Credit Facility

3 Months Ended

Mar. 31, 2022

Line Of Credit Facility [Abstract]

Credit Facility

7. CREDIT FACILITY

The Company had a credit agreement (the “Credit Facility”) provided by Silicon Valley Bank, to be used for general corporate purposes, including the financing of working capital requirements. As of March 31, 2022 and December 31, 2021, the aggregate principal amount available under the Credit Facility was up to $75.0 million with the option to increase the availability

up to $100.0 million. The Credit Facility had a maturity date of May 7, 2022, and the Company elected to terminate the Credit Facility on April 29, 2022, prior to such maturity date.    

As of each period presented, no amounts had been drawn down under the Credit Facility, and the Company was in compliance with all financial covenants. 

As of March 31, 2022 and December 31, 2021, the Company had letters of credit outstanding under the Credit Facility of $6.5 million to secure various U.S. and Australia leased office facilities. Upon termination of the Credit Facility, the Company’s outstanding letters of credit, issued by Silicon Valley Bank, remain outstanding on an unsecured basis, without any requirement to set aside restricted cash.