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Long-term Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-term Debt
Note 6. Long-term Debt
A reconciliation of the scheduled maturities to the condensed consolidated balance sheets is as follows (in thousands):
 
    
June 30,
2021
     
December 31,
2020
  
Current portion of 2018 Term Loan
    $ 5,350      $ 5,350  
Current portion of discount and unamortized debt issuance costs
      (2,309 )       (2,321 ) 
    
 
 
     
 
 
  
Total current portion of long-term debt
      3,041        3,029  
    
 
 
     
 
 
  
Noncurrent portion of 2018 Term Loan
      516,275        518,950  
Noncurrent portion of discount and unamortized debt issuance costs
      (5,445 )       (6,588 ) 
    
 
 
     
 
 
  
Total long-term debt, net of current portion
    $  510,830      $  512,362  
    
 
 
     
 
 
  
At June 30, 2021, aggregate future principal payments are as follows (in thousands):
 
2021 (remaining six months)
    $ 2,675  
2022
      5,350  
2023
      5,350  
2024
      508,250  
    
 
 
  
Total long-term debt, net of current portion
      521,625  
Less: current portion of 2018 Term Loan
      (5,350 ) 
    
 
 
  
Outstanding principal of 2018 Term Loan, net of current portion
    $  516,275  
    
 
 
  
In November 2018, we entered into an amended first lien credit and guaranty agreement, or the 2018 Credit Facility, which consists of a first lien term loan facility, or 2018 Term Loan, with a principal amount of $535.0 million and a 2018 Revolving Facility of $40.0 million, or the 2018 Revolving Facility. The 2018 Term Loan matures in November 2024 and the 2018 Revolving Facility matures in November 2023.
At June 30, 2021, total borrowings under our 2018 Term Loan was $521.6 million. We determined that the fair value of our long-term debt approximates its carrying value as of June 30, 2021 and December 31, 2020. We estimated the fair value of our long-term debt using Level 2 inputs based on recent observable trades of our 2018 Term Loan. The effective interest rate of the 2018 Term Loan is 5.0% and 5.1% for June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, we had no amounts outstanding under our 2018 Revolving Facility or any outstanding letters of credit. We were in compliance with all financial covenants as of June 30, 2021 and December 31, 2020.
In March 2020, in response to the World Health Organization’s declaration of
COVID-19,
we drew down the full $40.0 million available from our 2018 Revolving Facility. The 2018 Revolving Facility was paid in full in May 2020.
In July 2021 we repaid the outstanding principal of
 
$
521.6
 
million of our 2018 Term Loan in full from the proceeds from our IPO. We also amended and restated our 2018 Revolving Facility by increasing the availability to
$
150.0
 
million over a five-year period. See Note 15. Subsequent Events.