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Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Debt Instrument

Schedule of Company's Debt Obligations

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	At December 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	​	$	(3,519)	​	$	246,481	​	$	246,481	​	Level 2*
2026 Convertible Notes	$	230,000	​	$	(3,112)	​	$	226,888	​	$	150,155	​	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

Schedule of Components of Interest Expense

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2023		​	2022
Contractual interest	​	$	34,289	​	$	20,243
Amortization of debt discount and debt issuance costs	​	​	1,094	​	​	4,550
Total interest expense	​	$	35,383	​	$	24,793

Schedule of Future Payments on Debt

​

​	​	​	​
Year ending December 31, (in thousands)	​	​	​
2024 - interest only	​	$	35,345
2025 - interest only	​		35,248
2026 - principal and interest	​		224,607
2027 - principal and interest	​	​	50,097
Total minimum payments	​		345,297
Less amount representing interest	​		(95,297)
2027 Term Loans, gross	​		250,000
Less unamortized debt discount and debt issuance costs	​		(3,519)
Net carrying amount of 2027 Term Loans	​	$	246,481

1.5% Convertible Senior Subordinated Notes due 2026

Debt Instrument

Schedule of Components of Interest Expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2023		​	2022		​	2021
Stated coupon interest	​	$	3,450	​	$	3,450	​	$	3,450
Amortization of debt discount and debt issuance costs	​		1,313	​		1,286	​		1,259
Total interest expense	​	$	4,763	​	$	4,736	​	$	4,709

Schedule of Future Payments on Debt

Future payments on the 2026 Convertible Notes as of December 31, 2023 are as follows:

​	​	​	​
Year ending December 31, (in thousands)		​	​
2024 - interest only	​	$	3,450
2025 - interest only	​		3,450
2026 - principal and interest	​		231,725
Total minimum payments	​		238,625
Less amount representing interest	​		(8,625)
2026 Convertible Notes, principal amount	​		230,000
Less unamortized debt discount and debt issuance costs	​		(3,112)
Net carrying amount of 2026 Convertible Notes	​	$	226,888

8.2% Convertible Notes due 2022

Debt Instrument

Schedule of Components of Interest Expense

​

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

2025 Term Loan

Debt Instrument

Schedule of Components of Interest Expense

​

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

​

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