Convertible Notes, Net (Tables)

9 Months Ended

Sep. 30, 2022

Debt Instruments [Abstract]

Summary of Outstanding Convertible Senior Notes

As of September 30, 2022, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2018	$	220,000	4.75%	5.33%	$36.23	March 15, 2023
March 2022	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.6052 and 27.5702, respectively, for the March 2018 and March 2022 convertible notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold as defined in the respective March 2018 and March 2022 convertible notes supplemental indentures have not been exceeded as of September 30, 2022.

Summary of Details of Net Book Value of Convertible Note

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	September 30, 2022		December 31, 2021
Face value	$	1,837,717	$	1,349,271
Unamortized discount	(14,686)		(9,209)
Deferred financing costs	(16,014)		(12,656)
Net book value	$	1,807,017	$	1,327,406

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	September 30, 2022		December 31, 2021
Face value	$	520,000	$	622,500
Unamortized discount	(6,336)		(2,472)
Deferred financing costs	(38)		(152)
Net book value	$	513,626	$	619,876

Summary of Details about Interest Expense

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cash coupon	$	6,737	$	7,015	$	22,122	$	21,045
Discount and issuance cost amortization	644		873		2,222		2,595
Total interest expense	$	7,381	$	7,888	$	24,344	$	23,640