XML 53 R34.htm IDEA: XBRL DOCUMENT v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations and Interest Expense Related to Convertible Debt
Outstanding debt obligations as of December 31, 2022 were as follows (in thousands):
MaturitiesInterest RateDecember 31, 2022December 31, 2021
Convertible senior notes (1)
May 20251.50%$740,609 $604,317 
Non-revolving Loan (2)
2022 - 2024
2.88% - 4.50%
24,429 75,680 
Master Vehicle Loan (2)
2022 - 2025
2.60% - 6.85%
74,456 31,440 
Total long-term debt, including current maturities$839,494 $711,437 
Less: long-term debt maturing within one year36,287 56,264 
Total long-term debt$803,207 $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.
(2)These loans were acquired as part of the Flexdrive acquisition on February 7, 2020.

The following table sets forth the primary components of interest expense as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202220212020
Contractual interest expense related to the 2025 Notes$11,212 $11,212 $7,008 
Amortization of debt discount and issuance costs (1)
2,928 35,575 21,050 
Interest expense related to vehicle loans5,595 4,848 4,620 
Interest expense$19,735 $51,635 $32,678 
_______________(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):
December 31, 2022
Principal$747,498 
Unamortized debt discount and debt issuance costs (1)
(6,889)
Net carrying amount of liability component$740,609 
_______________
(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 December 31, 2022 were as follows (in thousands):
2023$36,290 
202430,920 
2025772,284 
2026— 
2027— 
Thereafter— 
Total long-term debt outstanding$839,494