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v3.22.2.2

Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Instrument |
Summary of the Company's Debt Obligations | A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3), is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At September 30, 2022
(in thousands) | Principal Amount | ​ | ​ | Unamortized Debt Discount and Debt Issuance Costs | ​ | Net Carrying Value | ​ | Estimated Fair Value |  | Level
Financial Liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |
2027 Term Loans | $ | 250,000 | ​ | $ | (4,754) | ​ | $ | 245,246 | ​ | $ | 245,246 | ​ | Level 2*
2026 Convertible Notes | $ | 230,000 | ​ | $ | (4,750) | ​ | $ | 225,250 | ​ | $ | 175,950 | ​ | Level 2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At December 31, 2021
(in thousands) | Principal Amount | ​ | Unamortized Exit Fee, Debt Discount and Debt Issuance Costs | ​ | Net Carrying Value | ​ | Estimated Fair Value |  | Level
Financial Liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  |
2026 Convertible Notes | $ | 230,000 | ​ | $ | (5,712) | ​ | $ | 224,288 | ​ | $ | 271,860 | ​ | Level 2
2022 Convertible Notes | $ | 109,000 | ​ | $ | (521) | ​ | $ | 108,479 | ​ | $ | 108,361 | ​ | Level 3
2025 Term Loan | $ | 75,000 | ​ | $ | 513 | ​ | $ | 75,513 | ​ | $ | 75,513 | ​ | Level 2*
​
* | The principal amounts outstanding are subject to variable interest rates, which are based on three-month LIBOR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximates fair value.
2027 Term Loans |
Debt Instrument |
Components of Interest Expense | The following table presents the components of interest expense related to the 2027 Term Loans:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) | ​ | 2022 | ​ | 2022
Stated coupon interest | ​ | $ | 5,665 | ​ | $ | 12,577
Amortization of debt discount and debt issuance costs | ​ | ​ | 622 | ​ | ​ | 4,122
Total interest expense | ​ | $ | 6,287 | ​ | $ | 16,699
Schedule of Future Payments on Debt | Future payments on the 2027 Term Loans as of September 30, 2022 are as follows:
​ | ​ | ​ | ​
Year ending December 31, (in thousands) | ​ | ​ | ​
Remainder of 2022 - interest only | ​ | $ | 6,887
2023 - interest only | ​ | ​ | 27,327
2024 - interest only | ​ |  | 27,402
2025 - interest only | ​ |  | 27,327
2026 and thereafter | ​ | ​ | 269,151
Total minimum payments | ​ |  | 358,094
Less amount representing interest | ​ |  | (108,094)
2027 Term Loans, gross | ​ |  | 250,000
Less unamortized debt discount and debt issuance costs, net | ​ |  | (4,754)
Net carrying amount of 2027 Term Loans | ​ | $ | 245,246
1.5% Convertible Senior Subordinated Notes due 2026 |
Debt Instrument |
Components of Interest Expense | The following table presents the components of interest expense related to 2026 Convertible Notes:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2022 | ​ | 2021 | ​ | 2022 |  | 2021
Stated coupon interest | ​ | $ | 863 | ​ | $ | 862 | ​ | $ | 2,588 | ​ | $ | 2,587
Amortization of debt discount and debt issuance costs | ​ |  | 322 | ​ |  | 316 | ​ |  | 962 | ​ |  | 942
Total interest expense | ​ | $ | 1,185 | ​ | $ | 1,178 | ​ | $ | 3,550 | ​ | $ | 3,529
Schedule of Future Payments on Debt | Future payments on the 2026 Convertible Notes as of September 30, 2022 are as follows:
​ | ​ | ​ | ​
Year ending December 31, (in thousands) |  | ​ | ​
Remainder of 2022 - interest only | ​ | $ | 1,725
2023 - interest only | ​ | ​ | 3,450
2024 - interest only | ​ |  | 3,450
2025 - interest only | ​ |  | 3,450
2026 and thereafter | ​ |  | 231,725
Total minimum payments | ​ |  | 243,800
Less amount representing interest | ​ |  | (13,800)
2026 Convertible Notes, principal amount | ​ |  | 230,000
Less unamortized debt discount and debt issuance costs | ​ |  | (4,750)
Net carrying amount of 2026 Convertible Notes | ​ | $ | 225,250
8.2% Convertible Notes due 2022 |
Debt Instrument |
Components of Interest Expense | The following table presents the components of interest expense related to the 2022 Convertible Notes:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Stated coupon interest | ​ | $ | — | ​ | $ | 2,050 | ​ | $ | 2,050 | ​ | $ | 6,150
Amortization of debt discount and debt issuance costs | ​ |  | — | ​ |  | 497 | ​ |  | 521 | ​ |  | 1,457
Total interest expense | ​ | $ | — | ​ | $ | 2,547 | ​ | $ | 2,571 | ​ | $ | 7,607
2025 Term Loan |
Debt Instrument |
Components of Interest Expense | The following table presents the components of interest expense related to the 2025 Term Loan:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Stated coupon interest | ​ | $ | — | ​ | $ | 1,773 | ​ | $ | 154 | ​ | $ | 5,261
Amortization of debt discount and debt issuance costs | ​ |  | — | ​ |  | 273 | ​ |  | 16 | ​ |  | 751
Total interest expense | ​ | $ | — | ​ | $ | 2,046 | ​ | $ | 170 | ​ | $ | 6,012

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