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Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of liability components of long term debt

The Company's debt consists of the following:

(in thousands)						September 30, 2020						December 31, 2019
Senior Secured Term Loan due 2026:
Principal						$	400,000					$	—
Less: debt discount (1)						(7,794)						—
Less: deferred financing (1)						(5,863)						—
Net carrying value of the Senior Secured Term Loan						$	386,343					$	—
Senior Secured Term Loan due 2023 (2):
Principal						$	—					$	150,000
Less: debt discount (1)						—						(2,315)
Less: deferred financing (1)						—						(311)
Net carrying value of the Senior Secured Term Loan						$	—					$	147,374
Convertible Notes due 2023 (3):
Principal						$	2,825					$	2,825
Less: debt discount (1)						(555)						(659)
Less: deferred financing (1)						(29)						(35)
Net carrying value of the Convertible Notes						$	2,241					$	2,131
Net carrying value of Long-term debt						$	388,584					$	149,505

______________________________

(1) Included in the Consolidated Balance Sheets within Long-term debt and amortized to interest expense over the remaining life of the Convertible Notes and Senior Secured Term Loans using the effective interest rate method.

(2) The principle, accrued interest and early settlement premiums associated with the Senior Secured Term Loan due 2023 were fully paid and settled in July 2020.

(3) The Convertible Notes are currently convertible as the last reported sale price of the Company's common stock was equal to or more than 130% of the conversion price for at least 20 trading days of the 30 consecutive trading days ending on the last day of the quarter.

Components of total interest expense

The following table sets forth interest expense recognized related to the Company's debt for the three and nine months ended September 30, 2020 and 2019, respectively:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)						2020						2019						2020						2019
Contractual interest expense						$	6,250					$	3,820					$	13,245					$	12,779
Amortization of debt discount						$	395					$	182					$	869					$	2,164
Amortization of deferred financing						$	197					$	23					$	255					$	145

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- Definition

Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.

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Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

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