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DEBT | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT Our debt consists of the following (in thousands):
| December 31, 2018 |  | September 30, 2019
Lines of credit | $ | 26,677 |  |  | $ | — |
Term loans(1) | 19,980 |  |  | — |
Capital leases | 57 |  |  | 42 |
Total debt | 46,714 |  |  | 42 |
Less current portion of long-term debt | (21 | ) |  | (23 | )
Long-term debt, net of current portion | $ | 46,693 |  |  | $ | 19 |
(1) | Net of unamortized debt issuance costs of $20 and $0 as of December 31, 2018 and September 30, 2019, respectively.
2018 Loan Facility On May 14, 2019, we amended our loan facility with Pacific Western Bank ("2018 Loan Facility") to increase the capacity of our asset-based revolving line of credit (“2018 Line of Credit”), from $30.0 million to $40.0 million, and decrease the capacity of our term loan (“2018 Term Loan”) from $20.0 million to $10.0 million. This amendment also extended the maturity date of the 2018 Loan Facility from May 21, 2020 to May 14, 2021. We repaid $10.0 million of the principal balance of the 2018 Term Loan upon the execution of the amendment in May 2019 and repaid the remaining $10.0 million principal balance in September 2019. In September 2019, we reduced our outstanding borrowings under our 2018 Line of Credit by $26.7 million. The 2018 Loan Facility does not include any prepayment penalties. On March 27, 2019, we amended the 2018 Loan Facility to replace moving trailing 12-month revenue covenants with moving trailing 12-month billing covenants, which range from $210.0 million to $255.0 million, during the term of the facility. The moving 12-month billings covenant was $225.0 million for September 2019. The 2018 Loan Facility also requires us to maintain a total cash balance plus liquidity under the 2018 Line of Credit of not less than $5.0 million. Under the amended terms of the 2018 Loan Facility relating to the 2018 Line of Credit, we are able to borrow up to the lesser of $40.0 million or 85% of the amount of our eligible accounts receivable. Interest on advances under the 2018 Line of Credit bears an interest rate equal to the prime rate minus 0.50%, or 4.50% as of September 30, 2019. In addition, we are required to pay an unused line fee of 0.15% per annum on the average daily unused amount of the $40.0 million revolving commitment. Interest accrued on the 2018 Term Loan at an annual rate of interest equal to the prime rate minus 2.75%, or 2.50% at the date of repayment in September 2019. The 2018 Loan Facility includes customary representations, warranties and covenants (affirmative and negative), including restrictive covenants that prohibits mergers, acquisitions and dispositions of assets, incurrence of indebtedness and encumbrances on our assets and the payment or declaration of dividends; in each case subject to specified exceptions. The 2018 Loan Facility also includes standard events of default, including in the event of a material adverse change. Upon the occurrence of an event of default, the lender may declare all outstanding obligations immediately due and payable and take such other actions as are set forth in the 2018 Loan Facility and increase the interest rate otherwise applicable to advances under the 2018 Line of Credit by an additional 3.00%. All of our obligations under the 2018 Loan Facility are secured by a first priority lien on substantially all of our assets. As of September 30, 2019, we had $40.0 million of unused available borrowings under our 2018 Line of Credit. We were in compliance with all financial covenants as of September 30, 2019. Future Payments Aggregate future payments of principal and interest due upon maturity are as follows (in thousands):
Years Ending December 31, | Debt |  | Capital leases |  | Total debt
2019 (remainder of year) | $ | — |  |  | $ | 5 |  |  | $ | 5 |
2020 | — |  |  | 24 |  |  | 24 |
2021 | — |  |  | 13 |  |  | 13 |
Total debt | $ | — |  |  | $ | 42 |  |  | $ | 42 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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