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Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events
Note 15. Subsequent Events
Initial Public Offering
The registration statement related to our IPO was declared effective on June 29, 2021, and our common stock began trading on the Nasdaq Global Select Market on June 30, 2021. On July 2, 2021, we completed our IPO for the sale of 19,121,000 shares of our common stock, $0.001 par value per share at an offering price of $28.00 per share, pursuant to our Prospectus. In addition, on July 2, 2021, we sold 3,214,285 shares of our common stock in a private placement with an existing related party stockholder for proceeds of $85.0 million, net of issuance costs, and sold 2,868,150 shares of our common stock pursuant to the full exercise of the underwriter’s option to purchase additional shares in connection with the IPO. We received aggregate proceeds of $666.9 million from our IPO and private placement after deducting underwriting discounts and commissions.
Upon the completion of our IPO, 23,081,080 outstanding shares of redeemable convertible preferred stock with a carrying value of $70.9 million converted into an aggregate of 46,162,160
shares of common stock. Immediately upon the completion of our IPO, we filed an Amended and Restated Certificate of Incorporation, which authorized a total of
1,000,000,000 shares of common stock, $0.001 par value per share and 100,000,000 shares of preferred stock, par value $0.001 per share.
Amendment of Credit Facility
In July 2021 we repaid the outstanding principal of $521.6 million of our 2018 Term Loan in full. We also amended our 2018 Revolving Facility by increasing the availability to $150.0 million over a five-year period, or 2021 Revolving Facility. We incurred a loss on debt extinguishment of $7.7 million related to unamortized debt issuance costs.
Under the 2021 Revolving Facility, we can use up to $20.0 million of letters of credit as well as borrowings
on same-day notice,
referred to as swingline loans, in an amount of up to $10.0 million.
Extinguishment of Interest Rate Swaps
In July 2021, in connection with the repayment of our 2018 Term Loan, we paid $13.6
 million to cancel our interest rate swaps and hybrid debt, which were used to hedge against the related interest rate exposure. 
Buyback program
In July 2021, we cancelled our buyback program for certain members of senior management for 60,405 outstanding RSUs. The RSUs will continue to vest over their remaining service period.