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Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instrument

Schedule of Company's Debt Obligations

A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3. Fair Value Measurements), was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2024

(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

​

$

(2,548)

​

$

247,452

​

$

247,452

​

Level 2*

2026 Convertible Notes

$

230,000

​

$

(2,780)

​

$

227,220

​

$

142,888

​

Level 2**

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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**

​

* 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

The following table presents the components of interest expense related to the 2027 Term Loans:

​	​	​	​	​	​	​
​		Three Months Ended
​	​	March 31,
(in thousands)	​	2024		​	2023
Contractual interest	​	$	8,747	​	$	8,145
Amortization of debt discount and debt issuance costs	​	​	972	​	​	332
Total interest expense	​	$	9,719	​	$	8,477

1.5% Convertible Senior Subordinated Notes due 2026

Debt Instrument

Schedule of 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)	​	2024			2023
Stated coupon interest	​	$	863	​	$	863
Amortization of debt discount and debt issuance costs	​		332	​		326
Total interest expense	​	$	1,195	​	$	1,189

Schedule of Future Payments on Debt

​

​	​	​	​
Year ending December 31, (in thousands)		​	​
Remainder of 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	​		(2,780)
Net carrying amount of 2026 Convertible Notes	​	$	227,220

​

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