Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Long-term Debt

The carrying value and the estimated fair value are as follows:

	Level in	March 31, 2022				December 31, 2021
	Fair Value	Carrying		Estimated		Carrying		Estimated
($ in thousands)	Hierarchy	Amount		Fair Value		Amount		Fair Value
2021 Term Loan	2	$	870,209	$	889,522	$	871,467	$	895,125
Senior Notes	2		345,086		330,313		344,918		355,250
Revolver	2		—		—		24,435		25,000

Key Assumptions Used for Measuring Fair Value of Private Placement Warrant Liabilities

The fair value of the private placement warrant liabilities is measured on a recurring basis and is estimated using the Black-Scholes option pricing model using significant unobservable inputs, primarily related to estimated volatility, and is therefore classified within level 3 of the fair value hierarchy. The key assumptions used were as follows:

	March 31, 2022			December 31, 2021
Stock price	$	16.28		$	15.43
Strike price	$	11.50		$	11.50
Volatility		47.0	%		48.0	%
Remaining life (in years)		1.5			1.8
Risk-free interest rate		1.99	%		0.66	%
Expected dividend yield		0.0	%		0.0	%
Estimated fair value	$	6.33		$	5.77

Summary of Changes in the Private Placement Warrant Liabilities Included in Net Income

The following summarizes the changes in fair value of private placement warrant liabilities included in net income (loss) for the respective periods:

	Three Months Ended March 31,
($ in thousands)	2022		2021
Beginning balance	$	38,466	$	30,866
Change in fair value of private placement warrants		3,734		2,067
Ending balance	$	42,200	$	32,933