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Debt | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt There were no amounts outstanding under our $25.0 million revolving credit facility (“2017 Credit Facility”) with Silicon Valley Bank ("SVB") in the six months ended June 30, 2020 and 2019. In July 2020, the maturity date of the 2017 Credit Facility was extended to August 3, 2020. In April 2020, the 2017 Credit Facility was amended to increase the maximum amount of letters of credit that may be issued from $5.0 million to $6.5 million. At June 30, 2020, our borrowing capacity was reduced by $5.5 million related to standby letters of credit. In July 2020, we entered into a new $45.0 million senior secured credit facility (“2020 Credit Facility”) with SVB in connection with the expiration of the 2017 Credit Facility. The 2020 Credit Facility bears interest at either LIBOR plus 2%, with a 1% LIBOR floor, or the ABR plus 1%, and terminates on July 24, 2022. A commitment fee of 0.35% per annum is payable quarterly in arrears based on the unused portion. The 2020 Credit Facility includes a $45.0 million uncommitted expansion and has a financial covenant requiring a minimum consolidated quick ratio of at least 1.5:1.0 on the last day of any quarter.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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