LifeLock 2013 Annual Report Download - page 78


Our acquisition-related intangible assets are as follows:
      
     
     
Trade name and trademarks $ 4,060 $ (1,439) $ 2,621
Technology 36,290 (8,485) 27,805
Customer relationships 21,030 (4,243 ) 16,787
$ 61,380 $ (14,167) $ 47,213
Amortization expense for the years ended December 31, 2013, 2012, and 2011 was $7,909 and $6,258, and zero, respectively. Estimated future
amortization of acquisition-related intangible asset for future periods is as follows:
Years Ending December 31,
2014 $ 8,899
2015 8,334
2016 8,334
2017 7,698
2018 7,534
Thereafter 6,414
$ 47,213

Accrued expenses and other liabilities consisted of the following as of December 31:
   
Marketing, commissions and other services $ 9,678 $ 11,814
Employee salaries, wages, and benefits 15,619 10,643
Sales, property and income taxes 928 1,536
Consulting, contract labor and professional fees 7,496 2,176
Other 1,205 1,160
$ 34,926 $ 27,329


On January 9, 2013, we refinanced our existing credit agreement and entered into a new credit agreement (the “Credit Agreement”) with Bank of
America, N.A. as administrative agent, swing line lender and L/C issuer, Silicon Valley Bank as syndication agent, Merrill Lynch, Pierce, Fenner & Smith
Incorporated as sole lead arranger and sole book manager, and the lenders from time to time party thereto. We refer to the Credit Agreement and related
documents as the “Senior Credit Facility.” The Senior Credit Facility provides for an $85,000 revolving line of credit, which we can increase to $110,000
subject to the conditions set forth in the Credit Agreement. The revolving line of credit also includes a letter of credit subfacility of $10,000 and a swing line
loan subfacility of $5,000. The Senior Credit Facility has a maturity date of January 9, 2018. As of December 31, 2013, we had no outstanding debt under
our Senior Credit Facility. We paid unused commitment fees of $267 for the year ended December 31, 2013, which is included in interest expense in the
consolidated statements of operations.
Borrowings under the Senior Credit Facility bear interest at a per annum rate equal to, at our option, either (a) a base rate equal to the highest of (i) the
Federal Funds Rate plus 0.50%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
and (iii) the eurodollar rate for base rate loans plus 1.00%, plus an applicable rate ranging from 0.50% to 1.25%, or (b) the eurodoll ar rate for eurodollar rate
loans plus an applicable rate ranging from 1.50% to 2.25%. The initial applicable rate is 0.50% for base rate loans and 1.50% for eurodollar rate loans,
subject to adjustment from time to time based upon our achievement of a specified consolidated leverage ratio.
In addition to paying interest on the outstanding principal under the Senior Credit Facility, we are also required to pay a commitment fee to the
administrative agent at a rate per annum equal to the product of (a) an applicable rate ranging from 0.25% to 0.50% multiplied by (b) the actual daily amount
by which the aggregate revolving commitments exceed the sum of (1) the outstanding amount of revolving borrowings, and (2) the outstanding amount of letter
of credit obligations. The initial applicable rate is 0.25%, subject to adjustment from time to time based upon our achievement of a specified consolidated
leverage ratio.
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