Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.23.1
Debt (Tables)
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt Obligation
The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of March 31, 2023 and December 31, 2022:

  March 31, 2023
  Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II)
(in thousands)
Third Credit Agreement $ —  $ —  $ —  $ — 
Convertible Notes due 2023 45,000  (46) 44,954  44,168 
Convertible Notes due 2025 317,500  (4,318) 313,182  284,220 
Convertible Notes due 2027 575,000  (15,214) 559,786  598,270 
Total debt $ 937,500  $ (19,578) $ 917,922  $ 926,658 

  December 31, 2022
  Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II)
(in thousands)
Third Credit Agreement $ —  $ —  $ —  $ — 
Convertible Notes due 2023 45,000  (114) 44,886  46,058 
Convertible Notes due 2025 317,500  (4,765) 312,735  293,688 
Convertible Notes due 2027 575,000  (15,966) 559,034  606,119 
Total debt $ 937,500  $ (20,845) $ 916,655  $ 945,865 
The effective interest rate of the Notes was equal to the stated interest rate plus the amortization of the debt issuance costs and is set forth below:
  Three Months Ended
  March 31,
  2023 2022
Convertible Notes due 2023 2.4  % 2.4  %
Convertible Notes due 2025 1.3  % 1.3  %
Convertible Notes due 2027 3.2  % N/A
Schedule of Interest Expense
Interest expense was comprised of the following and is included in other expense, net in the condensed consolidated statements of operations:
  Three Months Ended
  March 31,
  2023 2022
(in thousands)
Coupon interest $ 4,565  $ 2,480 
Amortization of debt discount and issuance costs 1,442  2,060 
Undrawn and other fees 313  313 
 Total interest expense $ 6,320  $ 4,853