v3.22.2.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long term debt as of September 30, 2022 and December 31, 2021 consisted of the following:
September 30, 2022December 31, 2021
(in thousands)
Convertible Senior Notes$400,000 $400,000 
Less: Unamortized debt issuance cost(7,927)(9,643)
Net392,073 390,357 
Term Loan B Facility355,500 358,200 
Less: Unamortized discount and debt issuance cost(21,896)(24,934)
Net333,604 333,266 
Less: Current portion(3,600)(3,600)
Total non-current debt$722,077 $720,023 
Schedule of Maturities of Long-term Debt
Maturities of the principal amount of the Company's long-term debt as of September 30, 2022 are as follows (in thousands):
Fiscal Year
Remaining 2022$900 
20233,600 
20243,600 
20253,600 
2026403,600 
Thereafter340,200 
Total$755,500 
Amortization of the debt issuance cost and the discount associated with our indebtedness totaled $1.6 million and $4.8 million for the three and nine months ended September 30, 2022, respectively, and $1.6 million and $2.9 million for the three and nine months ended September 30, 2021, respectively. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense. In addition, amortization of deferred financing costs was $0.1 million and $0.3 million for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively. Deferred financing costs are included within prepaid expenses and other current assets and other assets, non-current assets.
Amortization expense for the Company's debt issuance costs related to the Convertible Senior Notes for the fiscal years 2022 through 2026 is as follows (in thousands):
Fiscal YearDebt Issuance Costs
Remaining 2022$572 
20232,288 
20242,288 
20252,288 
2026491 
Total$7,927 
Amortization expense for the Term Loan B Facility debt discount and debt issuance costs for fiscal years 2022 through 2028 is as follows (in thousands):
Fiscal YearDebt DiscountDebt Issuance Costs
Remaining 2022$394 $614 
20231,564 2,441 
20241,548 2,416 
20251,532 2,391 
20261,516 2,366 
Thereafter1,998 3,116 
Total$8,552 $13,344 
Interest Income and Interest Expense Disclosure The following table sets forth interest expense related to the Convertible Senior Notes for the three and nine months ended September 30, 2022 and 2021 (in thousands, except interest rates):
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Contractual interest expense$250 $250 $750 $536 
Amortization of debt issuance costs572 572 1,716 1,227 
Total interest expense$822 $822 $2,466 $1,763 
Effective interest rate0.82 %0.82 %0.82 %0.82 %
The following table sets forth interest expense related to the Term Loan B Facility for the three and nine months ended September 30, 2022 and 2021 (in thousands, except interest rates):
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Contractual interest expense$6,052 $5,290 $16,472 $8,798 
Amortization of debt discount394 399 1,186 664 
Amortization of debt issuance costs616 622 1,852 1,036 
Total interest expense$7,062 $6,311 $19,510 $10,498 
Effective interest rate7.93 %7.00 %7.28 %7.00 %
Schedule of Debt
The following table summarizes the amount outstanding under the Term Loan B Facility at September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
(in thousands)
Term Loan B Facility
$355,500 $358,200 
Unamortized debt discounts(8,552)(9,738)
Unamortized debt issuance costs(13,344)(15,196)
Debt, net of debt issuance costs$333,604 $333,266