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Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt |
Schedule of debt | Our debt consisted of the following:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
2023 Notes |  | $ | 96,204 |  |  | $ | 240,984 |
2025 Notes |  |  | 192,500 |  |  |  | 192,500 |
2028 Notes |  |  | 261,000 |  |  |  | — |
Total debt |  |  | 549,704 |  |  |  | 433,484 |
Less: Unamortized debt discount and issuance costs |  |  | (10,454 | ) |  |  | (38,831 | )
Total debt, net |  | $ | 539,250 |  |  | $ | 394,653 |
Less: Current portion of long-term debt, net |  |  | 96,072 |  |  |  | — |
Total long-term debt, net |  | $ | 443,178 |  |  | $ | 394,653 |
Aggregate scheduled maturities of convertible debt | The aggregate scheduled maturities of our convertible debt as of June 30, 2022 were as follows:
(In thousands) |  | June 30, 2022 |
Years ending December 31: |  |  |
Remainder of 2022 |  | $ | — |
2023 |  |  | 96,204 |
2024 |  |  | — |
2025 |  |  | 192,500 |
2026 |  |  | — |
Thereafter |  |  | 261,000 |
Total |  | $ | 549,704 |
2023 Notes |
Debt |
Summary of liability and equity components of convertible notes | Our outstanding 2023 Notes balances consisted of the following:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Liability component |  |  |  |  |  |
Principal |  | $ | 96,204 |  |  | $ | 240,984 |
Debt issuance costs, net |  |  | (132 | ) |  |  | (620 | )
Net carrying amount |  | $ | 96,072 |  |  | $ | 240,364 |
Schedule of components of interest expense | The following table sets forth total interest expense recognized related to the 2023 Notes for the three and six months ended June 30, 2022 and 2021:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Contractual interest expense |  | $ | 511 |  |  | $ | 1,280 |  |  | $ | 1,595 |  |  | $ | 2,560 |
Amortization of debt issuance costs |  |  | 59 |  |  |  | 147 |  |  |  | 181 |  |  |  | 288 |
Total interest and amortization expense |  | $ | 570 |  |  | $ | 1,427 |  |  | $ | 1,776 |  |  | $ | 2,848 |
2025 Notes |
Debt |
Summary of liability and equity components of convertible notes | Our outstanding 2025 Notes balances consisted of the following:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Liability component |  |  |  |  |  |
Principal |  | $ | 192,500 |  |  | $ | 192,500 |
Debt discount and issuance costs, net |  |  | (2,265 | ) |  |  | (38,211 | )
Net carrying amount |  | $ | 190,235 |  |  | $ | 154,289 |
Equity component, net |  | $ | — |  |  | $ | 65,361 |
Schedule of components of interest expense | The following table sets forth total interest expense recognized related to the 2025 Notes for the three and six months ended June 30, 2022 and 2021:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Contractual interest expense |  | $ | 1,203 |  |  | $ | 1,203 |  |  | $ | 2,406 |  |  | $ | 2,406 |
Amortization of debt issuance costs |  |  | 172 |  |  |  | 162 |  |  |  | 343 |  |  |  | 321 |
Amortization of debt discount |  |  | — |  |  |  | 1,951 |  |  |  | — |  |  |  | 3,862 |
Total interest and amortization expense |  | $ | 1,375 |  |  | $ | 3,316 |  |  | $ | 2,749 |  |  | $ | 6,589 |
2028 Notes |
Debt |
Summary of liability and equity components of convertible notes | Our outstanding 2028 Notes balance as of June 30, 2022 consisted of the following:
(In thousands) |  | June 30, 2022 |
Liability component |  |  |
Principal |  | $ | 261,000 |
Debt issuance costs, net |  |  | (8,057 | )
Net carrying amount |  | $ | 252,943 |
Schedule of components of interest expense | The following table sets forth total interest expense recognized related to the 2028 Notes from the date of issuance through June 30, 2022:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2022 |  |  | 2022 |
Contractual interest expense |  | $ | 1,387 |  |  | $ | 1,756 |
Amortization of debt issuance costs |  |  | 323 |  |  |  | 407 |
Total interest and amortization expense |  | $ | 1,710 |  |  | $ | 2,163 |

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