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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following as of the periods presented (in thousands):
December 31, 2021December 31, 2020
Revolving line of credit$— $22,350 
Equipment loan agreements578 438 
Capital leases3,416 5,298 
Total debt3,994 28,086 
Less: Current portion(2,039)(2,359)
Debt, non-current$1,955 $25,727 
Revolving Line of Credit
In September 2021, the Company amended its revolving line of credit with a financing institution effective August 2021, which increased the Company's borrowing capacity to a maximum of $50.0 million with a letter of credit sublimit of $4.0 million and a credit card sublimit of $1.0 million. The amendment allows the Company to borrow up to $50.0 million if the Company maintains at least $100.0 million on deposit at the institution. If such deposit is less than $100.0 million, the Company may borrow up to the lesser of $50.0 million or an amount determined by the Company's trailing five months of recurring revenue, annualized renewal rate and annualized monthly churn rate, as defined by the agreement. As of December 31, 2021, the Company has borrowing capacity of $50.0 million. The terms of the agreement permit voluntary prepayment without premium or penalty. The revolving credit facility matures in August 2024 and is secured by substantially all of the Company’s assets. The outstanding principal balance on the revolving line of credit, if any, is due at maturity. The Company is required to pay quarterly in arrears a commitment fee of 0.15% per annum on the undrawn portion available under the revolving line of credit. As of December 31, 2021, the Company had an outstanding standby letter of credit of $1.2 million as a guarantee for a leased space.
Interest on the revolving credit facility is payable monthly in arrears at a rate equal to the lender’s prime referenced rate as defined in the agreement. Prior to this amendment, interest on the revolving line of credit was the prime rate, as published by the Wall Street Journal (Prime Rate), plus 0.75% effective July 31, 2020, and Prime Rate plus 0.50% prior to July 31, 2020. The referenced prime rate was 3.25% as of December 31, 2021 and the Prime Rate was 3.25% and 4.75% as of December 31, 2020 and 2019, respectively.
The revolving credit facility is subject to certain restrictions and financial covenants, including the requirement of maintaining a minimum debt to EBITDA ratio when the Company’s current portion of the total borrowing exceeds $5.0 million and the Company fails to maintain $100.0 million on deposits. In addition, the revolving line of credit agreement restricts the Company from paying dividends without prior approval from the financing institution. The Company was not subject to the financial covenants as of December 31, 2021.
In the first quarter of 2021, the Company repaid in full the then outstanding principal balance of its revolving line of credit of $22.4 million.
Equipment Loan Agreements
The Company entered into various equipment loan agreements that allow it to obtain financing to purchase equipment. Borrowings are secured by the equipment purchased. The equipment loan agreements are repaid over a period up to 36 months beginning from the date of the advance at an interest rate ranging from 5.8% to 10.1%. As of December 31, 2021 and 2020, the Company owed $0.6 million and $0.4 million, respectively, on the equipment loans.
Capital Leases
The Company entered into various non-cancelable capital lease agreements for its equipment with lease periods expiring between 2022 and 2024.
As of December 31, 2021, future payments under the equipment loan agreements and capital lease obligations, are as follows (in thousands):
 Equipment LoansCapital LeasesTotal
2022271 1,888 2,159 
2023236 1,607 1,843 
202471 80 151 
Total payments578 3,575 4,153 
Less: Amount representing interest— (159)(159)
Total payments, net of interest$578 $3,416 $3,994