Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

The amount payable in each year as of December 31, 2019 is set forth in the table below (in thousands):

2020	$	9,375
2021		12,500
2022		12,500
2023		15,625
2024		68,750
Total remaining principal payments	$	118,750

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:	December 31, 2019			December 31, 2018
Term loan facility (1)	$	118,750		$	—
Revolving credit facility (1) (2)		14,000			—
Principal amount outstanding (3)		132,750			—
Less: Deferred financing fees		(2,205	)		—
Net carrying amount	$	130,545		$	—

(1) The contractual annualized interest rate as of December 31, 2019 on the Term loan facility was 4.0625%, which consisted of LIBOR of 1.8125% plus a margin of 2.25%, and the annualized interest rate on the Revolving Credit Facility was 4.0%, which consisted of LIBOR of 1.75% plus a margin of 2.25%. However, the Company has an interest rate swap contract that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 11 – Derivatives and Hedging for further information on the swap.

(2) The Company had $61.0 million of available borrowing capacity on the Revolving Credit Facility (not including the expansion feature) as of December 31, 2019.

(3) The weighted average annual effective rate on the Company's total debt outstanding for the year ended December 31, 2019, was 4.71%.