| 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, 2023 and December 31, 2022:
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September 30, 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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(3,419) |
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|
314,081 |
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|
293,875 |
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| Convertible Notes due 2027 |
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575,000 |
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(13,691) |
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|
561,309 |
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|
523,595 |
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| Total debt |
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$ |
892,500 |
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$ |
(17,110) |
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$ |
875,390 |
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$ |
817,470 |
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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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| 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 |
|
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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September 30, |
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September 30, |
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2023 |
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2022 |
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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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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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Nine Months Ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(in thousands) |
| Convertible Notes interest |
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$ |
4,368 |
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$ |
2,479 |
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$ |
13,476 |
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$ |
7,439 |
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| Amortization of debt discount and issuance costs |
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1,389 |
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|
1,443 |
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|
4,258 |
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|
4,917 |
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| Undrawn and other fees |
|
312 |
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|
320 |
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|
936 |
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|
951 |
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| Revolving Credit Facility interest |
|
133 |
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|
— |
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|
383 |
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— |
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| Total interest expense |
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$ |
6,202 |
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$ |
4,242 |
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$ |
19,053 |
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$ |
13,307 |
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