XML 55 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Fair Value Measurements and Derivatives (as restated) (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Carrying Amounts and Estimated Fair Values of the Company's Long-term Debt The carrying amounts and estimated fair values of the Company's long-term debt at December 31, 2020 were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Carrying Value

 

 

Estimated Fair Value

 

First lien term loan facility

 

$

202,457

 

 

$

188,560

 

Second lien term loan facility

 

 

25,000

 

 

 

20,950

 

Term credit agreement

 

 

7,000

 

 

 

6,680

 

Total debt

 

$

234,457

 

 

$

216,190

 

 

 

 

 

 

 

 

 

 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands):

 

 

 

 

Fair Value Measurements at December 31, 2020

 

 

Fair Value Measurements at December 31, 2019

 

Description

 

Balance Sheet Location

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

Other current assets

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

250

 

 

$

-

 

 

$

250

 

 

$

-

 

Derivative financial instruments (1)

 

Other non-current assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

652

 

 

 

-

 

 

 

652

 

 

 

-

 

Total Assets

 

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

902

 

 

$

-

 

 

$

902

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

Other current liabilities

 

$

1,796

 

 

 

-

 

 

$

1,796

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Warrant liabilities

 

Warrant liabilities

 

 

110,700

 

 

 

-

 

 

 

110,700

 

 

 

-

 

 

 

53,900

 

 

 

-

 

 

 

53,900

 

 

 

-

 

Derivative financial instruments (1)

 

Other long term liabilities

 

 

3,119

 

 

 

-

 

 

 

3,119

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total Liabilities

 

 

 

$

115,615

 

 

$

-

 

 

$

115,615

 

 

 

 

 

 

$

53,900

 

 

$

-

 

 

$

53,900

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Consists of an interest rate swap.

Summary of Significant Assumptions

The fair value of the Public and PIPE Warrants are considered a Level 2 valuation and is determined using the Monte Carlo model. The significant assumptions which the Company used in the model are:

 

 

 

December 31, 2020 (as restated)

 

 

 

Public Warrants

 

 

2020 PIPE Warrants

 

Stock price

 

$

10.14

 

 

$

10.14

 

Strike price

 

$

11.50

 

 

$

5.75

 

Remaining life (in years)

 

 

3.22

 

 

 

4.45

 

Volatility

 

 

54.0

%

 

 

54.0

%

Interest rate

 

 

0.2

%

 

 

0.3

%

Redemption price

 

$

18.00

 

 

$

14.50

 

 

The fair value of the Sponsor Warrants is considered a Level 2 valuation and is determined using the Black-Scholes model. The significant assumptions which the Company used in the model are:

 

 

December 31, 2020 (as restated)

 

Stock price

 

$

10.14

 

Strike price

 

$

11.50

 

Remaining life (in years)

 

 

3.22

 

Volatility

 

 

54.0

%

Interest rate

 

 

0.2

%

Dividend yield

 

 

0.0

%
Schedule of Interest Rate Derivatives

The effect of the interest rate swap contract designated as cash flows hedging instrument on the consolidated financial statements was as follows (in thousands):

 

Derivative

 

Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative

 

 

Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Income

 

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2020

 

 

March 20, 2019 to December 31, 2019

 

 

 

 

Year Ended December 31, 2020

 

 

March 20, 2019 to December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

$

(7,215

)

 

$

1,109

 

 

Interest expense

 

$

1,398

 

 

$

(207

)

 

Total

 

$

(7,215

)

 

$

1,109

 

 

 

 

$

1,398

 

 

$

(207

)