Debt (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Maturities of Long-term Debt

As of June 30, 2021, the amount payable in each year is set forth in the table below (in thousands):


2021 (remainder)		6,250
2022		12,500
2023		15,625
2024		68,750
Total remaining principal payments	$	103,125

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:	June 30, 2021			December 31, 2020
Principal amount outstanding (1) (2)	$	103,125		$	109,375
Less: Deferred financing fees		(1,283	)		(1,576	)
Net carrying amount	$	101,842		$	107,799

(1)

This amount consists entirely of the outstanding Term Loan balance.

(2)

The contractual annualized interest rate as of June 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 6 – 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 six months ended June 30, 2021, was 2.125% and 2.136%, respectively.