| Schedule of Debt Obligation |
The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of September 30, 2024 and December 31, 2023:
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September 30, 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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(1,604) |
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315,896 |
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|
313,214 |
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| Convertible Notes due 2027 |
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575,000 |
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(10,571) |
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|
564,429 |
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|
609,862 |
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| Total debt |
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$ |
892,500 |
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$ |
(12,175) |
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$ |
880,325 |
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$ |
923,076 |
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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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September 30, |
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2024 |
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2023 |
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| 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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Nine Months Ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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(in thousands) |
| Convertible Notes interest |
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$ |
5,664 |
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$ |
4,368 |
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$ |
14,402 |
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$ |
13,476 |
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| Amortization of debt discount and issuance costs |
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1,420 |
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|
1,389 |
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|
4,237 |
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|
4,258 |
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| Undrawn and other fees |
|
320 |
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|
312 |
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|
951 |
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|
936 |
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| Revolving Credit Facility interest |
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— |
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|
133 |
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— |
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|
383 |
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| Total interest expense |
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$ |
7,404 |
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$ |
6,202 |
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$ |
19,590 |
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$ |
19,053 |
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