Enom 2013 Annual Report Download - page 96

6. Other Balance Sheets Items
Accounts receivable consisted of the following (in thousands):
Other long term assets consisted of the following (in thousands):
We paid $3 .9 million for the year ended December 31, 2013, and $18.2 million during the year ended December 31, 2012 for certain
gTLD applications under the New gTLD Program. Payments for gTLD applications represent amounts paid directly to ICANN or third parties in
the pursuit of gTLD operator rights, the majority of which was paid to Donuts Inc. as described in Note 8 - Commitments and Contingencies.
For the year ended December 31, 2013, the net gain related to the withdrawals of our interest in certain gTLD applications was $4.2
million, recorded in gain on other assets, net on the consolidated statements of operations.
Other assets at December 31, 2013 and December 31, 2012 include $0.9 million of restricted cash comprising a collateralized letter of
credit connected with our applications under the New gTLD Program. The restrictions require the cash to be maintained in a bank account for a
minimum of five years for the delegation of the gTLDs.
Accrued expenses and other liabilities consisted of the following (in thousands):
7. Debt
We entered into a credit agreement, dated August 29, 2013, with Silicon Valley Bank, as administrative agent, and the lenders and other
agents party thereto (the “Credit Agreement”). The Credit Agreement provides for a $100.0 million senior secured term loan facility (the “Term
Loan Facility”) and a $125.0 million senior secured revolving loan facility (the “Revolving Loan Facility”), each maturing on August 29, 2018.
The Credit Agreement replaced our existing revolving credit facility that we entered into in August 2011, and a portion of the proceeds from the
Term Loan Facility were used to repay the $20.0 million outstanding principal balance of, and all accrued but unpaid interest and other amounts
due under, the 2011 revolving credit facility.
The Term Loan Facility provides for $ 100.0 million term loan that was fully drawn at December 31, 2013 (“Term Loans”). The
Revolving Loan Facility provides for borrowings up to $125.0 million, with the right (subject to certain conditions and at the discretion of the
lenders) to increase the Revolving Loan Facility by up to $25.0 million in the aggregate. The Revolving Loan Facility also includes sublimits of
up to (i) $25.0 million to be available for the issuance of letters of credit and (ii) $10.0 million to be available for swingline loans. Beginning on
December 31, 2013, the Term Loans shall be repaid in quarterly installments of $3.75 million and repaid Term Loans cannot be re-borrowed. At
December 31, 2013, $96.3 million was outstanding under the Term Loan Facility. The proceeds of the draw on the term loan were used to repay
the $20.0 million outstanding balance of our pre-
existing revolving credit facility. The weighted average variable interest rate of the term loans at
December 31, 2013 was 2.42%.
F-20
December 31, December 31,
2013 2012
Accounts receivable
-
trade
29,640
40,995
Receivables from registries
3,661
4,522
Accounts receivable , net
$
33,301
$
45,517
December 31,
December 31,
2013
2012
Payments for gTLD applications
$
21,252
$
18,202
Other
4,070
2,704
Other Assets
$
25,322
$
20,906
December 31,
December 31,
2013
2012
Accrued payroll and related items
$
9,301
$
12,196
Domain owners' royalties payable
1,193
1,996
Commission payable
2,808
3,184
Customer deposits
7,666
7,029
Other
13,711
16,084
Accrued expenses and other liabilities
$
34,679
$
40,489