LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

As of March 31, 2022 and December 31, 2021, our long-term debt and finance obligations are summarized as follows (in thousands):

	March 31, 2022		December 31, 2021
	(unaudited)
ABL Facilities	$	104,689	$	62,000
Term Loan	216,043		214,191
Subordinated Term Loan	38,758		36,358
Total	$	359,490	$	312,549
Convertible Debt1	91,485		87,662
Finance lease obligations	5,510		5,649
Total debt and finance lease obligations	$	456,485	$	405,860
Current portion of long-term debt and finance lease obligations	(670)		(669)
Total long-term debt and finance lease obligations, less current portion	$	455,815	$	405,191

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1        Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information.

Schedule of Future Contractual Maturities of Long-term Debt

Future contractual maturities of long-term debt, excluding finance leases, are as follows (in thousands):

December 31
2022	$	—
2023	95,209
2024	—
2025	104,689
2026	301,597
Thereafter	—
Total	$	501,495

Convertible Debt

As of March 31, 2022 and December 31, 2021, the Notes were recorded in our condensed consolidated balance sheets as follows (in thousands):

	March 31, 2022		December 31, 2021
	(unaudited)
Liability component:
Principal	$	95,209	$	93,130
Unamortized issuance costs	(1,435)		(916)
Unamortized discount	(2,289)		(4,552)
Net carrying amount of the liability component1	$	91,485	$	87,662
Equity component:
Carrying amount of the equity component, net of issuance costs2	$	—	$	7,969
Carrying amount of the equity component, net of issuance costs3	$	37,276	$	37,276

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1        Included in the “Long-term debt and finance lease obligations” line of the condensed consolidated balance sheets.

2        Relates to the portion of the Notes accounted for under ASC 470-20 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets.

3        Relates to the portion of the Notes accounted for under ASC 815-15 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets.

The following table sets forth interest expense information related to the Notes (dollars in thousands):

	Three Months Ended March 31,
	2022			2021
	(unaudited)			(unaudited)
Coupon interest	$	1,568		$	1,164
Amortization of debt discount and issuance costs	627			766
Total interest expense	$	2,195		$	1,930
Effective interest rate	9.75		%	9.12		%

Schedule of Error Corrections and Prior Period Adjustments

Accordingly, the cumulative effect of the changes made on our January 1, 2022 condensed consolidated balance sheet for the adoption of the ASU was as follows (in thousands):

	Balances at December 31, 2021		Adjustments from Adoption of ASU 2020-06		Balances at January 1, 2022
Liabilities
Long-term debt and finance lease obligations	$	405,191	$	1,827	$	407,018
Equity
Additional paid-in capital	$	444,824	$	(5,651)	$	439,173
Accumulated deficit	$	(375,584)	$	3,824	$	(371,760)