8. Debt

Revolving Credit Facility and Equipment Advance Facilities

In January 2010, the Company signed an amendment to the Loan and Security Agreement, which provided for a revolving credit facility (the “Revolving Credit Facility”). In January 2011, the Company entered into an amendment to the Revolving Credit Facility pursuant to which Silicon Valley Bank agreed to extend an equipment advance facility of $2,000 (the “Equipment Advance Facility”). The Equipment Advance Facility could only be used to finance the purchase of equipment, accrued interest at a fixed per annum rate of 5.5%, was repayable in 36 consecutive monthly installments of principal and interest and expired on December 1, 2014. The Equipment Advance Facility was fully paid off on that date.

In December 2011, the Company entered into another amendment to its existing Revolving Credit Facility pursuant to which Silicon Valley Bank agreed to extend an additional equipment advance facility of $2,000 (the “Additional Equipment Advance Facility”). The Additional Equipment Advance Facility could only be used to finance the purchase of equipment. The Additional Equipment Advance Facility accrued interest at a fixed per annum rate of 5.5% and was repayable in 36 consecutive monthly installments of principal and interest. The Additional Equipment Advance Facility expired September 1, 2015 and was fully paid off on that date.

In December 2012, the Company entered into another amendment to its existing Revolving Credit Facility and Equipment Advance Facility pursuant to which Silicon Valley Bank agreed to extend an additional equipment advance facility of $3,000 (the “Supplemental Equipment Advance”). The Supplemental Equipment Advance could only be used to finance the purchase of equipment. The Supplemental Equipment Advance accrued interest at a fixed per annum rate of 3.0% and was repayable in 33 consecutive monthly installments of principal and interest. The Supplemental Equipment Advance expired March 1, 2016 and was fully paid off on that date.

In September 2013, the Company entered into an amendment to the Revolving Credit Facility pursuant to which Silicon Valley Bank agreed to increase the Revolving Credit Facility to the lesser of $15,000 or 80% of the Company’s eligible accounts receivable. Also, the expiration date of the Revolving Credit Facility was extended to July 31, 2015 and the annual interest rate was amended to 0.25% over the Prime Rate, payable on a monthly basis. Additionally, the Company’s obligation to meet certain financial covenants would be waived when the Company’s unrestricted cash balance exceeds $50,000.

In July 2015, the Company entered into an amendment to the Revolving Credit Facility 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 contained 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.

In December 2016, the Company terminated the Revolving Credit Facility. No amounts were outstanding pursuant to the Revolving Credit Facility at the date of termination.

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 interest rate of 6.0% and was repayable in 36 consecutive equal monthly installments of principal and interest. This capital lease arrangement matured in February 2016 and was fully paid off at that date.

At various dates between August 2015 and September 2016, the Company entered into seven 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 5.7% and are repayable in 48 consecutive equal monthly installments of principal and interest. At the end of the lease periods for these capital lease arrangements, the Company has the option to purchase the underlying equipment at the estimated fair market value or for a nominal amount.

In September and October 2016, the Company entered into two capital lease arrangements with a different equipment manufacturer to finance the acquisition of additional computer equipment. These leases have an effective annual interest rate of 5.2% 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 or renew the lease for the underlying equipment at the estimated fair market value.

As of December 31, 2016 and 2015, the net book value of the equipment under all capital leases was $3,158 and $2,446, respectively, and the remaining principal balance payable was $3,411 and $2,700, respectively. The capital leases are collateralized by the underlying computer equipment.

The Company’s outstanding balances under the capital leases and Equipment Advance Facilities as of December 31, 2016 and 2015 are as follows:

	December 31,
	2016			2015
Capital leases	$	3,411		$	2,700
Equipment Advance Facilities		—			283
		3,411			2,983
Discount on long-term debt		(15	)		(42	)
	$	3,396		$	2,941

The maturities of debt as of December 31, 2016 are as follows:

Year Ending
December 31, 2017	$	1,015
December 31, 2018		1,165
December 31, 2019		886
December 31, 2020		345
		3,411
Less:
Current portion		(1,015	)
Discount on long-term debt		(15	)
Noncurrent portion of debt	$	2,381

In connection with the acquisition of SocialMoov in February 2015 (see Note 3), the Company assumed outstanding debt totaling approximately $1,043, which consisted primarily of individual loans payable to (a) an agency of the French government, (b) a French public-sector investment bank and (c) a French private-sector financial institution. As of December 31, 2016, these loans were fully repaid.

In December 2014, the Company entered into a standby letter of credit agreement for $1,293 with Silicon Valley Bank in connection with the non-cancelable lease for the Company’s corporate headquarters in San Francisco. Following the termination of the Revolving Credit Facility in December 2016, the Company was required to separately restrict from use $1,293 in cash held at Silicon Valley Bank to secure this letter of credit. This balance has been classified as restricted cash on the accompanying consolidated balance sheets.