v3.21.1

Credit Facility | 3 Months Ended
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Mar. 31, 2021
Credit Facility. |
Credit Facility | 9. Credit Facility In February 2019, we entered into a Credit Agreement (the “Credit Agreement”) and related agreements with Bank of America, N.A. acting as agent for lenders named therein, including Bank of America, N.A., Silicon Valley Bank, Bank of the West, Zions Bancorporation, N.A. dba California Bank & Trust, and Barclays Bank PLC (the “Lenders”), for a secured credit facility in the form of a revolving line of credit of up to $150,000 (the “Revolving Line of Credit”) and a term loan of $3,500 (the “Term Loan” and together with the Revolving Line of Credit, the “Credit Facility”). We may use borrowings under the Credit Facility for general working capital and corporate purposes. In general, amounts borrowed under the Credit Facility are secured by a lien against all assets, with certain exclusions. As of March 31, 2021 and December 31, 2020, we had no amounts outstanding under the Revolving Line of Credit. As of March 31, 2021 and December 31, 2020, we had $1,749 and $1,944, respectively, outstanding under the Term Loan. Amounts borrowed under the Revolving Line of Credit and Term Loan will bear variable interest at the greater of LIBOR plus 1.75% - 2.75% or Lender’s Prime Rate plus 0.75% - 1.75% per year and we will pay a fee of 0.25% - 0.5% per year on any unused portion of the Revolving Line of Credit. The Term Loan requires quarterly payments of interest and principal until it is repaid in full on the maturity date but may be prepaid in whole or part at any time. Our Credit Facility will mature on April 3, 2023. Repayment of amounts borrowed under the Credit Facility may be accelerated in the event that we are in violation of the representations, warranties and covenants made in the Credit Agreement, including certain financial covenants set forth therein, and under other specified default events including, but not limited to, non-payment or inability to pay debt, breach of cross default provisions, insolvency provisions, and change of control. The Company is subject to customary financial and non-financial covenants under the Credit Facility, including a minimum quarterly consolidated senior secured leverage ratio, a minimum quarterly consolidated total leverage ratio, a maximum quarterly consolidated fixed charge coverage ratio, and cash on hand minimums. We complied with all such financial covenants through March 31, 2021. Principal payments due under our Term Loan through 2023 are as follows: ​
​ | ​ | ​ | ​
​ |  | Principal Payments
April 1, 2021―December 31, 2021 | ​ | $ | 583
January 1, 2022―December 31, 2022 | ​ | ​ | 778
January 1, 2023―December 31, 2023 | ​ | ​ | 388
​ | ​ | $ | 1,749
​ Debt issuance costs are amortized on a straight-line basis over the term of the Credit Facility. Amortization expense related to debt issuance costs, net of amounts capitalized, are included in interest expense and amortization of debt discount in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2021. Amortization and interest expense capitalized during the three months ended March 31, 2021 and 2020 amounted to $0 and $131, respectively. Amortization and interest expense expensed during each of the three months ended March 31, 2021 and 2020 amounted to $114, respectively. The interest rate for the Credit Facility for the three months ended March 31, 2021 was 2.0%. Amortization expense for our debt issuance costs through 2023 are as follows: ​
​ | ​ | ​ | ​
​ |  | Amortization Expense
April 1, 2021―December 31, 2021 | ​ | $ | 343
January 1, 2022―December 31, 2022 | ​ | ​ | 457
January 1, 2023―December 31, 2023 | ​ | ​ | 120
​ | ​ | $ | 920
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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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