Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.22.2
Debt (Tables)
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:

June 30, 2022 December 31, 2021
Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value
2023 notes $ 23,355  $ 21,264  $ 23,280  $ 34,487 
2025 notes 652,164  386,534  650,783  593,366 
2027 notes 564,354  268,962  563,234  467,814 
The following table summarizes borrowings under these facilities as of the periods presented:
June 30, 2022
Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Maturity Date
City National Bank $ 100,000  $ 36,151  3.63  % 10/11/2022
Comerica Bank 75,000  33,448  3.80  Upon lender demand
Origin Bank 75,000  35,000  4.31  9/30/2022
People's United Bank, National Association 50,000  21,695  3.47  10/19/2022
Prosperity Bank 150,000  81,268  3.71  9/30/2022
Republic Bank & Trust Company 75,000  31,906  3.32  8/17/2022
Wells Fargo Bank, N.A. 135,000  44,964  3.52  As determined by lender
Western Alliance Bank 25,000  13,871  3.18  12/2/2022
Total $ 685,000  $ 298,303  —  — 

December 31, 2021
Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings
Western Alliance Bank $ 50,000  $ 17,089  3.00  %
Texas Capital Bank, N.A. 40,000  11,852  3.01 
Flagstar Bank, FSB
25,000  4,102  3.00 
Total $ 115,000  $ 33,043  — 
The following table summarizes borrowings under this facility as of the periods presented:
June 30, 2022 December 31, 2021
Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA $ 400,000  $ 156,540  4.55  % $ 200,000  $ 199,781  3.30  %
Convertible Debt We have issued convertible senior notes with the following characteristics:
Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate
2023 notes July 15, 2023 1.75  % 2.45  % January 15, 2019 January 15; July 15 32.7332
2025 notes October 15, 2025 —  0.42  13.7920
2027 notes April 1, 2027 0.50  0.90  October 1, 2021 April 1; October 1 10.6920
The components of our convertible senior notes were as follows:

June 30, 2022
Issuance Aggregate Principal Amount Unamortized Debt Discount  Unamortized Debt Issuance Costs Net Carrying Amount
2023 notes $ 23,512  $ —  $ 157  $ 23,355 
2025 notes 661,250  —  9,086  652,164 
2027 notes 575,000  —  10,646  564,354 

December 31, 2021
Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount
2023 notes $ 23,512  $ —  $ 232  $ 23,280 
2025 notes 661,250  —  10,467  650,783 
2027 notes 575,000  —  11,766  563,234 
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
2023 notes
Contractual interest expense $ 103  $ 104  $ 206  $ 208 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 38  39  75  110 
Total interest expense $ 141  $ 143  $ 281  $ 318 
2025 notes
Contractual interest expense —  —  —  — 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 690  690  1,380  1,380 
Total interest expense $ 690  $ 690  $ 1,380  $ 1,380 
2027 notes
Contractual interest expense 719  715  1,438  749 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 560  557  1,120  585 
Total interest expense $ 1,279  $ 1,272  $ 2,558  $ 1,334 
Total
Contractual interest expense 822  819  1,644  957 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 1,288  1,286  2,575  2,075 
Total interest expense $ 2,110  $ 2,105  $ 4,219  $ 3,032 
Interest Income and Interest Expense Disclosure
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
2023 notes
Contractual interest expense $ 103  $ 104  $ 206  $ 208 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 38  39  75  110 
Total interest expense $ 141  $ 143  $ 281  $ 318 
2025 notes
Contractual interest expense —  —  —  — 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 690  690  1,380  1,380 
Total interest expense $ 690  $ 690  $ 1,380  $ 1,380 
2027 notes
Contractual interest expense 719  715  1,438  749 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 560  557  1,120  585 
Total interest expense $ 1,279  $ 1,272  $ 2,558  $ 1,334 
Total
Contractual interest expense 822  819  1,644  957 
Amortization of debt discount —  —  —  — 
Amortization of debt issuance costs 1,288  1,286  2,575  2,075 
Total interest expense $ 2,110  $ 2,105  $ 4,219  $ 3,032