XML 39 R30.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations and Interest Expense Related to Convertible Debt Outstanding debt obligations as of September 30, 2022 were as follows (in thousands):
Maturities
Interest Rates as of September 30, 2022
September 30, 2022December 31, 2021
Convertible senior notes (1)
May 20251.50%$739,870 $604,317 
Non-revolving Loan2022 - 2024
2.88% - 4.84%
36,786 75,680 
Master Vehicle Loan2022 - 2025
2.60% - 5.85%
76,313 31,440 
Total long-term debt, including current maturities$852,969 $711,437 
Less: long-term debt maturing within one year38,233 56,264 
Total long-term debt$814,736 $655,173 
_______________
(1)     The Company adopted ASC 2020-06 on January 1, 2022 using the modified retrospective approach, which resulted in a $133.5 million increase to the carrying value of the convertible senior notes to reflect the full principal amount of the convertible senior notes outstanding net of issuance costs at the time of adoption.
The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Contractual interest expense related to the 2025 Notes$2,803 $2,803 $8,409 $8,409 
Amortization of debt discount and issuance costs (1)
736 9,078 2,083 26,317 
Interest expense related to vehicle loans1,483 1,212 4,039 3,784 
Interest expense$5,022 $13,093 $14,531 $38,510 
_______________
(1)     Following the adoption of ASC 2020-06 on January 1, 2022 using the modified retrospective approach, the debt discount associated with the equity component on convertible debt outstanding is now classified as debt, which results in a decrease in the amount of interest expense being recorded each period from January 1, 2022 to maturity.
Schedule of Convertible Notes
The net carrying amounts of the liability component of the 2025 Notes were as follows (in thousands):
September 30, 2022December 31, 2021
Principal$747,498 $747,498 
Unamortized debt discount and debt issuance costs (1)
(7,628)(143,181)
Net carrying amount of liability component$739,870 $604,317 
_______________
(1)     The Company adopted ASC 2020-06 on January 1, 2022 using the modified retrospective approach, which resulted in a $133.5 million increase to the carrying value of the convertible senior notes to reflect the full principal amount of the convertible senior notes outstanding net of issuance costs at the time of adoption.
Schedule of Maturities of Long-Term Debt Outstanding
Maturities of long-term debt outstanding, including current maturities, as of September 30, 2022 were as follows (in thousands):
Remainder of 2022$15,737 
202336,507 
202431,011 
2025769,714 
2026— 
Thereafter— 
Total long-term debt outstanding$852,969