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Credit Facility
12 Months Ended
Dec. 31, 2020
Line of Credit Facility [Abstract]  
Credit Facility Credit Facility
In November 2016, the Company entered into a loan and security agreement (the “2016 Credit Facility”) with Silicon Valley Bank (“SVB”) as the lender. The 2016 Credit Facility provided a three-year, $25.0 million revolving credit facility, which included a maximum of $25.0 million letter of credit sub-facility. Loan advances under the revolving facility were available up to the full $25.0 million when the balance of the Company’s cash, cash equivalents and marketable securities minus outstanding revolving loans and letters of credit equaled or exceeded $50.0 million. If this “net cash” fell below $50.0 million, loan advances were determined based on a borrowing base equal to a specified percentage of the value of the Company’s eligible accounts receivable. Loans bore interest, at the Company’s option, at (i) the prime rate reported in The Wall Street Journal, minus 0.50% or (ii) a LIBOR rate determined in accordance with the 2016 Credit Facility, plus 2.50%. Over the term of the 2016 Credit Facility, the Company paid customary closing fees, commitment fees and letter of credit fees related to the facility.

In September 2018, the Company entered into an amendment with SVB to reduce the unused revolving credit facility fee on the 2016 Credit Facility from 0.4% to 0.3%.

The Company’s obligations under the 2016 Credit Facility were secured by substantially all of the Company’s assets, excluding intellectual property. The 2016 Credit Facility required the Company to maintain compliance with customary affirmative and negative covenants, including compliance with an adjusted quick ratio of not less than 1.50:1.00, and restricted the Company’s ability to pay cash dividends or make other distributions on our common stock.
The Company elected to allow the 2016 Credit Facility to expire without renewal on the maturity date of November 1, 2019. There were no outstanding loans or advances as of the maturity date. The Company currently has no plans to enter into any new borrowing facilities.