| 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, 2024 and December 31, 2023:
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March 31, 2024 |
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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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(2,514) |
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314,986 |
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309,404 |
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| Convertible Notes due 2027 |
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575,000 |
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(12,144) |
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562,856 |
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609,500 |
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| Total debt |
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$ |
892,500 |
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$ |
(14,658) |
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$ |
877,842 |
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$ |
918,904 |
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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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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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Three Months Ended |
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March 31, |
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2024 |
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2023 |
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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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3.2 |
% |
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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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March 31, |
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2024 |
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2023 |
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(in thousands) |
| Convertible Notes interest |
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$ |
4,369 |
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$ |
4,565 |
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| Amortization of debt discount and issuance costs |
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1,405 |
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1,442 |
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| Undrawn and other fees |
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315 |
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313 |
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| Total interest expense |
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$ |
6,089 |
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$ |
6,320 |
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