Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

As of June 30, 2020, the amount payable in each year a is set forth in the table below (in thousands):

2020 (remainder)	$	4,688
2021		12,500
2022		12,500
2023		15,625
2024		68,750
Total remaining principal payments	$	114,063

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, 2020			December 31, 2019
Term loan facility (1)	$	114,063		$	118,750
Revolving credit facility (2)		—			14,000
Principal amount outstanding (3)		114,063			132,750
Less: Deferred financing fees		(1,890	)		(2,205	)
Net carrying amount	$	112,173		$	130,545

(1) The contractual annualized interest rate as of June 30, 2020 on the Term loan facility was 2.1875%, which consisted of LIBOR of 0.1875% plus a margin of 2.00%. 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.

(2) The Company had $75.0 million of available borrowing capacity on the revolver (not including the expansion feature) as of June 30, 2020.

(3) The weighted average annual effective rate on the Company's total debt outstanding for the three and six months ended June 30, 2020, was 2.54% and 3.24%, respectively.