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LONG-TERM DEBT (Tables) | 3 Months Ended
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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 Debt 1 | 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 |
_________________ 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 component 1 | $ | 91,485 |  |  | $ | 87,662 |
Equity component: |  |  |
Carrying amount of the equity component, net of issuance costs 2 | $ | — |  |  | $ | 7,969 |
Carrying amount of the equity component, net of issuance costs 3 | $ | 37,276 |  |  | $ | 37,276 |
_________________ 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) |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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