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Convertible Senior Notes (Tables)
6 Months Ended
Jun. 30, 2023
Summary of Debt Obligations

The following table summarizes the Company’s debt obligations as of June 30, 2023 (in thousands):

 

 

Remainder of 2023

 

 

2024-2025

 

 

2026-2027

 

 

Total

 

Debt obligations

 

$

 

 

$

133,558

 

 

$

375,000

 

 

$

508,558

 

0% Convertible Senior Notes Due 2026  
Schedule of Components of Convertible Senior Notes

The 2026 Notes consist of the following (in thousands):

 

 

As of

 

 

As of

 

 

 

June 30, 2023

 

 

December 31, 2022

 

Liability component:

 

 

 

 

 

 

Principal

 

$

375,000

 

 

$

375,000

 

Less: debt discount, net of amortization

 

 

(5,705

)

 

 

(6,763

)

Net carrying amount

 

$

369,295

 

 

$

368,237

 

Summary of Total Interest Expense Recognized Related To Convertible Senior Notes

The following table sets forth total interest expense recognized related to the 2026 Notes (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Amortization of debt discount and transaction costs

 

$

532

 

 

$

529

 

 

$

1,057

 

 

$

1,051

 

Summary of Fair Value and Carrying Value of Convertible Senior Notes

The fair value of the 2026 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2026 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments were as follows (in thousands):

 

 

As of June 30, 2023

 

 

As of December 31, 2022

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

2026 Notes

 

$

311,250

 

 

$

369,295

 

 

$

320,520

 

 

$

368,237

 

0.125% Convertible Senior Notes Due 2024  
Schedule of Components of Convertible Senior Notes

The 2024 Notes consist of the following (in thousands):

 

 

As of

 

 

As of

 

 

 

June 30, 2023

 

 

December 31, 2022

 

Liability component:

 

 

 

 

 

 

Principal

 

$

133,558

 

 

$

133,558

 

Less: debt discount, net of amortization

 

 

(1,117

)

 

 

(1,497

)

Net carrying amount

 

$

132,441

 

 

$

132,061

 

 

Summary of Total Interest Expense Recognized Related To Convertible Senior Notes

The following table sets forth total interest expense recognized related to the 2024 Notes (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

0.125% coupon

 

$

41

 

 

$

141

 

 

$

83

 

 

$

282

 

Amortization of debt discount and transaction costs

 

 

191

 

 

 

637

 

 

 

381

 

 

 

1,273

 

 

$

232

 

 

$

778

 

 

$

464

 

 

$

1,555

 

Summary of Fair Value and Carrying Value of Convertible Senior Notes

The fair value of the 2024 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2024 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments were as follows (in thousands):

 

 

As of June 30, 2023

 

 

As of December 31, 2022

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

2024 Notes

 

$

121,538

 

 

$

132,441

 

 

$

118,199

 

 

$

132,061