| Schedule of Debt Obligation |
The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of December 31, 2023 and 2022:
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December 31, 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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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Convertible Notes due 2025 |
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317,500 |
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(2,968) |
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314,532 |
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294,958 |
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| Convertible Notes due 2027 |
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575,000 |
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(12,920) |
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562,080 |
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571,746 |
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| Total debt |
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$ |
892,500 |
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$ |
(15,888) |
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$ |
876,612 |
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$ |
866,704 |
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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) |
| 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 Convertible 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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December 31, |
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2023 |
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2022 |
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2021 |
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| Convertible Notes due 2023 |
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N/A |
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2.4 |
% |
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2.4 |
% |
| Convertible Notes due 2025 |
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1.3 |
% |
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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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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 income (expense), net in the consolidated statements of operations:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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(in thousands) |
| Convertible Notes interest |
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$ |
17,845 |
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$ |
10,897 |
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$ |
9,919 |
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Amortization of debt discount and issuance costs(1)
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5,655 |
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4,678 |
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5,745 |
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| Undrawn and other fees |
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1,255 |
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1,268 |
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1,267 |
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| Revolving Credit Facility interest |
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383 |
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— |
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— |
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| Total interest expense |
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$ |
25,138 |
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$ |
16,843 |
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$ |
16,931 |
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__________________________________________________________
(1) For the year ended December 31, 2022, amount includes a net gain on the extinguishment of debt of $1.7 million related to the partial repurchase of Convertible Notes due 2023 and Convertible Notes due 2025.
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