| 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, 2023 and December 31, 2022:
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March 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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| Third Credit Agreement |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Convertible Notes due 2023 |
45,000 |
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(46) |
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44,954 |
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44,168 |
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| Convertible Notes due 2025 |
317,500 |
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(4,318) |
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313,182 |
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284,220 |
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| Convertible Notes due 2027 |
575,000 |
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(15,214) |
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559,786 |
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598,270 |
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| Total debt |
$ |
937,500 |
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$ |
(19,578) |
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$ |
917,922 |
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$ |
926,658 |
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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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| Third Credit Agreement |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Convertible Notes due 2023 |
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 |
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 |
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 |
$ |
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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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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| Convertible Notes due 2023 |
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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 |
% |
| 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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March 31, |
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2023 |
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2022 |
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(in thousands) |
| Coupon interest |
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$ |
4,565 |
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$ |
2,480 |
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| Amortization of debt discount and issuance costs |
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1,442 |
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2,060 |
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| Undrawn and other fees |
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313 |
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313 |
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| Total interest expense |
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$ |
6,320 |
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$ |
4,853 |
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