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Convertible Senior Notes

3 Months Ended

Mar. 31, 2024

Convertible Senior Notes

Convertible Senior Notes

Note 11. Convertible Senior Notes

Convertible Senior Notes payable consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2024			2023
Principal amount of 2025 Senior Notes	​	$	14,344	​	$	14,344
Principal amount of 2026 Senior Notes	​		371,185	​		371,185
Less: unamortized debt issuance costs	​	​	(6,376)	​	​	(6,976)
Net carrying value of Convertible Senior Notes payable	​	$	379,153	​	$	378,553

​

Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands):

​	​	​	​	​	​	​	​
​		Three Months Ended
​	​	March 31,					​
​		2024			2023
Coupon interest	​	$	804	​	$	862	​
Amortization of debt issuance costs	​	​	601	​	​	641	​
Total interest expense on Convertible Senior Notes	​	$	1,405	​	$	1,503	​

​

The Company’s 2025 Senior Notes and 2026 Senior Notes payable of $14.3 million and $371.2 million, respectively, are due and payable in 2025 and 2026, respectively.

In September 2023, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Senior Notes to repurchase $31.3 million in aggregate principal amount of the 2026 Senior Notes for a repurchase price of $25.0 million in cash. The Company recorded $5.7 million as a gain on extinguishment of debt on its condensed consolidated statement of operations for the year ended December 31, 2023, which includes the write off of $0.6 million of unamortized debt issuance costs. Following these repurchases, approximately $371.2 million principal amount of the 2026 Senior Notes remain outstanding.  

See Note 10 – Convertible Senior Notes to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s Convertible Senior Notes.

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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