Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Long-term Debt

Long-term debt consists of the following (in thousands):

	December 31,
	2022		2021
4.625% Senior Notes	$	460,038	$	641,276
Convertible Notes:
1.75% Convertible Notes	550,000		550,000
Total Notes	1,010,038		1,191,276
Less: Unamortized discount	(2,764)		(91,593)
Deferred issuance costs	(8,221)		(9,056)
Total debt	999,053		1,090,627
Less: current portion	—		(54,609)
Total long-term debt, less current portion	$	999,053	$	1,036,018

Future Principal Payments for Debt

At December 31, 2022, future principal and interest payments for debt are as follows (in thousands):

	Principal		Interest
2023	$	—	$	30,902
2024	—		30,902
2025	—		30,902
2026	550,000		30,902
2027	—		21,276
Thereafter	460,038		63,830
	$	1,010,038	$	208,714

Schedule of Repurchase Agreements

epurchases of 4.625% Senior Notes on the open market (excluding those from a tender offer) were as follows (in thousands):

	Year ended December 31,
	2022		2021
Principal repurchased	$	181,238	$	25,391
Aggregate purchase price	$	167,661	$	26,035
(Gain) loss on repurchase (1)	$	(12,060)	$	644

(1)Presented within ‘Gain (loss) on debt extinguishment, net’ on the Consolidated Statements of Operations.

Schedule of Debt

The following table provides additional information on the 4.625% Senior Notes (in thousands):

	December 31,
	2022		2021
Principal amount of 4.625% Senior Notes	$	460,038	$	641,276
Less: Unamortized discount	(2,764)		(4,259)
Less: Debt issuance costs	(874)		(1,339)
Net carrying amount of 4.625% Senior Notes	$	456,400	$	635,678

The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):

	Year ended December 31,
	2022		2021		2020
Coupon interest expense	$	24,500	$	33,899	$	8,094
Non-cash amortization of discount on 4.625% Senior Notes	333		529		103
Amortization of debt issuance costs	109		66		29
Total interest expense related to 4.625% Senior Notes	$	24,942	$	34,494	$	8,226

Components of Interest Expense Related to Convertible Notes

The following table provides the components of interest expense related to the 3.25% Convertible Notes (in thousands):

	Year ended December 31,
	2021		2020
Coupon interest expense	$	5,994	$	13,080
Non-cash amortization of discount on 3.25% Convertible Notes	4,645		9,717
Amortization of debt issuance costs	855		1,749
Total interest expense related to 3.25% Convertible Notes	$	11,494	$	24,546

The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):

	Year Ended December 31,
	2022 (1)		2021		2020
Coupon interest expense	$	9,776	$	9,625	$	9,653
Non-cash amortization of discount on 1.75% Convertible Notes	—		15,338		14,563
Amortization of debt issuance costs	1,858		1,173		1,098
Total interest expense related to 1.75% Convertible Notes	$	11,634	$	26,136	$	25,314

(1)On January 1, 2022 the Company adopted ASU 2020-06 using the modified retrospective method. At the time of adoption, the Company de-recognized the remaining unamortized debt discount. No amortization of debt discount was recorded during the year ended December 31, 2022.

Additional Information Related to Convertible Notes

The following table provides additional information related to the 1.75% Convertible Notes (in thousands):

	December 31,
	2022		2021
Additional paid-in capital	$	—	$	88,137
Principal amount of 1.75% Convertible Notes	$	550,000	$	550,000
Less: Unamortized discount of the liability component	—		(87,334)
Less: Carrying amount of debt issuance costs	(7,347)		(7,717)
Net carrying amount of 1.75% Convertible Notes	$	542,653	$	454,949