v3.20.2
Convertible Senior Notes (Tables)
 6 Months Ended
Jun. 30, 2020
Convertible Notes Payable [Abstract]  
Summary of Convertible Senior Notes
Convertible DateInitial Conversion Price per ShareInitial Conversion Rate per $1,000 Par ValueInitial Number of Shares
2022 NotesFebruary 1, 2022$134.75  7.42 shares5,807  
The 2022 Notes consisted of the following (in thousands):
June 30, 2020December 31, 2019
Liability component:
Principal$764,778  $782,491  
Less: debt issuance cost and debt discount, net of amortization(68,655) (87,510) 
Net carrying amount$696,123  $694,981  
2022 Notes
Equity component recorded at issuance:
Note$162,039  
Issuance cost(2,148) 
Net amount recorded in equity$159,891  
Schedule of Estimated Fair Values of Convertible Senior Notes he estimated fair value of the 2022 Notes at June 30, 2020 and December 31, 2019 based on the closing trading price per $100 of the 2022 Notes was as follows (in thousands):
June 30, 2020December 31, 2019
2022 Notes$2,244,623  $1,645,970  
Schedule of Interest Expense Related to Convertible Senior Notes
As of June 30, 2020, the remaining life of the 2022 Notes is 23 months. The following table sets forth total interest expense recognized related to the 2022 Notes (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Amortization of debt issuance cost$410  $398  $823  $792  
Amortization of debt discount8,078  7,871  16,235  15,645  
Total$8,488  $8,269  $17,058  $16,437  
Effective interest rate of the liability component4.75%
Schedule of Note Hedges
PurchaseInitial SharesShares as of
June 30, 2020
(in thousands)
2022 Note Hedge$128,017  5,807  5,675  
Schedule of Warrants
ProceedsInitial SharesStrike PriceFirst Expiration DateShares as of
June 30, 2020
(in thousands)(in thousands)(in thousands)
2022 Warrants$54,071  5,807  $203.40  September 1, 20225,807