v3.24.1.u1
Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long term debt as of March 31, 2024 and December 31, 2023 consisted of the following:
March 31, 2024December 31, 2023
(in thousands)
Convertible Senior Notes$205,067 $205,067 
Less: Unamortized debt issuance cost(2,304)(2,598)
Net carrying value of Convertible Senior Notes
202,763 202,469 
Term Loan B Facility*
365,000 351,000 
Less: Unamortized discount and debt issuance cost(15,036)(16,883)
Net carrying value of Term Loan B Facility*
349,964 334,117 
Balance Sheet Presentation:
Debt, current
3,650 3,600 
Debt, non-current, net of debt discount and debt issuance costs
549,077 $532,986 
Total debt
$552,727 $536,586 
* Term Loan B Facility as of March 31, 2024 and December 31, 2023 reflect the balances under the 2024 Term Loan B Facility and the 2021 Term Loan B Facility, respectively.
Schedule of Maturities of Long-term Debt
Maturities of the principal amount of the Company's long-term debt as of March 31, 2024 are as follows (in thousands):
Fiscal Year
Remaining 2024
$2,737 
20253,650 
2026208,717 
20273,650 
20283,650 
Thereafter347,663 
Total$570,067 
Amortization expense for the Company's debt issuance costs related to the Convertible Senior Notes for the fiscal years 2024 through 2026 is as follows (in thousands):
Fiscal YearDebt Issuance Costs
Remaining 2024
$879 
20251,173 
2026252 
Total$2,304 
Amortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs for fiscal years 2024 through 2028 and thereafter is as follows (in thousands):
Fiscal YearDebt DiscountDebt Issuance Costs
Remaining 2024
$807 $891 
20251,067 1,178 
20261,056 1,166 
20271,045 1,154 
20281,034 1,142 
Thereafter2,137 2,359 
Total$7,146 $7,890 
Interest Income and Interest Expense Disclosure
The following table sets forth interest expense related to the Convertible Senior Notes for the three months ended March 31, 2024 and 2023 (in thousands, except interest rates):
Three Months Ended
March 31, 2024March 31, 2023
Contractual interest expense$128 $241 
Amortization of debt issuance costs293 551 
Total interest expense$421 $792 
Effective interest rate0.82 %0.82 %
The following table sets forth interest expense related to the 2024 Term Loan B Facility and the 2021 Term Loan B Facility for the three months ended March 31, 2024 and related to the 2021 Term Loan B Facility for the three months ended March 31, 2023 (in thousands, except interest rates):
Three Months Ended
March 31, 2024March 31, 2023
Contractual interest expense$9,166 $8,436 
Amortization of debt discount314 393 
Amortization of debt issuance costs418 612 
Total interest expense$9,898 $9,441 
Effective interest rate11.03 %10.65 %
Schedule of Debt
The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility and 2021 Term Loan B Facility at March 31, 2024 and December 31, 2023, respectively:
March 31, 2024December 31, 2023
(in thousands)
Term Loan B Facility*
$365,000 $351,000 
Unamortized debt discounts(7,146)(6,594)
Unamortized debt issuance costs(7,890)(10,289)
Debt, net of debt discount and debt issuance costs
$349,964 $334,117 
* Term Loan B Facility as of March 31, 2024 and December 31, 2023 reflect the balances under the 2024 Term Loan B Facility and the 2021 Term Loan B Facility, respectively.