Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our total outstanding borrowings related to the 2021 Credit Agreement and Convertible Senior Notes:

	Rate	Maturity Date	September 30, 2023		December 31, 2022
2021 Credit Agreement
Revolving credit facility	S + 1.50%	April 2026	$	—	$	—
Term Loan A-1	S + 1.50%	April 2026	140,000		290,000
Term Loan A-2	S + 1.25%	April 2024	—		105,000
Convertible Senior Notes due 2026	0.25%	March 2026	600,000		600,000
Total borrowings			740,000		995,000
Less: unamortized debt discount and debt issuance costs			(4,830)		(7,611)
Total borrowings, net			735,170		987,389
Less: current portion of debt			(30,000)		(30,000)
Carrying value			$	705,170	$	957,389

The weighted average interest rates for the borrowings under the 2021 Credit Agreement and Convertible Senior Notes were 6.92% and 0.25%, as of September 30, 2023, respectively. During the nine months ended September 30, 2023, the effective interest rates for our borrowings were 7.43% and 0.54% for the 2021 Credit Agreement and the Convertible Senior Notes, respectively. The following sets forth the interest expense recognized related to the borrowings under the 2021 Credit Agreement and Convertible Senior Notes and is included in interest expense in the accompanying condensed consolidated statements of income:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense - Revolving Credit Facility	$	(319)	$	(320)	$	(1,257)	$	(948)
Contractual interest expense - Term Loans	(3,787)		(5,234)		(13,993)		(12,603)
Contractual interest expense - Convertible Senior Notes	(375)		(375)		(1,125)		(1,125)
Amortization of debt discount and debt issuance costs	(1,327)		(3,329)		(3,504)		(5,600)
Total	$	(5,808)	$	(9,258)	$	(19,879)	$	(20,276)