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Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Debt Instrument

Summary of the Company's Debt Obligations

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​

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​

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At December 31, 2022

(in thousands)

Principal Amount

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​

Unamortized Debt Discount and Debt Issuance Costs

​

Net Carrying Value

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Estimated Fair Value

Level

Financial Liabilities:

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​

​

​

​

​

​

​

2027 Term Loans

$

250,000

​

$

(4,517)

​

$

245,483

​

$

245,483

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Level 2*

2026 Convertible Notes

$

230,000

​

$

(4,425)

​

$

225,575

​

$

157,205

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Level 2**

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​

​

​

​

​

​

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​

​

​

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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

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Level 2**

2022 Convertible Notes

$

109,000

​

$

(521)

​

$

108,479

​

$

108,361

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Level 3***

2025 Term Loan

$

75,000

​

$

513

​

$

75,513

​

$

75,513

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Level 2*

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*	The principal amounts outstanding are subject to variable interest rates, which are based on three-month LIBOR plus fixed percentages through March 31, 2023. Therefore, the Company believes the carrying amount of these obligations approximates fair value.
**	The fair value is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices observed in market trading. Since the market for trading of the 2026 Convertible Notes is not considered to be an active market, the estimated fair value is based on Level 2 inputs.
***	The fair value was based on an income approach using a single factor binomial lattice model which incorporates the terms and conditions of the convertible notes and market-based risk measurement that are indirectly observable, such as credit risk, and therefore were Level 3 inputs. The lattice model produced an estimated fair value based on changes in the price of the underlying common shares price over successive periods of time. An estimated yield based on market data was used to discount straight debt cash flows.

2027 Term Loans

Debt Instrument

Components of Interest Expense

​

​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2022
Stated coupon interest	​	$	20,243
Amortization of debt discount and debt issuance costs	​	​	4,550
Total interest expense	​	$	24,793

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Schedule of Future Payments on Debt

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​	​	​	​
Year ending December 31, (in thousands)	​	​	​
2023 - interest only	​	$	30,412
2024 - interest only	​	​	30,496
2025 - interest only	​		30,412
2026 - principal and interest	​		221,231
2027 - principal and interest	​	​	50,083
Total minimum payments	​		362,634
Less amount representing interest	​		(112,634)
2027 Term Loans, gross	​		250,000
Less unamortized debt discount and debt issuance costs, net	​		(4,517)
Net carrying amount of 2027 Term Loans	​	$	245,483

​

1.5% Convertible Senior Subordinated Notes due 2026

Debt Instrument

Components of Interest Expense

​

​	​	​	​	​	​	​	​	​
​	Year Ended December 31,
(in thousands)	2022		​	2021		​	2020
Stated coupon interest	$	3,450	​	$	3,450	​	$	2,434
Amortization of debt discount and debt issuance costs		1,286	​		1,259	​		873
Total interest expense	$	4,736	​	$	4,709	​	$	3,307

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Schedule of Future Payments on Debt

Future payments on the 2026 Convertible Notes as of December 31, 2022 are as follows:

​	​	​	​
Year ending December 31, (in thousands)		​	​
2023 - interest only	​	$	3,450
2024 - interest only	​	​	3,450
2025 - interest only	​		3,450
2026	​		231,725
Total minimum payments	​		242,075
Less amount representing interest	​		(12,075)
2026 Convertible Notes, principal amount	​		230,000
Less unamortized debt discount and debt issuance costs	​		(4,425)
Net carrying amount of 2026 Convertible Notes	​	$	225,575

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8.2% Convertible Notes due 2022

Debt Instrument

Components of Interest Expense

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​	​	​	​	​	​	​	​	​
​	Year Ended December 31,
(in thousands)	2022			2021			2020
Stated coupon interest	$	2,050	​	$	8,200	​	$	8,200
Amortization of debt discount and debt issuance costs		521	​		1,966	​		1,791
Total interest expense	$	2,571	​	$	10,166	​	$	9,991

​

2025 Term Loan

Debt Instrument

Components of Interest Expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2022		​	2021			2020
Stated coupon interest	​	$	154	​	$	7,034	​	$	7,053
Amortization of debt discount and debt issuance costs	​		16	​		1,032	​		818
Total interest expense	​	$	170	​	$	8,066	​	$	7,871

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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