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Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Instrument [Line Items]

Schedule of Debt

The net carrying value of the Company’s long-term debt (in thousands) consisted of the following, as of:

		June 30, 2022				December 31, 2021
2025 Convertible Notes		$	639,380			$	637,882
2027 Convertible Notes			1,031,268				1,029,263
2028 Secured Notes			488,764				488,006
2025 Secured Term Loan			204,621				0
Other long-term secured debt			10,830				0
Total		$	2,374,863			$	2,155,151

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

The following is a summary of the Company’s convertible debt instruments as of June 30, 2022 (in thousands):

		Outstanding				Unamortized				Net Carrying				Fair Value
		Principal Amount				Issuance Costs				Value				Amount				Leveling
2025 Convertible Notes		$	650,000			$	(10,620	)		$	639,380			$	393,166			Level 2
2027 Convertible Notes			1,050,000				(18,732	)			1,031,268				497,175			Level 2
Total		$	1,700,000			$	(29,352	)		$	1,670,648			$	890,341

The following is a summary of the Company’s convertible debt instruments as of December 31, 2021 (in thousands):

		Outstanding				Unamortized				Net Carrying				Fair Value
		Principal Amount				Issuance Costs				Value				Amount				Leveling
2025 Convertible Notes		$	650,000			$	(12,118	)		$	637,882			$	1,056,679			Level 2
2027 Convertible Notes			1,050,000				(20,737	)			1,029,263				774,375			Level 2
Total		$	1,700,000			$	(32,855	)		$	1,667,145			$	1,831,054

Schedule of Maturities of Debt Instruments

Maturities

The following table shows the maturities of the Company’s debt instruments as of June 30, 2022 (in thousands). The principal payments related to the 2028 Secured Notes are included in the table below based on the First Springing Maturity Date of September 15, 2025, as if the springing maturity feature discussed above were triggered. The Company’s expectation is 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				2025 Secured Term Loan				Other long-term secured debt				Total
2023		$	0			$	0			$	0			$	0			$	499			$	499
2024			0				0				0				0				525				525
2025			0				0				0				205,000				555				205,555
2026			650,000				0				500,000				0				584				1,150,584
2027			0				1,050,000				0				0				8,937				1,058,937
Thereafter			0				0				0				0				0				0
Total		$	650,000			$	1,050,000			$	500,000			$	205,000			$	11,100			$	2,416,100

Secured Notes Due Twenty Twenty Eight

Debt Instrument [Line Items]

Schedule of Debt

The following is a summary of the 2028 Secured Notes as of June 30, 2022 (in thousands):

		Outstanding				Unamortized				Net Carrying				Fair Value
		Principal Amount				Issuance Costs				Value				Amount				Leveling
2028 Secured Notes		$	500,000			$	(11,236	)		$	488,764			$	394,375			Level 2

The following is a summary of the 2028 Secured Notes as of December 31, 2021 (in thousands):

		Outstanding				Unamortized				Net Carrying				Fair Value
		Principal Amount				Issuance Costs				Value				Amount				Leveling
2028 Secured Notes		$	500,000			$	(11,994	)		$	488,006			$	502,530			Level 2

Schedule of Interest Expense Related to Notes

For the three months ended June 30, 2022 and 2021, interest expense related to the 2028 Secured Notes was as follows (in thousands):

		Three Months Ended June 30, 2022												Three Months Ended June 30, 2021
		Contractual				Amortization of								Contractual				Amortization of
		Interest Expense				Issuance Costs				Total				Interest Expense				Issuance Costs				Total
2028 Secured Notes		$	7,656			$	382			$	8,038			$	1,361			$	65			$	1,426

For the six months ended June 30, 2022 and 2021, interest expense related to the 2028 Secured Notes was as follows (in thousands):

		Six Months Ended June 30, 2022												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		$	15,312			$	758			$	16,070			$	1,361			$	65			$	1,426

Term Loan Due Twenty Twenty Five

Debt Instrument [Line Items]

Schedule of Debt

The following is a summary of the 2025 Secured Term Loan as of June 30, 2022 (in thousands):

		Outstanding				Unamortized				Net Carrying				Fair Value
		Principal Amount				Issuance Costs				Value				Amount				Leveling
2025 Secured Term Loan		$	205,000			$	(379	)		$	204,621			$	205,000			Level 3

Schedule of Interest Expense Related to Notes

For the three and six months ended June 30, 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands):

		Three Months Ended June 30, 2022												Six Months Ended June 30, 2022
		Contractual				Amortization of								Contractual				Amortization of
		Interest Expense				Issuance Costs				Total				Interest Expense				Issuance Costs				Total
2025 Secured Term Loan		$	2,207			$	33			$	2,240			$	2,383			$	36			$	2,419

Convertible Debt

Debt Instrument [Line Items]

Schedule of Interest Expense Related to Notes

For the three months ended June 30, 2022 and 2021, interest expense related to the Convertible Notes was as follows (in thousands):

		Three Months Ended June 30, 2022												Three 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			$	750			$	1,969			$	1,219			$	741			$	1,960
2027 Convertible Notes			0				1,003				1,003				0				999				999
Total		$	1,219			$	1,753			$	2,972			$	1,219			$	1,740			$	2,959

For the six months ended June 30, 2022 and 2021, interest expense related to the Convertible Notes was as follows (in thousands):

		Six Months Ended June 30, 2022												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		$	2,438			$	1,498			$	3,936			$	2,438			$	1,480			$	3,918
2027 Convertible Notes			0				2,005				2,005				0				1,432				1,432
Total		$	2,438			$	3,503			$	5,941			$	2,438			$	2,912			$	5,350

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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