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v3.22.2

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Loan Agreement |
Debt Instrument [Line Items] |
Schedule of Loans Balances | The balances of our borrowing under the Amended Loan Agreement consisted of the following:
|  | June 30, 2022 |  |  | December 31, 2021 |  |
|  | (in thousands) |  |
Principal value of term loans |  | $ | 429,916 |  |  | $ | 450,000 |  |
PIK added to principal |  |  | 5,075 |  |  |  | — |  |
Debt discount, issuance costs and exit fee accretion |  |  | (16,638 | ) |  |  | (19,248 | ) |
Term loan, net |  | $ | 418,353 |  |  | $ | 430,752 |  |
Schedule of Future Minimum Payments | Future minimum payments under the Amended Loan Agreement as of June 30, 2022 are as follows:
|  | Amount |
|  | (in thousands) |
Remainder of 2022 |  | $ | 17,158 |
Year Ending December 31: |  |  |
2023 |  |  | 39,896 |
2024 |  |  | 40,006 |
2025 |  |  | 40,006 |
2026 |  |  | 492,173 |
Total future payments |  |  | 629,239 |
Less amounts representing interest |  |  | (185,650 | )
Less exit fee |  |  | (8,598 | )
Total principal amount of term loan payments, including PIK exercises |  | $ | 434,991 |
2027 and 2029 Notes |
Debt Instrument [Line Items] |
Schedule of Loans Balances | The outstanding Notes’ balances consisted of the following:
| June 30, 2022 |  |  | December 31, 2021 |
| 2029 Notes |  |  | 2027 Notes |  |  | 2029 Notes |  |  | 2027 Notes |
| (in thousands) |  |  | (in thousands) |
Principal | $ | 747,500 |  |  | $ | 550,000 |  |  | $ | 747,500 |  |  | $ | 550,000 |
Unamortized debt discount and issuance costs |  | (13,453 | ) |  |  | (9,221 | ) |  |  | (14,381 | ) |  |  | (10,066 | )
Net carrying amount | $ | 734,047 |  |  | $ | 540,779 |  |  | $ | 733,119 |  |  | $ | 539,934 |
Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes | The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
|  | Three Months Ended June 30, 2022 |  |  | Six Months Ended June 30, 2022 |
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |  |  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |  |  |  |  |  | (in thousands) |  |  |  |
Contractual interest expense |  | $ | 4,204 |  |  | $ | 3,437 |  |  | $ | 7,641 |  |  | $ | 8,409 |  |  | $ | 6,875 |  |  | $ | 15,284 |
Amortization of debt discount and issuance costs |  |  | 466 |  |  |  | 424 |  |  |  | 890 |  |  |  | 929 |  |  |  | 844 |  |  |  | 1,773 |
Total interest and amortization expense |  | $ | 4,670 |  |  | $ | 3,861 |  |  | $ | 8,531 |  |  | $ | 9,338 |  |  | $ | 7,719 |  |  | $ | 17,057 |
Effective interest rate |  |  | 2.6 | % |  |  | 2.8 | % |  |  |  |  |  | 2.6 | % |  |  | 2.8 | % |  |  |
|  | Three Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2021 |
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |  |  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |  |  |  |  |  | (in thousands) |  |  |  |
Contractual interest expense |  | $ | 4,205 |  |  | $ | 3,437 |  |  | $ | 7,642 |  |  | $ | 7,148 |  |  | $ | 6,875 |  |  | $ | 14,023 |
Amortization of debt discount and issuance costs |  |  | 454 |  |  |  | 413 |  |  |  | 867 |  |  |  | 765 |  |  |  | 822 |  |  |  | 1,587 |
Total interest and amortization expense |  | $ | 4,659 |  |  | $ | 3,850 |  |  | $ | 8,509 |  |  | $ | 7,913 |  |  | $ | 7,697 |  |  | $ | 15,610 |
Effective interest rate |  |  | 2.6 | % |  |  | 2.8 | % |  |  |  |  |  | 2.6 | % |  |  | 2.8 | % |  |  |
Schedule of Future Minimum Payments | Future minimum payments under the Notes as of June 30, 2022 are as follows:
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |
Remainder of 2022 |  | $ | 8,409 |  |  | $ | 6,875 |  |  | $ | 15,284 |
Year ending December 31: |  |  |  |  |  |  |  |  |
2023 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
2024 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
2025 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
2026 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
Thereafter |  |  | 789,547 |  |  |  | 556,875 |  |  |  | 1,346,422 |
Total future payments |  |  | 865,232 |  |  |  | 618,750 |  |  |  | 1,483,982 |
Less amounts representing interest |  |  | (117,732 | ) |  |  | (68,750 | ) |  |  | (186,482 | )
Total principal amount |  | $ | 747,500 |  |  | $ | 550,000 |  |  | $ | 1,297,500 |

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