Borrowings

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

The following tables summarizes the Company’s debt position as of June 30, 2021 and December 31, 2020.

	As of June 30, 2021
	Revolving Credit Facility		Notes		Total
Current portion of long-term borrowings	$	15,000	$	—	$	15,000
Long-term borrowings	$	—	$	150,000	$	150,000
Unamortized debt discount	—		(9,871)		(9,871)
Unamortized debt issuance costs*	—		(697)		(697)
Long-term borrowings	$	—	$	139,432	$	139,432
Total borrowings	$	15,000	$	139,432	$	154,432

	As of December 31, 2020
	Revolving Credit Facility		Notes		Total
Current portion of long-term borrowings	$	25,000	$	—	$	25,000
Long-term borrowings	$	64,000	$	150,000	$	214,000
Unamortized debt discount	—		(11,235)		(11,235)
Unamortized debt issuance costs*	—		(804)		(804)
Long-term borrowings	$	64,000	$	137,961	$	201,961
Total borrowings	$	89,000	$	137,961	$	226,961

*Unamortized debt issuance costs for the Company’s revolving Credit Facility of $361 and $490 as of June 30, 2021 and December 31, 2020, respectively, is presented under “Other current assets” and “Other assets” in the consolidated balance sheets.

Credit Agreement

The Company’s $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”) with certain lenders and Citibank N.A. as Administrative Agent (the “Credit Facility”) carried an effective interest rate as shown below.

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Effective Interest Rate	1.8	%	2.2	%	1.9	%	2.6	%

As of June 30, 2021 and December 31, 2020, the Company was in compliance with all financial and non-financial covenants listed under the Credit Agreement.

Convertible Senior Notes

On October 1, 2018, the Company entered into an investment agreement (the “Investment Agreement”) with Orogen Echo LLC (the “Purchaser”), an affiliate of The Orogen Group LLC, relating to the issuance to the Purchaser of $150,000 in an aggregate principal amount of 3.5% per annum Convertible Senior Notes due October 1, 2024 (the “Notes”). The transactions contemplated by the Investment Agreement, including the issuance of the Notes, closed on October 4, 2018. The Notes bear interest at a rate of 3.5% per annum, payable semi-annually in arrears in cash on April 1 and October 1 of each year. Until October 4, 2020, under the Investment Agreement, the Purchaser was restricted from transferring the Notes or any shares of common stock issuable upon conversion of the Notes, or entering into any transaction that transfers such interests to a third party. The Notes carried an effective interest rate as shown below:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Effective Interest Rate	3.7	%	3.7	%	3.7	%	3.7	%

During the three and six months ended June 30, 2021 and 2020, the Company recognized interest expense and amortization of debt discount, on the Notes as below:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Interest expense on the Notes	$	1,312	$	1,312	$	2,625	$	2,625
Amortization of debt discount on the Notes	$	691	$	654	$	1,364	$	1,289

Payments / maturities for all of the Company's borrowings as of June 30, 2021 were as follows:

	Notes		Revolving Credit Facility		Total
2021 (July - December)	$	—	$	15,000	$	15,000
2022	—		—		—
2023	—		—		—
2024	150,000		—		150,000
Total	$	150,000	$	15,000	$	165,000

Letters of Credit

In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of June 30, 2021 and December 31, 2020, the Company had outstanding letters of credit of $461, each, that were not recognized in the consolidated balance sheets.