v3.24.1.u1
Long-term Debt (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Summary of Outstanding Principal Amount and Carrying Value

The following table presents the outstanding principal amount and carrying value of the 2021 Notes as of the dates indicated (in thousands):

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Principal Amount

 

 

Unamortized debt issuance costs

 

 

Net Carrying Amount

 

 

Principal Amount

 

 

Unamortized debt issuance costs

 

 

Net Carrying Amount

 

2021 Notes

 

 

287,500

 

 

 

(5,238

)

 

 

282,262

 

 

 

287,500

 

 

 

(5,645

)

 

 

281,855

 

Schedule of Notes

Further details of the 2021 Notes are as follows:

Issuance

 

Maturity Date

 

Interest Rate

 

First Interest Payment Date

 

Effective Interest Rate

 

Semi-Annual Interest Payment Dates

 

Initial Conversion Rate per $1,000 Principal

 

Initial Conversion Price

 

 

Number of Shares (in millions)

2021 Notes

 

May 15, 2027

 

1.125%

 

May 15, 2022

 

1.72%

 

May 15; November 15

 

9.0061

 

$

111.04

 

 

2.6

 

Schedule of Interest Expense

Interest expense related to the Notes was as follows (in thousands):

 

 

Three months ended March 31,

 

 

 

2024

 

 

2023

 

 

 

2021 Notes

 

 

2021 Notes

 

Amortization of debt issuance costs

 

 

407

 

 

 

400

 

Cash interest expense

 

 

809

 

 

 

809

 

Total interest expense

 

$

1,216

 

 

$

1,209