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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-term Debt | As of September 30, 2021, the amount payable in each year is set forth in the table below (in thousands):
2021 (remainder) |  | 3,125 |
2022 |  | 12,500 |
2023 |  | 15,625 |
2024 |  | 68,750 |
Total remaining principal payments | $ | 100,000 |
Summary of Company's Total Outstanding Borrowings | The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):
Description: |  | September 30, 2021 |  |  | December 31, 2020 |
Principal amount outstanding (1) (2) |  | $ | 100,000 |  |  | $ | 109,375 |
Less: Deferred financing fees |  |  | (1,136 | ) |  |  | (1,576 | )
Net carrying amount |  | $ | 98,864 |  |  | $ | 107,799 |
(1) This amount consists entirely of the outstanding Term Loan balance. (2) The contractual annualized interest rate as of September 30, 2021 on the Term loan facility was 2.125%, which consisted of LIBOR of 0.125% plus a margin of 2.000%. However, the Company has an interest rate swap that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 7 – Derivatives and Hedging for further information on the swap. The weighted average annual effective rate on the Company's total debt outstanding for the three and nine months ended September 30, 2021, was 2.125% and 2.132%, respectively.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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