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Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023

(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

​

$

(4,282)

​

$

245,718

​

$

245,718

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(4,100)

​

$

225,900

​

$

159,358

​

Level 2**

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 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

​

$

(4,517)

​

$

245,483

​

$

245,483

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(4,425)

​

$

225,575

​

$

157,205

​

Level 2**

​

* The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR starting April 1, 2023 plus fixed percentages. Through March 31, 2023, the variable component was based on the three-month LIBOR. 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.

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
​	​	March 31,
(in thousands)	​	2023		​	2022
Stated coupon interest	​	$	8,145	​	$	2,210
Amortization of debt discount and debt issuance costs	​	​	332	​	​	2,841
Total interest expense	​	$	8,477	​	$	5,051

​

Schedule of Future Payments on Debt

Future payments on the 2027 Term Loans as of March 31, 2023 are as follows:

​	​	​	​
Year ending December 31, (in thousands)	​	​	​
Remainder of 2023 - interest only	​	$	24,887
2024 - interest only	​	​	33,123
2025 - interest only	​		33,032
2026 - principal and interest	​		223,060
2027 - principal and interest	​	​	50,090
Total minimum payments	​		364,192
Less amount representing interest	​		(114,192)
2027 Term Loans, gross	​		250,000
Less unamortized debt discount and debt issuance costs, net	​		(4,282)
Net carrying amount of 2027 Term Loans	​	$	245,718

​

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 the 2026 Convertible Notes:

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,
(in thousands)	​	2023			2022
Stated coupon interest	​	$	863	​	$	863
Amortization of debt discount and debt issuance costs	​		326	​		319
Total interest expense	​	$	1,189	​	$	1,182

Schedule of Future Payments on Debt

​

​	​	​	​
Year ending December 31, (in thousands)		​	​
Remainder of 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	​		(4,100)
Net carrying amount of 2026 Convertible Notes	​	$	225,900

​

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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