DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Team’s current and long-term debt obligations consisted of the following (in thousands):

	September 30, 2022		December 31, 2021
	(unaudited)
ABL Facilities	$	129,816	$	62,000
Atlantic Park Term Loan	234,443		214,191
Subordinated Term Loan	46,132		36,358
Total	$	410,391	$	312,549
Notes1	95,125		87,662
Finance lease obligations2	5,708		5,640
Total debt and finance lease obligations	$	511,224	$	405,851
Current portion of long-term debt and finance lease obligations	(506,414)		(667)
Total long-term debt and finance lease obligations, less current portion	$	4,810	$	405,184

_________________

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

2        Excludes finance lease obligations associated with discontinued operations.

Schedule of Convertible Debt

As of September 30, 2022 and December 31, 2021, the Notes were recorded in our condensed consolidated balance sheets as follows (in thousands):

	September 30, 2022		December 31, 2021
	(unaudited)
Liability component:
Principal	$	97,372	$	93,130
Unamortized issuance costs	(1,378)		(916)
Unamortized discount	(869)		(4,552)
Net carrying amount of the liability component1	$	95,125	$	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

_________________

1        Included in the “Current portion of 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 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Coupon interest1	$	1,624		$	1,164		$	4,801		$	3,492
Amortization of debt discount and issuance costs	785			791			2,105			2,326
Total interest expense	$	2,409		$	1,955		$	6,906		$	5,818
Effective interest rate	10.28		%	9.12		%	10.28		%	9.12		%

_____________

1 Coupon interest for three and nine months ended September 30, 2022 includes PIK Interest of $1.1 million and $3.3 million, respectively. There was no PIK Interest included in the three and nine months ended September 30, 2021 coupon interest.

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)