CAPITALIZATION
The following table sets forth our cash and cash equivalents and our capitalization as of June 26, 2021:
•
on an actual basis; and
•
on an as adjusted basis to give effect to (i) our amended and restated certificate of incorporation and amended and restated bylaws as they will be in effect upon the consummation of this offering and (ii) the sale of 23,334,000 shares of our common stock in this offering at an assumed public offering price of $15.00 per share, which is the midpoint of the price range set forth on the cover of this prospectus, and the application of the net proceeds received by us from this offering as described under “Use of Proceeds.”
This table should be read in conjunction with “Use of Proceeds,” “Selected Historical Consolidated Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Capital Stock” and the consolidated financial statements and notes thereto appearing elsewhere in this prospectus.
| | | | As of June 26, 2021 | |
| | | | Actual | | | As Adjusted(1) | |
| | | | (in thousands) | |
Cash and cash equivalents(2) | | | | $ | 39,977 | | | | | $ | 46,471 | | |
| Debt, including current and long-term: | | | | | | | | | | | | | |
| Revolving credit facility | | | | | — | | | | | | — | | |
Long-term debt(3) | | | | $ | 787,129 | | | | | $ | 472,129 | | |
Total debt(3) | | | | $ | 787,129 | | | | | $ | 472,129 | | |
| Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, $0.001 par value per share, actual and as adjusted, 500,000,000 authorized, actual and as adjusted, 74,058,447 shares issued and outstanding, actual and 97,392,447 shares issued and outstanding, as adjusted(4) | | | | | 74 | | | | | | 97 | | |
| Preferred common stock, 0 shares authorized, actual, 0.001 par value per share, as adjusted, 10,000,000 shares authorized, as adjusted, 0 shares issued and outstanding, as adjusted. | | | | | — | | | | | | — | | |
Additional paid-in capital(5) | | | | | 255,491 | | | | | | 576,962 | | |
| Accumulated deficit | | | | | (41,386) | | | | | | (41,386) | | |
| Total stockholders’ equity | | | | | 214,179 | | | | | | 535,673 | | |
| Total capitalization | | | | $ | 1,041,285 | | | | | $ | 1,054,273 | | |
(1)
Each $1.00 increase or decrease in the public offering price per share would increase or decrease , as applicable, our net proceeds, after deducting the underwriting discount and estimated offering expenses payable by us, by $22.0 million (assuming no exercise of the underwriters’ option to purchase additional shares). Similarly, an increase or decrease of one million shares of common stock sold in this offering by us would increase or decrease, as applicable, our net proceeds, after deducting the underwriting discount and estimated offering expenses payable by us, by $14.1 million, based on an assumed initial public offering price of $15.00 per share, which is the midpoint of the price range set forth on the cover of this prospectus.
(2)
As adjusted cash and cash equivalents reflects the increase from net proceeds of $321.5 million from this offering after giving effect to the repayment of $315.0 million in borrowings under our Credit Facilities with a portion of the net proceeds from this offering.
(3)
Amounts excluding unamortized debt issuance costs. For a description of our debt, see “Description of Material Indebtedness.” As adjusted long-term debt and total debt reflects the repayment of $315.0 million in borrowings under our Credit Facilities with a portion of the net proceeds of $321.5 million from this offering. See “Use of Proceeds.”
(4)
As adjusted amount reflects the additional par value received by us as a result of the sale by us of 23,334,000 shares of our common stock in this offering.
(5)
As adjusted additional paid-in capital reflects the additional capital received by us, which is based on the net proceeds of $321.5 million received by us as a result of the sale by us of 23,334,000 shares of our common stock in this offering at an assumed public offering price of $15.00 per share, which is the midpoint of the price range set forth on the cover of this prospectus, as set forth in “Use of Proceeds,” less the par value amount that is attributable to stockholders' equity for our common stock.
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