Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Outstanding Principal Amount and Carrying Value

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

	March 31, 2022							December 31, 2021
	Principal Amount		Unamortized debt issuance costs			Net Carrying Amount		Principal Amount		Unamortized debt issuance costs			Net Carrying Amount
2019 Notes ⁽¹⁾	$	9,850	$	(207	)	$	9,643	$	9,850	$	(217	)	$	9,633
2021 Notes		287,500		(8,446	)		279,054		287,500		(8,839	)		278,661
Total Debt		297,350		(8,653	)		288,697		297,350		(9,056	)		288,294
Short-term Debt		9,850		(207	)		9,643		9,850		(217	)		9,633
Long-term Debt	$	287,500	$	(8,446	)	$	279,054	$	287,500	$	(8,839	)	$	278,661
(1) In November 2021, we completed a privately negotiated repurchase of $76.4 million principal amount of the 2019 Notes (“2019 Note Repurchase”) which we accounted for as an induced conversion in accordance with Accounting Standards Codification 470-20, Debt with Conversion and Other Options (ASC 470-20). As a result of this transaction, we recorded unamortized debt issuance costs of $1.8 million in additional paid-in capital for the year ended December 31, 2021. Please refer to section "Partial Repurchase of the Convertible Senior Notes – 2019".

Schedule of Notes

Further details of the 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)⁽¹⁾
2019 Notes	December 15, 2026	2%	June 15, 2020	2.47%	June 15; December 15	28.9415	$	34.55	0.3
2021 Notes	May 15, 2027	1.125%	May 15, 2022	1.72%	May 15; November 15	9.0061	$	111.04	2.6
(1) Amount for 2019 Notes represents amount after repurchasing a portion of the 2019 Notes.

Schedule of Interest Expense

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

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	2019 Notes		2021 Notes		Total		2019 Notes		Total
Amortization of debt issuance costs		10		393		403		94		94
Cash interest expense		49		809		858		431		431
Total interest expense	$	59	$	1,202	$	1,261	$	525	$	525

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details