| Schedule of Debt Obligation |
The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of June 30, 2023 and December 31, 2022:
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June 30, 2023 |
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Issuance Amount |
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Unamortized Issuance Costs |
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Carrying Value |
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Fair Value (Level II) |
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(in thousands) |
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| Revolving Credit Facility |
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$ |
20,000 |
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$ |
— |
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$ |
20,000 |
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$ |
20,000 |
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| Convertible Notes due 2025 |
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317,500 |
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(3,870) |
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313,630 |
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|
292,576 |
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| Convertible Notes due 2027 |
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575,000 |
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(14,455) |
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|
560,545 |
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|
607,499 |
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| Total debt |
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$ |
912,500 |
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$ |
(18,325) |
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$ |
894,175 |
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$ |
920,075 |
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December 31, 2022 |
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Issuance Amount |
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Unamortized Issuance Costs |
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Carrying Value |
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Fair Value (Level II) |
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(in thousands) |
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| Revolving Credit Facility |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Convertible Notes due 2023 |
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45,000 |
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(114) |
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|
44,886 |
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|
46,058 |
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| Convertible Notes due 2025 |
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317,500 |
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(4,765) |
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|
312,735 |
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293,688 |
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| Convertible Notes due 2027 |
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575,000 |
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(15,966) |
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|
559,034 |
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|
606,119 |
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| Total debt |
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$ |
937,500 |
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$ |
(20,845) |
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$ |
916,655 |
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$ |
945,865 |
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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:
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June 30, |
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June 30, |
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2023 |
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2022 |
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| Convertible Notes due 2023 |
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N/A |
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2.4 |
% |
| Convertible Notes due 2025 |
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1.3 |
% |
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1.3 |
% |
| Convertible Notes due 2027 |
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3.2 |
% |
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N/A |
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| 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:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(in thousands) |
| Convertible Notes interest |
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$ |
4,543 |
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$ |
2,480 |
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$ |
9,108 |
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$ |
4,960 |
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| Amortization of debt discount and issuance costs |
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1,427 |
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|
1,415 |
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|
2,869 |
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|
3,474 |
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| Undrawn and other fees |
|
311 |
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|
317 |
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|
624 |
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|
631 |
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| Revolving Credit Facility interest |
|
250 |
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— |
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|
250 |
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— |
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| Total interest expense |
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$ |
6,531 |
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$ |
4,212 |
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$ |
12,851 |
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$ |
9,065 |
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