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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt |
Schedule of Debt | Our debt consists of the following:
|  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
2023 Notes |  | $ | — |  |  | $ | 96,204 |
2025 Notes |  |  | 192,500 |  |  |  | 192,500 |
2028 Notes |  |  | 261,000 |  |  |  | 261,000 |
Total debt |  |  | 453,500 |  |  |  | 549,704 |
Less: Unamortized debt discount and issuance costs |  |  | (7,266 | ) |  |  | (9,331 | )
Total debt, net |  |  | 446,234 |  |  |  | 540,373 |
Less: Current portion of long-term debt, net |  |  | — |  |  |  | 96,193 |
Total long-term debt, net |  | $ | 446,234 |  |  | $ | 444,180 |
Aggregate Scheduled Maturities of Convertible Debt | The aggregate scheduled maturities of our convertible debt as of December 31, 2023 are as follows:
(In thousands) |  | Amount |
Year ending December 31, |  |  |
2024 |  | $ | — |
2025 |  |  | 192,500 |
2026 |  |  | — |
2027 |  |  | — |
2028 |  |  | 261,000 |
Total |  | $ | 453,500 |
2023 Notes |
Debt |
Summary of Liability and Equity Components of Convertible Notes | Our outstanding 2023 Notes balance consisted of the following as of December 31, 2022:
(In thousands) |  | December 31, 2022 |
Principal |  | $ | 96,204 |
Debt issuance costs, net |  |  | (11 | )
Net carrying amount |  | $ | 96,193 |
Schedule of Components of Interest Expense | The following table sets forth total interest expense recognized related to the 2023 Notes for the years ended December 31, 2023, 2022 and 2021:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Contractual interest expense |  | $ | 85 |  |  | $ | 2,617 |  |  | $ | 5,121 |
Amortization of debt issuance costs |  |  | 11 |  |  |  | 302 |  |  |  | 580 |
Total interest and amortization expense |  | $ | 96 |  |  | $ | 2,919 |  |  | $ | 5,701 |
2025 Notes |
Debt |
Summary of Liability and Equity Components of Convertible Notes | Our outstanding 2025 Notes balances consisted of the following:
|  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Principal |  | $ | 192,500 |  |  | $ | 192,500 |
Debt discount and issuance costs, net |  |  | (1,205 | ) |  |  | (1,917 | )
Net carrying amount |  | $ | 191,295 |  |  | $ | 190,583 |
Schedule of Components of Interest Expense | The following table sets forth total interest expense recognized related to the 2025 Notes for the years ended December 31, 2023, 2022 and 2021:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Contractual interest expense |  | $ | 4,813 |  |  | $ | 4,813 |  |  | $ | 4,813 |
Amortization of debt issuance costs |  |  | 712 |  |  |  | 692 |  |  |  | 657 |
Amortization of debt discount |  |  | — |  |  |  | — |  |  |  | 7,898 |
Total interest and amortization expense |  | $ | 5,525 |  |  | $ | 5,505 |  |  | $ | 13,368 |
2028 Notes |
Debt |
Summary of Liability and Equity Components of Convertible Notes | Our outstanding 2028 Notes balance consisted of th e following:
|  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Principal |  | $ | 261,000 |  |  | $ | 261,000 |
Debt discount and issuance costs, net |  |  | (6,061 | ) |  |  | (7,403 | )
Net carrying amount |  | $ | 254,939 |  |  | $ | 253,597 |
Schedule of Components of Interest Expense | The following table sets forth total interest expense recognized related to the 2028 Notes for the year ended December 31, 2023 and from the issuance through December 31, 2022:
|  | Year Ended |  |  | Date of Issuance through |
(In thousands) |  | December 31, 2023 |  |  | December 31, 2022 |
Contractual interest expense |  | $ | 5,546 |  |  | $ | 4,514 |
Amortization of debt discount and issuance costs |  |  | 1,342 |  |  |  | 1,061 |
Total interest and amortization expense |  | $ | 6,888 |  |  | $ | 5,575 |

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