6. Debt

Capital Lease Arrangements

In February 2013, the Company entered into a capital lease arrangement with an equipment manufacturer to finance the acquisition of computer equipment. The lease had an effective annual interest rate of 6.0% and was repayable in 36 consecutive equal monthly installments of principal and interest. During the first quarter of 2016, the Company exercised its right to purchase the underlying equipment at its estimated fair market value of $206.

In August and December 2015, the Company entered into separate capital lease arrangements with the same equipment manufacturer to finance the acquisition of additional computer equipment. These leases have an effective annual interest rate of 5.8% and are repayable in 48 consecutive equal monthly installments of principal and interest. At the end of the lease periods of both leases, the Company has the option to purchase the underlying equipment at the estimated fair market value or for a nominal amount. As of March 31, 2016 and December 31, 2015, the net book value of the equipment under the capital leases was $2,061 and $2,446, respectively, and the remaining principal balance payable was $2,337 and $2,700, respectively.

Revolving Credit Facility

In July 2015, the Company entered into an amendment to its existing loan and security agreement pursuant to which Silicon Valley Bank agreed to increase the revolving credit facility of up to the lesser of $20,000 or 80% of the Company’s eligible accounts receivable. Also, the expiration date of the revolving credit facility was extended to July 31, 2017, and the annual interest rate was amended to (a) the prime rate or (b) the London interbank offered rate then in effect, plus a margin of 2.75%, payable on a monthly basis. The amendment contains affirmative and negative covenants, including covenants related to the delivery of financial and other information, the maintenance of certain financial covenants, as well as limitations on dispositions, changes in business or management, mergers or consolidations, dividends and other corporate actions. The revolving credit facility was amended further in February 2016 to update the terms of certain covenants. No amounts were outstanding pursuant to the revolving credit facility as of March 31, 2016 and December 31, 2015.

The maturities of all outstanding debt, including the capital lease arrangements, as of March 31, 2016, are as follows:

Year ending
2016	$	739
2017		582
2018		617
2019		399
		2,337
Less:
Current portion		(881	)
Discount on long-term debt		(35	)
Noncurrent portion of debt	$	1,421