Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

6. Debt

In March 2023, the 2019 Credit Facility, consisting of the Company’s Term Loan and Line of Credit, was paid in full, and there was no outstanding balance as of December 31, 2023. The Company paid an early termination and prepayment fee of $170,000, which was recorded within other income (expense) within the statements of income and comprehensive income for the year ended December 31, 2023. The Company was in compliance with all covenants throughout the 2019 Credit Facility payoff date in March 2023.

The amortization of the debt issuance costs and accretion of the debt discount is included in interest expense within the statements of income and comprehensive income and included in non-cash interest expense within the statement of cash flows.

The carrying value of the Company’s 2019 Credit Facility at December 31, 2022, was as follows (in thousands):

	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	2,620	$	—	$	2,620
Unamortized debt discounts		(26)		—		(26)
Net carrying value	$	2,594	$	—	$	2,594