Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Components of Long-Term Debt Including Associated Interest Rates and Related Fair Values |
Components of the Company's debt including the associated interest rates and related fair values (in thousands, except interest rates) are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Issuance | | December 31, 2022 | | December 31, 2021 | | Stated Interest
Rate | | Face Value | | Estimated Fair Value | | Face Value | | Estimated Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2027 Notes | | $ | 600,000 | | | $ | 576,960 | | | $ | 600,000 | | | $ | 633,660 | | | 6.750 | % | | 2029 Notes | | 800,000 | | | 659,680 | | | 800,000 | | | 795,680 | | | 5.750 | % | | Term Loan | | 1,333,125 | | | 1,333,125 | | | 1,346,625 | | | 1,346,625 | | | N/A | | Total | | $ | 2,733,125 | | | $ | 2,569,765 | | | $ | 2,746,625 | | | $ | 2,775,965 | | | |
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| Schedule of Derivative Liabilities at Fair Value |
The following table summarizes the fair value and the notional amount of the Company’s outstanding consumer financing program derivative instrument as of December 31, 2022 and 2021 (in thousands): | | | | | | | | | | | | | | | December 31, | | 2022 | | 2021 | | Consumer Financing Program Contractual Obligations: | | | | | Fair value | $ | 125,798 | | | $ | 216,795 | | | Notional amount | 859,743 | | | 1,160,278 | | | Classified on the consolidated balance sheets as: | | | | | Accrued expenses and other current liabilities | 90,008 | | | 140,394 | | | Other long-term obligations | 35,790 | | | 76,401 | | | Total Consumer Financing Program Contractual Obligation | $ | 125,798 | | | $ | 216,795 | |
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| Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table summarizes the change in the fair value of the Level 3 outstanding derivative instrument for the years ended December 31, 2022 and 2021 (in thousands): | | | | | | | | | | | | | December 31, | | 2022 | | 2021 | | Balance, beginning of period | $ | 216,795 | | | $ | 227,896 | | | Additions | 13,019 | | | 94,995 | | | Settlements | (106,193) | | | (91,826) | | | Losses (Gains) included in earnings | 2,177 | | | (14,270) | | | Balance, end of period | $ | 125,798 | | | $ | 216,795 | |
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| Schedule of Fair Value of Derivative Warranty Liabilities |
The change in the fair value of the derivative warrant liabilities for the years ended December 31, 2022 and 2021 is summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | Public Warrants | | Private Placement Warrants | | Total Derivative Warrant liability | | | | | | | | | | | | | | | | | | | | Balance, December 31, 2020 | $ | 8,063 | | | $ | 75,531 | | | $ | 83,594 | | | Change in fair value of warrant liability | 1,350 | | | (50,967) | | | (49,617) | | | Write-off fair value of unexercised expired warrants | (490) | | | — | | | (490) | | | Reclassification of derivative liabilities for exercised warrants | (8,923) | | | — | | | (8,923) | | | Balance, December 31, 2021 | — | | | 24,564 | | | 24,564 | | | Change in fair value of warrant liability | — | | | (21,332) | | | (21,332) | | | Balance, December 31, 2022 | $ | — | | | $ | 3,232 | | | $ | 3,232 | |
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| Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs |
The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: | | | | | | | | | | | | | As of December 31, 2022 | | As of December 31, 2021 | | Number of private placement warrants | 5,933,334 | | | 5,933,334 | | | Exercise price | $ | 11.50 | | | $ | 11.50 | | | Stock price | $ | 11.90 | | | $ | 9.78 | | | Expiration term (in years) | N/A(1) | | 3.05 | | Volatility | N/A(1) | | 70 | % | | Risk-free Rate | N/A(1) | | 0.98 | % | | Dividend yield | N/A(1) | | — | % |
(1) For the year ended December 31, 2022, the Company estimated the fair value of the private placement warrants using a probability weighted approach.
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