 138 (5,541)(5,541)
Balance at September 30, 202234,034 $340 $320,428 $624,630 $(6,769)2,530 $(95,138)$843,491 

See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited) 
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive (Loss) Income
Treasury StockTotal
Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 202033,568 $336 $304,870 $469,943 $(2,461)1,028 $(28,883)$743,805 
Net income— — — 12,762 — — — 12,762 
Foreign currency translation adjustment— — — — 3,198 — — 3,198 
Minimum post retirement benefit plan adjustments, net of taxes of $10
— — — — 27 — — 27 
Stock compensation expense— — 2,368 — — — — 2,368 
Stock options exercised25 — 910 — — — — 910 
Net settlement of restricted stock units118 1 (1)— — 54 (4,662)(4,662)
Balance at March 31, 202133,711 $337 $308,147 $482,705 $764 1,082 $(33,545)$758,408 
Net income— — — 25,949 — — — 25,949 
Foreign currency translation adjustment— — — — 761 — — 761 
Minimum post retirement benefit plan adjustments, net of taxes of $10
— — — — 27 — — 27 
Stock compensation expense— — 2,567 — — — — 2,567 
Stock options exercised1 — 14 — — — — 14 
Awards of common shares
3 — — — — — — — 
Net settlement of restricted stock units
3   — — 1 (118)(118)
Balance at June 30, 202133,718 $337 $310,728 $508,654 $1,552 1,083 $(33,663)$787,608 
Net income— — — 27,556 — — — 27,556 
Foreign currency translation adjustment— — — — (1,057)— — (1,057)
Minimum post retirement benefit plan adjustments, net of taxes of $9
— — — — 27 — — 27 
Stock compensation expense— — 1,834 — — — — 1,834 
Stock options exercised10 — 97 — — — — 97 
Net settlement of restricted stock units
54 1 (1)— — 19 (1,381)(1,381)
Total other comprehensive loss
— — — — — — — — 
Balance at September 30, 202133,782 $338 $312,658 $536,210 $522 1,102 $(35,044)$814,684 

See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(1)    CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited consolidated financial statements of Gibraltar Industries, Inc. (the "Company") have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation of results for the interim period have been included. The Company's operations are seasonal; for this and other reasons financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2021.

The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.


(2)    RECENT ACCOUNTING PRONOUNCEMENTS

Recent Accounting Pronouncements Not Yet Adopted
StandardDescriptionFinancial Statement Effect or Other Significant Matters
ASU No. 2020-04
Reference Rate Reform (Topic 848), Facilitation of Effects of Reference Rate Reform on Financial Reporting, and
ASU No. 2021-01 Reference Rate Reform (Topic 848), Scope
The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued as a result of reference rate reform. The expedients and exceptions provided by the amendments in ASU 2020-04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition.The amendments in these updates are effective as of March 12, 2020 through December 31, 2022, and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date the financial statements are available to be issued. The adoption of the amendments in these updates is not expected to have a material impact on the Company's financial statements.

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(3)    ACCOUNTS RECEIVABLE, NET

Accounts receivable consists of the following (in thousands):
September 30, 2022December 31, 2021
Trade accounts receivable$222,368 $185,745 
Costs in excess of billings57,183 54,437 
Total accounts receivables279,551 240,182 
Less allowance for doubtful accounts and contract assets(3,847)(3,738)
Accounts receivable, net$275,704 $236,444 

Refer to Note 4 "Revenue" concerning the Company's costs in excess of billings.

The following table provides a roll-forward of the allowance for credit losses, for the nine month period ended September 30, 2022, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.
Beginning balance as of January 1, 2022$3,738 
Bad debt expense, net of recoveries960 
Accounts written off against allowance and other adjustments(851)
Ending balance as of September 30, 2022$3,847 


(4)    REVENUE

Sales includes revenue from contracts with customers for designing, engineering, manufacturing and installation of solar racking systems; electrical balance of systems; roof and foundation ventilation products; centralized mail systems and electronic package solutions; retractable awnings; gutter guards; rain dispersion products; trims and flashings and other accessories; designing, engineering, manufacturing and installation of greenhouses; structural bearings; expansion joints; pavement sealant; elastomeric concrete; and bridge cable protection systems.

Refer to Note 15 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment.

As of September 30, 2022, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less.

Contract assets consist of costs in excess of billings presented within accounts receivable in the Company's consolidated balance sheets. Contract liabilities consist of billings in excess of cost, classified as current liabilities, and unearned revenue, presented within accrued expenses, in the Company's consolidated balance sheets. Unearned revenue as of September 30, 2022 and December 31, 2021 was $3.4 million and $3.7 million, respectively. Revenue recognized during the nine months ended September 30, 2022 and 2021 that was in contract liabilities at the beginning of the respective periods was $41.2 million and $52.6 million, respectively.

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(5)    INVENTORIES

Inventories consist of the following (in thousands):
September 30, 2022December 31, 2021
Raw material$132,084 $135,558 
Work-in-process21,642 5,858 
Finished goods56,955 39,256 
Gross inventory210,681 180,672 
Less reserves(6,681)(4,465)
Total inventories, net$204,000 $176,207 


(6)    ACQUISITION

On August 22, 2022, the Company purchased all the issued and outstanding membership interests of Quality Aluminum Products ("QAP"), a manufacturer of aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding. The results of QAP have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential segment. The preliminary purchase consideration for the acquisition of QAP was $52.6 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the membership interest purchase agreement.

The purchase price for the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition. The Company has commenced the process to confirm the existence, condition, and completeness of the assets acquired and liabilities assumed to establish fair value of such assets and liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition. Due to the timing of the acquisition, we continue to gather information supporting the acquired assets and assumed liabilities. Accordingly, all amounts recorded are provisional. These provisional amounts are subject to change if new information is obtained concerning facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The final determination of the fair value of certain assets and liabilities will be completed within a measurement period of up to one year from the date of acquisition. The final values may also result in changes to depreciation and amortization expense related to certain assets such as property, plant and equipment and acquired intangible assets. The preliminary excess consideration was recorded as goodwill and approximated $3.5 million, all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the domestic building products markets. The final purchase price allocation will be completed no later than the third quarter of fiscal year 2023.

The preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands):

Cash$1,018 
Working capital24,279 
Property, plant and equipment3,462 
Acquired intangible assets20,000 
Other assets404 
Goodwill3,476 
Fair value of purchase consideration$52,639 

The intangible assets acquired in this acquisition consisted of the following (in thousands):

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Fair ValueWeighted-Average Amortization Period
Trademarks$5,000 Indefinite
Customer relationships15,000 15 years
Total$20,000 

In determining the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, the Company uses all available information to make fair value determinations using Level 3 unobservable inputs in which little or no market data exists, and therefore, engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets.

The acquisition of QAP was financed primarily through borrowings under the Company's revolving credit facility.

The Company incurred costs related to the acquisition of QAP that have been recognized in the consolidated statements of income. Within cost of sales, the Company recognizes the amortization of the purchase price allocated to the step up of inventory to fair value. Legal and consulting fees incurred as a result of the acquisition were recognized as a component of selling, general, and administrative expenses.

The acquisition-related costs consisted of the following for the three and nine months ended September 30 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Cost of sales$476 $ $476 $ 
Selling, general and administrative costs522 53 529 946 
Total acquisition related costs$998 $53 $1,005 $946 


(7)    GOODWILL AND RELATED INTANGIBLE ASSETS

Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 2022 are as follows (in thousands):
RenewablesResidentialAgtechInfrastructureTotal
Balance at December 31, 2021$188,680 $205,452 $85,132 $31,678 $510,942 
Acquired goodwill  3,476   3,476 
Adjustments to prior year acquisitions904    904 
Foreign currency translation(2,545) (1,911) (4,456)
Balance at September 30, 2022$187,039 $208,928 $83,221 $31,678 $510,866 

The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that no triggering event had occurred as of September 30, 2022 which would require an interim impairment test to be performed.
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Acquired Intangible Assets
Acquired intangible assets consist of the following (in thousands):
 September 30, 2022December 31, 2021
 Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Indefinite-lived intangible assets:
Trademarks$57,700 $ $52,700 $ 
Finite-lived intangible assets:
Trademarks5,432 4,337 5,521 4,011 
Unpatented technology34,117 21,456 38,474 20,656 
Customer relationships117,429 43,914 108,591 39,832 
Non-compete agreements2,368 1,965 2,686 1,969 
Backlog6,852 6,852 7,200 7,200 
166,198 78,524 162,472 73,668 
Total acquired intangible assets$223,898 $78,524 $215,172 $73,668 

The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Amortization expense$2,801 $4,646 $8,718 $14,125 

Amortization expense related to acquired intangible assets for the remainder of fiscal 2022 and the next five years thereafter is estimated as follows (in thousands):
202220232024202520262027
Amortization expense$2,905 $11,140 $10,960 $10,820 $9,397 $7,747 


(8)    LONG-TERM DEBT

Long-term debt consists of the following (in thousands):
September 30, 2022December 31, 2021
Revolving credit facility$122,300 $24,500 
Less unamortized debt issuance costs(460)(719)