Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

The following table summarizes the terms of our Convertible Senior Notes as of December 31,2023 (in thousands, except per share conversion rates and prices):


	2025 Notes			2029 Notes
Aggregate principal amount at issuance	$	172,500		$	402,500
Interest rate per annum	1.5		%	3.5		%
Debt issuance costs	$	5,929		$	11,598
Net proceeds	$	166,571		$	390,902
Issuance date	October 22, 2018			December 8, 2023
Maturity date	October 15, 2025			December 1, 2029
Interest payment dates (1)	April 15 and October 15			June 1 and December 1

Initial conversion rate per $1,000 of principal	$	29.9135		$	26.3125
Initial conversion price	$	33.43		$	38.00
Initial shares upon conversion(2)	5,160			15,092

Carrying value	$	170,171		$	391,024
Unamortized debt discount and issuance costs	2,329			11,476
Outstanding principal	$	172,500		$	402,500
Remaining amortization period (years)	1.8			5.9
Fair value (3)	$	197,226		$	476,717

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(1)Holders of the Convertible Senior Notes are entitled to cash payments, which are payable semiannually in arrears on the dates indicated above.

(2)Measured in shares of the Company’s Class A common stock and represents the number of shares of the Company’s Class A common stock that the Convertible Senior Notes are initially convertible into. Upon conversion, the Company will pay or deliver, as the case may be, cash or shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election.

(3)Fair values for notes are derived from available trading prices closest to the respective balance sheet date.

Schedule of Debt

Interest expense and amortization of debt issuance costs activity during the years ended December 31, 2023, 2022 and 2021, respectively were as follows (in thousands):


	For the Year Ended December 31,
	2023		2022		2021
2029 Notes
Interest expense	$	900	$	—	$	—
Amortization of debt issuance costs	122		—		—
Interest expense for 2029 Notes	$	1,022	$	—	$	—
2022 Credit Agreement
Interest expense	$	46,538	$	7,939	$	—
Amortization of debt issuance costs	2,256		433		—
Interest expense for 2022 Credit Agreement	$	48,794	$	8,372	$	—
2024 Notes
Interest expense	$	367	$	2,743	$	4,097
Amortization of debt issuance costs	148		592		7,899
Interest expense for 2024 Notes	$	515	$	3,335	$	11,996
2025 Notes
Interest expense	$	2,588	$	2,588	$	2,632
Amortization of debt issuance costs	1,286		1,277		9,966
Interest expense for 2025 Notes	$	3,874	$	3,865	$	12,598
2019 Credit Agreement
Interest expense	$	—	$	—	$	161
Amortization of debt issuance costs	—		—		—
Interest expense for 2019 Credit Agreement	$	—	$	—	$	161
2021 Notes
Interest expense	$	—	$	—	$	490
Amortization of debt issuance costs	—		—		180
Interest expense for 2021 Notes	$	—	$	—	$	670