DEBT (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Debt Disclosure [Abstract] |
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| Components of Debt |
The components of the Company’s debt are as follows:
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Effective Interest Rate |
Maturity Date |
June 30, 2022 |
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December 31, 2021 |
| Principal amounts: |
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| Senior Notes |
37% |
January 2023 |
$ |
74,935 |
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$ |
75,193 |
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| Acquisition Facility |
14% |
October 2026 |
65,000 |
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|
40,000 |
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| Acquisition-related promissory notes payable |
7% - 24% |
November 2022 - April 2027 |
51,583 |
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|
25,767 |
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Other debt (1)
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6% - 12% |
March 2022 - July 2050 |
15,876 |
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|
11,728 |
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| Total debt - principal amounts |
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$ |
207,394 |
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$ |
152,688 |
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| Less: debt issuance costs and original issue discounts |
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(21,397) |
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(23,536) |
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| Total debt - carrying amounts |
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$ |
185,997 |
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$ |
129,152 |
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| Debt - current portion |
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$ |
70,322 |
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$ |
6,181 |
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| Debt - non-current portion |
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$ |
115,675 |
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$ |
122,971 |
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| Schedule of Future Contractual Debt Maturities |
As of June 30, 2022, aggregate future contractual maturities of the Company’s debt are as follows:
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Remainder of the year |
2023 |
2024 |
2025 |
2026 |
Thereafter |
Total |
| Senior Notes |
$ |
— |
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$ |
74,935 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
74,935 |
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| Acquisition Facility |
— |
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— |
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4,875 |
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6,500 |
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53,625 |
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— |
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65,000 |
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Acquisition-related promissory notes payable (1)
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2,412 |
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3,448 |
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17,385 |
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1,971 |
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6,970 |
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19,397 |
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51,583 |
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| Other debt |
4,095 |
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589 |
|
100 |
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107 |
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4,616 |
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6,369 |
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15,876 |
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| Total |
$ |
6,507 |
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$ |
78,972 |
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$ |
22,360 |
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$ |
8,578 |
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$ |
65,211 |
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$ |
25,766 |
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$ |
207,394 |
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| Schedule of Interest Expense |
Interest expense, net is comprised of the following:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Interest and accretion - Senior Notes |
$ |
5,838 |
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$ |
4,371 |
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$ |
11,236 |
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$ |
9,574 |
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| Interest - Finance lease liabilities |
3,013 |
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2,297 |
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5,914 |
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3,687 |
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| Interest and accretion - Promissory notes |
1,347 |
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302 |
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2,084 |
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|
614 |
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| Interest and accretion - Acquisition Facility |
1,854 |
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— |
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3,294 |
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— |
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| Interest and accretion - Other debt |
221 |
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|
140 |
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|
620 |
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|
252 |
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| Capitalized interest |
(1,303) |
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(155) |
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(2,047) |
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(240) |
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| Total interest expense |
$ |
10,970 |
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$ |
6,955 |
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$ |
21,101 |
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$ |
13,887 |
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| Interest income |
(23) |
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(87) |
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(38) |
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(184) |
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| Total interest expense, net |
$ |
10,947 |
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$ |
6,868 |
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$ |
21,063 |
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$ |
13,703 |
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| Schedule of Total Leverage Ratio |
Total Leverage Ratio, calculated as the ratio of Total Funded Indebtedness to EBITDAR (all such terms are defined in the Acquisition Facility agreement) not to exceed the correlative ratio below:
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| Applicable Ratio |
Fiscal Quarter Ending |
6.00 to 1.00 |
March 31, 2023 |
5.00 to 1.00 |
June 30, 2023 |
4.00 to 1.00 |
September 30 and December 31, 2023 |
3.50 to 1.00 |
March 31, 2024 and all fiscal quarters ending thereafter |
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