XML 84 R71.htm IDEA: XBRL DOCUMENT
v3.21.1

Debt (Details) - USD ($) $ in Thousands, shares in Millions |  |  |  | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | --- | --- | --- | ---
Sep. 03, 2020 | Jan. 28, 2019 | Feb. 02, 2018 | Mar. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Principal amount | $ 45,000 |  | $ 25,000 |  |  |  |  |
Amount of revolving line of credit | 55,000 |  |  |  |  |  |  |
Line of credit interest rate, description |  |  |  |  |  | The borrowing rates for the term loan are based on Purple LLC’s leverage ratio, as defined in the 2020 Credit Agreement, and can range from LIBOR plus a 3.00% to 3.75% margin with a LIBOR minimum of 0.50%. The initial borrowing rate of 3.50% is based on LIBOR plus 3.00%. The term loan will be repaid in accordance with a five-year amortization schedule and may be prepaid in whole or in part at any time without premium or penalty, subject to reimbursement of certain costs. |  |
Amended and restated credit agreement, description |  | Purple LLC entered into a First Amendment to the 2018 Credit Agreement (the “First Amendment”) whereby Purple LLC agreed to enter into the Amended and Restated Credit Agreement, under which two of the Lenders (“Incremental Lenders”) agreed to provide an incremental loan of $10.0 million (the “Incremental Loan”) such that the total amount of principal indebtedness provided to Purple LLC was increased to $35.0 million. Upon funding the $10.0 million Incremental Loan on February 26, 2019, the Company issued to the Incremental Lenders 2.6 million warrants (“Incremental Loan Warrants”) to purchase 2.6 million shares of the Company’s Class A Stock at a price of $5.74 per share, subject to certain adjustments. All indebtedness under the Amended and Restated Credit Agreement bore interest at 12.00% per annum and was payable on the last business day of each fiscal quarter, provided that Purple LLC was required to pay up to an additional 4.00% of interest per annum if it failed to meet certain EBITDA thresholds and an additional 2.00% of interest per annum if the Company was not in material compliance with the Sarbanes-Oxley Act of 2002. In addition, Purple LLC had the option to elect for interest in excess of 5.00% per annum to be capitalized and added to the principal amount. Any principal pre-payments in the first year were subject to a make-whole payment, while principal pre-payments in years two through four were subject to certain pre-payment penalties. The Amended and Restated Credit Agreement provided for certain remedies to the Lenders in the event of customary events of default and provided for standard indemnification of the Lenders. |  |  |  |  |  | the Sponsor agreed to assign to the Lenders an aggregate of 2.5 million warrants to purchase 1.3 million shares of its Class A Stock. In 2019, the Incremental Lenders agreed to provide the $10.0 million Incremental Loan. In accordance with the First Amendment to the Amended and Restated Credit Agreement, the Company did not make any cash interest payments to the Lenders during the first and second quarters of 2020. On September 3, 2020, the Company paid $45.0 million to retire, in full, all indebtedness related to Purple LLC’s 2018 Credit Agreement. The payment included the $25.0 million Original Loan, the $10.0 Incremental Loan, $6.6 million of paid-in-kind interest, $2.5 million in a prepayment fee and $0.9 million in accrued interest (See Note 11 — Debt).
Loss on the extinguishment |  |  |  | $ 6,300 |  |  |  |
Unamortized debt discount |  |  |  |  |  | $ 4,900 |  |
Prepayment fee for retirement |  |  |  |  |  | 2,500 |  |
Loss on extinguishment debt |  |  |  |  | $ 5,800 | (5,782) | $ (6,299) |
Amount related to unamortized debt discount and debt issuance costs |  |  |  |  |  | 3,300 |  |
Interest expense for debt |  |  |  |  |  | $ 4,700 | $ 4,400 |
Minimum [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Interest rates, percentage |  |  |  |  |  | 3.00% |  |
Maximum [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Interest rates, percentage |  |  |  |  |  | 3.75% |  |
Revolving Credit Facility [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Debt issuance costs |  |  |  |  |  | $ 1,400 |  |
2020 Credit Agreement [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Amount of revolving line of credit |  |  |  |  |  | $ 55,000 |  |
Long term debt term |  |  |  |  |  | 5 years |  |
Debt issuance costs |  |  |  |  |  | $ 2,500 |  |
Issuance cost related to debt |  |  |  |  |  | $ 1,100 |  |
2018 Credit Agreement [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Total amount paid for the retirement | 45,000 |  |  |  |  |  |  |
Original principal amount for retirement | 25,000 |  |  |  |  |  |  |
Fair value of the incremental loan warrants | 10,000 |  |  |  |  |  |  |
Paid-in-kind interest | 6,600 |  |  |  |  |  |  |
Prepayment fee for retirement | 2,500 |  |  |  |  |  |  |
Amount of accrued interest for retirement | $ 900 |  |  |  |  |  |  |
Warrant [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Aggregate of shares assign to the Lenders (in Shares) |  |  | 2.5 |  |  |  |  |
Class A Common Stock [Member] |  |  |  |  |  |  |  |
Debt (Details) [Line Items] |  |  |  |  |  |  |  |
Aggregate of shares assign to the Lenders (in Shares) |  |  | 1.3 |  |  | 1.3 |  |

X
- Definition Description of Amended and Restated Credit Agreement. + References No definition available. + Details
Name: | prpl_AmendedAndRestatedCreditAgreementDescription
Namespace Prefix: | prpl_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | prpl_AmountOfAccruedInterestForRetirement
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- References No definition available. + Details
Name: | prpl_DebtDetailsLineItems
Namespace Prefix: | prpl_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Debt issuance costs. + References No definition available. + Details
Name: | prpl_DebtIssuanceCost
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Fair value of the incremental loan warrants. + References No definition available. + Details
Name: | prpl_FairValueOfIncrementalLoanWarrants
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- References No definition available. + Details
Name: | prpl_IssuanceCostRelatedToDebt
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Original principal amount for retirement. + References No definition available. + Details
Name: | prpl_OriginalPrincipalAmountForRetirement
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of prepayment fee for retirement. + References No definition available. + Details
Name: | prpl_PrepaymentFeeForRetirement
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Total amount paid for thr retirement. + References No definition available. + Details
Name: | prpl_TotalAmountPaidForThrRetirement
Namespace Prefix: | prpl_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of the total principal payments made during the annual reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentAnnualPrincipalPayment
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120520924&loc=SL6036836-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateEffectivePercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount, after accumulated amortization, of debt discount. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 + Details
Name: | us-gaap_DebtInstrumentUnamortizedDiscount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amount of unamortized debt discount (premium) and debt issuance costs. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=120520924&loc=SL6031897-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28555-108399 + Details
Name: | us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition The difference between the reacquisition price and the net carrying amount of the extinguished debt recognized currently as a component of income in the period of extinguishment, net of tax. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 40 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117329964&loc=d3e12317-112629 + Details
Name: | us-gaap_ExtinguishmentOfDebtGainLossNetOfTax
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=117329964&loc=d3e12355-112629 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 40 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117329964&loc=d3e12317-112629 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585 + Details
Name: | us-gaap_GainsLossesOnExtinguishmentOfDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 6 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120520924&loc=SL6036836-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 + Details
Name: | us-gaap_InterestExpenseDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Fair value of the amount outstanding under the credit facility. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13433-108611 + Details
Name: | us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_LineOfCreditFacilityInterestRateDescription
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Period between issuance and maturity of long-term debt, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_LongTermDebtTerm
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | instant

X
- Definition Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585 + Details
Name: | us-gaap_PaidInKindInterest
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Number of new stock issued during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_StockIssuedDuringPeriodSharesNewIssues
Namespace Prefix: | us-gaap_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | prpl_TypeOfAgreementAxis=prpl_TwoThousandTwentyCreditAgreementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | prpl_TypeOfAgreementAxis=prpl_TwoThousandEighteenCreditAgreementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |