Debt (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of convertible debt obligations

The Company’s outstanding debt obligations as of September 30, 2020 and December 31, 2019 were as follows:


	September 30,		December 31,
	2020		2019
Revolving credit facility balance	$	—	$	260,000

Convertible Notes due 2023	$	345,000	$	345,000
Unaccreted discount on Convertible Notes due 2023	(26,444)		(33,491)
Unamortized issuance costs on Convertible Notes due 2023	(4,733)		(5,996)
Convertible Notes due 2023 carrying value(1)	$	313,823	$	305,513

Convertible Notes due 2025	$	517,500	$	—
Unaccreted discount on Convertible Notes due 2025	(69,104)		—
Unamortized issuance costs on Convertible Notes due 2025	(12,301)		—
Convertible Notes due 2025 carrying value(2)	$	436,095	$	—

(1) The effective interest rate on the liability component of the Convertible Notes due 2023 was 6% for the three and nine months ended September 30, 2020 and 2019.

(2) The effective interest rate on the liability component of the Convertible Notes due 2025 was 4% for the three months ended September 30, 2020.

Schedule of interest expense

Interest expense was comprised of the following and is included in other expense, net in the condensed consolidated statement of operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Accretion of debt discount	$	3,816	$	3,846	$	8,496	$	11,388
Interest on revolving credit facility	1,259		1,529		5,786		2,725
Coupon interest	1,951		2,264		4,962		6,792
Amortization of issuance costs	922		1,160		2,186		2,880
Undrawn and other fees	191		187		477		560
Total interest expense	$	8,139	$	8,986	$	21,907	$	24,345