Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt

Schedule of debt

Our debt consisted of the following:

	September 30,			December 31,
(In thousands)	2022			2021
2023 Notes	$	96,204		$	240,984
2025 Notes		192,500			192,500
2028 Notes		261,000			—
Total debt		549,704			433,484
Less: Unamortized debt discount and issuance costs		(9,894	)		(38,831	)
Total debt, net	$	539,810		$	394,653
Less: Current portion of long-term debt, net		96,131			—
Total long-term debt, net	$	443,679		$	394,653

Aggregate scheduled maturities of convertible debt

The aggregate scheduled maturities of our convertible debt as of September 30, 2022 were as follows:

(In thousands)	September 30, 2022
Years ending December 31:
Remainder of 2022	$	—
2023		96,204
2024		—
2025		192,500
2026		—
Thereafter		261,000
Total	$	549,704

2023 Notes

Debt

Summary of liability and equity components of convertible notes

Our outstanding 2023 Notes balances consisted of the following:

	September 30,			December 31,
(In thousands)	2022			2021
Principal	$	96,204		$	240,984
Debt issuance costs, net		(73	)		(620	)
Net carrying amount	$	96,131		$	240,364

Schedule of components of interest expense

The following table sets forth total interest expense recognized related to the 2023 Notes for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Contractual interest expense	$	511	$	1,280	$	2,106	$	3,840
Amortization of debt issuance costs		59		143		240		431
Total interest and amortization expense	$	570	$	1,423	$	2,346	$	4,271

2025 Notes

Debt

Summary of liability and equity components of convertible notes

Our outstanding 2025 Notes balances consisted of the following:

	September 30,			December 31,
(In thousands)	2022			2021
Principal	$	192,500		$	192,500
Debt discount and issuance costs, net		(2,092	)		(38,211	)
Net carrying amount	$	190,408		$	154,289
Equity component, net	$	—		$	65,361

Schedule of components of interest expense

The following table sets forth total interest expense recognized related to the 2025 Notes for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Contractual interest expense	$	1,203	$	1,203	$	3,609	$	3,609
Amortization of debt issuance costs		174		166		517		487
Amortization of debt discount		—		1,997		—		5,859
Total interest and amortization expense	$	1,377	$	3,366	$	4,126	$	9,955

2028 Notes

Debt

Summary of liability and equity components of convertible notes

Our outstanding 2028 Notes balance as of September 30, 2022 consisted of the following:

(In thousands)	September 30, 2022
Principal	$	261,000
Debt issuance costs, net		(7,729	)
Net carrying amount	$	253,271

Schedule of components of interest expense

The following table sets forth total interest expense recognized related to the 2028 Notes from the date of issuance through September 30, 2022:

	Three Months Ended September 30,		Date of Issuance through September 30,
(In thousands)	2022		2022
Contractual interest expense	$	1,371	$	3,127
Amortization of debt issuance costs		328		735
Total interest and amortization expense	$	1,699	$	3,862