Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

10.DEBT

On December 22, 2021, the Company entered into a senior secured credit facilities credit agreement (the “Senior Secured Agreement”) with SVB. The Company is subject to customary representations, warranties, and covenants. The Senior Secured Agreement requires that the Company meet certain financial and non-financial covenants which include, but are not limited to, (i) delivering audited consolidated financial statements to the lender within 90 days after year-end commencing with the fiscal year ending December 31, 2022 financial statements, (ii) delivering unaudited quarterly consolidated financial statements within 45 days after each fiscal quarter, commencing with the quarterly period ending on June 30, 2022 and (iii) maintaining certain leverage ratios and liquidity coverage ratios. As of June 30, 2022, the Company was in full compliance with the terms of the Senior Secured Agreement.

As of June 30, 2022 and December 31, 2021, the Company had one letter of credit for approximately $983. As of December 31, 2021 the remainder of $39,017 was drawn on the revolving credit facility. The total amount drawn as of December 31, 2021 was repaid in January 2022. As of June 30, 2022, there were no amounts drawn on the revolving credit facility.