Envestnet, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Debt

Debt

3 Months Ended

Mar. 31, 2020

The Company’s outstanding debt obligations as of March 31, 2020 and December 31, 2019 were as follows:



	March 31,			December 31,
	2020			2019
Revolving credit facility balance	$	290,000		$	260,000

Convertible Notes due 2023	$	345,000		$	345,000
Unaccreted discount on Convertible Notes due 2023	(31,160		)	(33,491		)
Unamortized issuance costs on Convertible Notes due 2023	(5,578		)	(5,996		)
Convertible Notes due 2023 carrying value⁽¹⁾	$	308,262		$	305,513

⁽¹⁾The effective interest rate on the liability component of the Convertible Notes due 2023 was 6% for the three months ended March 31, 2020 and 2019.

Interest expense was comprised of the following and is included in other expense, net in the condensed consolidated statement of operations:



	Three Months Ended
	March 31,
	2020		2019
Interest on revolving credit facility	$	2,518	$	—
Accretion of debt discount	2,331		3,758
Coupon interest	1,501		2,264
Amortization of issuance costs	631		858
Undrawn and other fees	153		216
Total interest expense	$	7,134	$	7,096

The credit agreement under which the above revolving credit facility was issued (the “Amended Credit Agreement”) includes certain financial covenants and, as of March 31, 2020, the Company was in compliance with these requirements.

See “Note 15—Net Loss Per Share” for further discussion of the effect of conversion on net income (loss) per common share.