|3 Months Ended|
Mar. 31, 2023
|Subsequent Events [Abstract]|
|Subsequent Events||Subsequent Events
The Company entered into a Sublease Agreement commencing April 2023 (the “Sublease”). The Sublease is for the third floor of the office space currently occupied by the Company in Lehi, Utah. The initial term of the Sublease expires in March 2026, and the sublessee has two renewal options of three years each. The Company will receive monthly sublease payments of approximately $0.1 million, resulting in $0.7 million total sublease income for 2023. Sublease payments escalate by 3.0% annually on the anniversary of the agreement.
In April 2023, the Company amended its revolving line of credit agreement with SVB, which amended certain terms of the August 2021 Agreement, including but not limited to, (i) extending the maturity date from August 2023 to August 2025, and (ii) setting EBITDA financial covenants of the Company for the 2023 fiscal year. No other terms of the agreement were modified with the amendment.
In April 2023, the Company granted 2,056,200 RSUs with a combined grant date fair value of $10.2 million. These grants have a three-year vesting schedule with 33% cliff vesting in March 2024 with the remaining 67% vesting quarterly over the following two years.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef