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Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Instrument [Line Items]

Schedule of Debt

As of June 30, 2021, the net carrying value of the Company’s long-term debt consisted of the following (in thousands):

		June 30, 2021
2025 Convertible Notes		$	636,392
2027 Convertible Notes			1,027,262
2028 Secured Notes			487,273
Total		$	2,150,927

Schedule of Net Carrying Amount of Liability and Equity Component of Convertible Senior Notes

As of June 30, 2021, the net carrying value of the Convertible Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheet. The following is a summary of the Company’s convertible debt instruments as of June 30, 2021 (in thousands):

		Principal				Unamortized				Net Carrying				Fair Value
		Amount				Issuance Costs				Value				Amount				Leveling
2025 Convertible Notes		$	650,000			$	(13,608	)		$	636,392			$	1,163,416			Level 2
2027 Convertible Notes			1,050,000				(22,738	)			1,027,262				792,750			Level 2
Total		$	1,700,000			$	(36,346	)		$	1,663,654			$	1,956,166

Schedule of Interest Expense Related to Notes

For the three and six months ended June 30, 2021, interest expense related to the Convertible Notes was as follows (in thousands):

		Three Months Ended June 30, 2021												Six Months Ended June 30, 2021
		Contractual				Amortization of								Contractual				Amortization of
		Interest Expense				Issuance Costs				Total				Interest Expense				Issuance Costs				Total
2025 Convertible Notes		$	1,219			$	741			$	1,960			$	2,438			$	1,480			$	3,918
2027 Convertible Notes			0				999				999				0				1,432				1,432
Total		$	1,219			$	1,740			$	2,959			$	2,438			$	2,912			$	5,350

For the three and six months ended June 30, 2021, interest expense related to the 2028 Secured Notes was as follows (in thousands):

		Three months ended June 30, 2021												Six months ended June 30, 2021
		Contractual				Amortization of								Contractual				Amortization of
		Interest Expense				Issuance Costs				Total				Interest Expense				Issuance Costs				Total
2028 Secured Notes		$	1,361			$	65			$	1,426			$	1,361			$	65			$	1,426

Schedule of Future Contractual Payments of Notes

Contractual Obligations

The following table shows the future contractual payments related to the Company’s debt instruments (semi-annual interest payments and principal upon maturity), based on the expected due dates of the various installments as of June 30, 2021 (in thousands). The contractual principal payments related to the 2028 Secured Notes are included in the table below based on their stated maturity date of June 15, 2028 and the Company’s expectation that the springing maturity feature of the 2028 Secured Notes will not be triggered.

Payments due by period ended June 30,		2025 Convertible Notes				2027 Convertible Notes				2028 Secured Notes				Total
2022		$	4,875			$	0			$	30,710			$	35,585
2023			4,875				0				30,625				35,500
2024			4,875				0				30,625				35,500
2025			4,875				0				30,625				35,500
2026			652,451				0				30,625				683,076
Thereafter			0				1,050,000				561,250				1,611,250
Total		$	671,951			$	1,050,000			$	714,460			$	2,436,411

Secured Notes Due Twenty Twenty Eight

Debt Instrument [Line Items]

Schedule of Debt

The following is a summary of the Company’s 2028 Secured Notes as of June 30, 2021 (in thousands):

		Principal				Unamortized				Net Carrying				Fair Value
		Amount				Issuance Costs				Value				Amount				Leveling
2028 Secured Notes		$	500,000			$	(12,727	)		$	487,273			$	501,440			Level 2

X

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 303
-Paragraph (a)
-Subparagraph (5)

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