Quarterly report pursuant to Section 13 or 15(d)

Convertible Senior Notes

Convertible Senior Notes
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Convertible Senior Notes Convertible Senior NotesIn February 2021, the Company closed an underwritten public offering of $287.5 million aggregate principal amount of convertible senior notes due 2026, or the 2026 notes. The net proceeds from the offering were approximately $279.9 million after deducting underwriting discounts and estimated offering expenses payable by the Company. The 2026 notes are unsecured, pay interest semiannually at a rate of 6.25% per annum and are convertible at the option of the holder into shares of the Company’s common stock. As of March 31, 2023 and December 31, 2022, the 2026 notes had a conversion rate of 33.8752 and 33.8752 shares of common stock per $1,000 principal amount of the notes, respectively. The 2026 notes will mature in January 2026, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the 2026 notes prior to maturity, but may repurchase the 2026 notes in open market or privately negotiated transactions at the same or differing price without giving prior notice to or obtaining any consent of the holders. The Company may also be required to repurchase the notes from holders under certain circumstances. The outstanding amount due on the 2026 notes as of March 31, 2023 and December 31, 2022 was $282.8 million and $282.5 million, respectively, net of unamortized deferred issuance costs.