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Debt (Tables)
9 Months Ended
Sep. 30, 2021
Debt Instrument [Line Items]  
Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:

 

 

September 30, 2021

 

 

December 31, 2020

 

 

2029 Notes

 

 

2027 Notes

 

 

2027 Notes

 

 

(in thousands)

 

 

(in thousands)

 

Liability component

 

 

 

 

 

 

 

 

Principal

$

747,500

 

 

$

550,000

 

 

$

550,000

 

Unamortized debt discount

 

(14,841

)

 

 

(9,964

)

 

 

(158,404

)

Unamortized debt issuance costs

 

 

 

 

(519

)

 

 

(8,160

)

Net carrying amount

$

732,659

 

 

$

539,517

 

 

$

383,436

 

Equity component, net of issuance costs

 

 

 

 

 

 

$

169,173

 

 

Schedule of Total Interest Expense Recognized Related to 2027 Notes

The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the current period:

 

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

4,205

 

 

$

3,438

 

 

$

7,643

 

 

$

11,353

 

 

$

10,313

 

 

$

21,666

 

Amortization of debt discount

 

 

457

 

 

 

391

 

 

 

848

 

 

 

1,222

 

 

 

1,166

 

 

 

2,388

 

Amortization of debt issuance costs

 

 

 

 

 

23

 

 

 

23

 

 

 

 

 

 

70

 

 

 

70

 

Total interest and amortization expense

 

$

4,662

 

 

$

3,852

 

 

$

8,514

 

 

$

12,575

 

 

$

11,549

 

 

$

24,124

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

2.6

%

 

 

2.8

%

 

 

 

 

The following table sets forth the total interest expense recognized and effective interest rates related to the 2027 Notes for the comparative period:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 9, 2020 Through

 

 

 

 

September 30, 2020

 

 

September 30, 2020

 

 

 

 

(in thousands)

 

 

Contractual interest expense

 

$

3,361

 

 

$

7,715

 

 

Amortization of debt discount

 

 

4,612

 

 

 

10,186

 

 

Amortization of debt issuance costs

 

 

239

 

 

 

528

 

 

Total interest and amortization expense

 

$

8,212

 

 

$

18,429

 

 

Effective interest rate

 

 

8.8

 

%

 

8.8

 

%

 

Schedule of Future Minimum Payments

Future minimum payments under the Notes as of September 30, 2021 are as follows:

 

 

 

2029 Notes

 

 

2027 Notes

 

 

 

(in thousands)

 

Remainder of 2021

 

$

 

 

$

 

Year ending December 31:

 

 

 

 

 

 

2022

 

 

16,819

 

 

 

13,750

 

2023

 

 

16,819

 

 

 

13,750

 

2024

 

 

16,819

 

 

 

13,750

 

2025

 

 

16,819

 

 

 

13,750

 

Thereafter

 

 

806,366

 

 

 

570,625

 

Total future payments

 

 

873,642

 

 

 

625,625

 

Less amounts representing interest

 

 

(126,142

)

 

 

(75,625

)

Total principal amount

 

$

747,500

 

 

$

550,000