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Debt | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt In connection with, and to partially fund the TASK Group Acquisition, on July 5, 2024, the Company entered into a credit agreement (the "Credit Agreement"), as the borrower, with certain of its U.S. subsidiaries, as guarantors, the lenders party thereto, Blue Owl Capital Corporation, as administrative agent and collateral agent, and Blue Owl Credit Advisors, LLC, as lead arranger and bookrunner, that provides for a term loan in an initial aggregate principal amount of $90.0 million (the "Credit Facility" and, the loans thereunder, the “Term Loans”). The Credit Facility matures on the earlier of (i) July 5, 2029 and (ii) the date on which the Company's 1.50% Convertible Senior Notes due 2027 (the "2027 Notes") become due and payable in accordance with their terms. The Term Loans bear interest at a rate equal to either of the following, as selected by the Company: (i) an alternate base rate plus an applicable margin of 4.50%, 4.00% or 3.50% based on a total net recurring revenue leverage ratio, or (ii) a secured overnight financing rate plus an applicable margin of 5.50%, 5.00% or 4.50% based on a total net recurring revenue leverage ratio. Voluntary prepayments of the Term Loans, as well as certain mandatory prepayments of the Term Loans, require payment of a prepayment premium of 4.0% during the first year of the Credit Facility, 3.0% during the second year of the Credit Facility, and 1.0% during the third year of the Credit Facility. Under the Credit Agreement, on a quarterly basis commencing with the fiscal quarter ended December 31, 2024, the Company is required to maintain liquidity of at least $20.0 million and a total net annual recurring revenue leverage ratio of no greater than 1.25 to 1.00. The following table summarizes information about the net carrying amounts of long-term debt as of September 30, 2024:
(in thousands) | 2026 Notes |  | 2027 Notes |  | Credit Facility |  | Total
Principal amount of notes outstanding | $ | 120,000 |  |  | $ | 265,000 |  |  | $ | 90,000 |  |  | $ | 475,000 |
Unamortized debt issuance cost | (1,251) |  |  | (4,551) |  |  | (1,164) |  |  | (6,966) |
Unamortized discount | — |  |  | — |  |  | (1,299) |  |  | (1,299) |
Total notes payable | $ | 118,749 |  |  | $ | 260,449 |  |  | $ | 87,537 |  |  | $ | 466,735 |
The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2023:
(in thousands) | 2026 Notes |  | 2027 Notes |  | Total
Principal amount of notes outstanding | $ | 120,000 |  |  | $ | 265,000 |  |  | $ | 385,000 |
Unamortized debt issuance cost | (1,811) |  |  | (5,542) |  |  | (7,353) |
Total notes payable | $ | 118,189 |  |  | $ | 259,458 |  |  | $ | 377,647 |
The following table summarizes interest expense recognized on the long-term debt:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense | $ | 3,963 |  |  | $ | 2,554 |  |  | $ | 7,676 |  |  | $ | 6,016 |
Amortization of debt issuance costs | 623 |  |  | 541 |  |  | 1,647 |  |  | 1,594 |
Amortization of discount | 108 |  |  | — |  |  | 108 |  |  | — |
Total interest expense | $ | 4,694 |  |  | $ | 3,095 |  |  | $ | 9,431 |  |  | $ | 7,610 |
The following table summarizes the future principal payments as of September 30, 2024:
(in thousands) |
2024, remaining | $ | — |
2025 | — |
2026 | 120,000 |
2027 | 355,000 |
2028 | — |
Thereafter | — |
Total | $ | 475,000 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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