Debt

9 Months Ended

Dec. 31, 2021

12. Debt

In July 2018, the Company entered into a credit agreement (the Credit Agreement) that provided the Company with a $100.0 million senior secured term loan (the Term Loan) and a $50.0 million senior secured revolving credit facility (the Revolving Facility). In June 2020, the Credit Agreement was amended to permit the Company to issue letters of credit in certain additional foreign currencies beyond the U.S. dollar and the British pound (as amended, the Credit Agreement, the Term Loan and the Revolving Facility are referred to herein as the Credit Facility). The term of the Credit Facility is five years, maturing on July 23, 2023. As of December 31, 2021 and March 31, 2021, the effective interest rate under the Credit Facility was LIBOR plus 1.375%.

The Credit Facility requires the Company to maintain compliance with certain debt covenants, all of which the Company was in compliance with as of December 31, 2021.

As of December 31, 2021 and March 31, 2021, the Company had $80.0 million and $86.9 million, respectively, outstanding on the Term Loan. As of March 31, 2021, the Company had $17.5 million outstanding under the Revolving Facility. In the three months ended September 30, 2021 the Company repaid the $17.5 million outstanding borrowings under the Revolving Facility in full. As of December 31, 2021 and March 31, 2021, total availability under the Revolving Facility was reduced by outstanding letters of credit of $2.1 million and $2.2 million, respectively. As of December 31, 2021 and March 31, 2021, total availability under the Revolving Facility was $47.9 million and $30.3 million, respectively. Future minimum principal payment obligations under the Term Loan and Revolving Facility are as follows:


Fiscal Year Ending March 31,	Debt
Remainder of 2022	$	2,500
2023		10,000
2024		67,500
Total minimum debt payments		80,000
Less: Debt issuance costs		(395	)
Less: Current portion of long-term debt		(9,738	)
Long-term debt	$	69,867

As of December 31, 2021 and March 31, 2021, the balance of debt issuance costs recorded as a reduction of debt was $0.4 million and $0.6 million, respectively. As of December 31, 2021 and March 31, 2021, the balance of debt issuance costs recorded in other assets was $0.2 million and $0.3 million, respectively. For the three months ended December 31, 2021 and 2020, total interest expense under the Credit Facility was $0.4 million and $0.5 million, respectively. For the nine months ended December 31, 2021 and 2020, total interest expense under the Credit Facility was $1.2 million and $1.9 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

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