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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Carrying Value and Estimated Fair Value of Long-term Debt The carrying value and the estimated fair value of long-term debt are as follows:

 

Level in

June 30, 2023

 

December 31, 2022

 

Fair Value

Carrying

 

Estimated

 

Carrying

 

Estimated

 

($ in thousands)

Hierarchy

Amount

 

Fair Value

 

Amount

 

Fair Value

 

2021 Term Loan

2

$

 

792,752

 

$

 

812,131

 

$

 

866,365

 

$

 

883,891

 

Senior Notes

 

2

 

 

 

345,959

 

 

 

 

329,875

 

 

 

 

345,615

 

 

 

 

313,250

 

Key Assumptions Used for Measuring Fair Value of Private Placement Warrant Liabilities

The fair value of the private placement warrant liabilities is measured on a recurring basis and is estimated using the Black-Scholes option pricing model using significant unobservable inputs, primarily related to estimated volatility, and is therefore classified within level 3 of the fair value hierarchy. The key assumptions used were as follows:

 

 

 

June 30, 2023

 

 

December 31, 2022

 

Stock price

 

$

19.72

 

 

$

13.83

 

Strike price

 

$

11.50

 

 

$

11.50

 

Volatility

 

 

43.0

%

 

 

44.0

%

Remaining life (in years)

 

 

0.3

 

 

 

0.8

 

Risk-free interest rate

 

 

5.43

%

 

 

4.74

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

Estimated fair value (per warrant)

 

$

8.41

 

 

$

3.61

 

Summary of Changes in the Private Placement Warrant Liabilities Included in Net Income The following summarizes the changes in fair value of private placement warrant liabilities included in net income and the impact of exercises for the respective periods:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

($ in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Beginning balance

 

$

38,667

 

 

$

42,200

 

 

$

24,066

 

 

$

38,466

 

Change in fair value of private placement warrants

 

 

10,918

 

 

 

(6,600

)

 

 

25,519

 

 

 

(2,866

)

Exercise of warrants

 

 

(44,155

)

 

 

 

 

 

(44,155

)

 

 

 

Ending balance

 

$

5,430

 

 

$

35,600

 

 

$

5,430

 

 

$

35,600

 

Schedule of Interest Rate Derivatives [Table Text Block] The following presents the changes in the fair value of the interest rate swap in the gross balances within the below line items for the respective periods:

 

($ in thousands)

 

Three Months Ended
June 30, 2023

 

 

Six Months Ended
 June 30, 2023

 

Prepaid expenses and other current assets

 

 

 

 

 

 

Beginning balance

 

$

 

 

$

 

Change in fair value of interest rate swap

 

 

2,263

 

 

 

2,263

 

Ending balance

 

$

2,263

 

 

$

2,263

 

 

 

 

 

 

 

 

Other non-current assets

 

 

 

 

 

 

Beginning balance

 

$

857

 

 

$

1,973

 

Change in fair value of interest rate swap

 

 

1,439

 

 

 

323

 

Ending balance

 

$

2,296

 

 

$

2,296

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

 

 

 

 

Beginning balance

 

$

1,413

 

 

$

977

 

Change in fair value of interest rate swap

 

 

(1,413

)

 

 

(977

)

Ending balance

 

$

 

 

$