XML 39 R29.htm IDEA: XBRL DOCUMENT v3.22.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table presents the components of outstanding long-term debt on the Company’s condensed consolidated balance sheets as of each of the dates indicated.
June 30, 2022December 31, 2021
(in thousands)
Term loan facilities$569,498 $572,374 
Convertible senior notes380,000 380,000 
Deferred government grant obligations3,500 3,500 
Other borrowings3,891 4,423 
Less: unamortized debt discount and issuance costs(21,864)(107,777)
Total debt935,025 852,520 
Less: current portion of long-term debt(7,279)(7,204)
Total long-term debt$927,746 $845,316 
The net carrying amount of the Notes consists of the following as of each of the dates indicated:
June 30, 2022December 31, 2021
(in thousands)
Principal$380,000 $380,000 
Unamortized debt discount for conversion option— (83,609)
Unamortized issuance costs(5,940)(5,104)
Net carrying amount$374,060 $291,287 
Schedule of maturities of long-term debt
Future principal payments under the Amended Term Loan Facility, the Notes, and the government grants, as of the date indicated are as follows:
June 30, 2022
(in thousands)
Remainder of 2022$2,876 
20235,753 
2024560,869 
2025380,000 
2026— 
Thereafter*3,500 
Total future principal payments$952,998 
*Amounts represent conditional loan obligations that may be forgiven, provided that the Company attains certain conditions related to employment levels at 2U’s Lanham, Maryland headquarters.