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Debt Obligations (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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

​

$

(4,037)

​

$

245,963

​

$

245,963

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(3,772)

​

$

226,228

​

$

136,022

​

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

​

Six Months Ended

​

​

June 30,

​

June 30,

(in thousands)

​

2023

​

2022

​

2023

​

2022

Contractual interest

​

$

8,469

​

$

4,702

​

$

16,614

​

$

6,912

Amortization of debt discount and debt issuance costs

​

​

243

​

​

659

​

​

575

​

​

3,500

Total interest expense

​

$

8,712

​

$

5,361

​

$

17,189

​

$

10,412

Schedule of Future Payments on Debt

Assuming the second quarter of 2023 interest rate of 13.40%, future payments on the 2027 Term Loans as of June 30, 2023 are as follows:

​	​	​	​
Year ending December 31, (in thousands)	​	​	​
Remainder of 2023 - interest only	​	$	17,124
2024 - interest only	​	​	34,063
2025 - interest only	​		33,970
2026 - principal and interest	​		223,713
2027 - principal and interest	​	​	50,093
Total minimum payments	​		358,963
Less amount representing interest	​		(108,963)
2027 Term Loans, gross	​		250,000
Less unamortized debt discount and debt issuance costs	​		(4,037)
Net carrying amount of 2027 Term Loans	​	$	245,963

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

​

Six Months Ended

​

​

June 30,

​

June 30,

(in thousands)

2023

​

2022

​

2023

2022

Stated coupon interest

​

$

862

​

$

862

​

$

1,725

​

$

1,725

Amortization of debt discount and debt issuance costs

​

327

​

321

​

653

​

640

Total interest expense

​

$

1,189

​

$

1,183

​

$

2,378

​

$

2,365

Schedule of Future Payments on Debt

​

​	​	​	​
Year ending December 31, (in thousands)		​	​
Remainder of 2023 - interest only	​	$	1,725
2024 - interest only	​	​	3,450
2025 - interest only	​		3,450
2026	​		231,725
Total minimum payments	​		240,350
Less amount representing interest	​		(10,350)
2026 Convertible Notes, principal amount	​		230,000
Less unamortized debt discount and debt issuance costs	​		(3,772)
Net carrying amount of 2026 Convertible Notes	​	$	226,228

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