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Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | December 31, |
|  | 2022 |  |  | 2021 |
2025 Convertible Notes |  | $ | 640,888 |  |  | $ | 637,882 |
2027 Convertible Notes |  |  | 1,033,277 |  |  |  | 1,029,263 |
2028 Secured Notes |  |  | 489,547 |  |  |  | 488,006 |
2025 Secured Term Loan |  |  | 204,688 |  |  |  | 0 |
Other long-term secured debt |  |  | 10,160 |  |  |  | 0 |
Total |  | $ | 2,378,560 |  |  | $ | 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 December 31, 2022 (in thousands):
|  | December 31, 2022
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2025 Convertible Notes |  | $ | 650,000 |  |  | $ | (9,112 | ) |  | $ | 640,888 |  |  | $ | 364,000 |  |  | Level 2
2027 Convertible Notes |  |  | 1,050,000 |  |  |  | (16,723 | ) |  |  | 1,033,277 |  |  |  | 394,800 |  |  | Level 2
Total |  | $ | 1,700,000 |  |  | $ | (25,835 | ) |  | $ | 1,674,165 |  |  | $ | 758,800 |  |  |
The following is a summary of the Company’s convertible debt instruments as of December 31, 2021 (in thousands):
|  | December 31, 2021
|  | 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 |  |  |
As of December 31, 2020, the net carrying amount of the liablity component of the 2025 Convertible Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheet as follows (in thousands):
|  | December 31, |
|  | 2020 |
Principal |  | $ | 650,000 |
Unamortized debt discount |  |  | (152,075 | )
Unamortized issuance costs |  |  | (11,559 | )
Net carrying amount of debt |  | $ | 486,366 |
As of December 31, 2020, the net carrying amount of the equity component of the 2025 Convertible Notes was classified as permanent equity and included in “additional paid in capital” in the Company’s Consolidated Balance Sheet as follows (in thousands):
|  | December 31, |
|  | 2020 |
Debt discount for conversion option |  | $ | 153,527 |
Issuance costs allocated to equity |  |  | (3,602 | )
Deferred tax liability, net of deferred tax asset, related to debt discount and issuance costs |  |  | (42,115 | )
Net carrying amount of equity |  | $ | 107,810 |
Schedule of Interest Expense Related to Notes | For the years ended December 31, 2022 and 2021, interest expense related to the Convertible Notes was as follows (in thousands):
|  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Convertible Notes |  | $ | 4,875 |  |  | $ | 3,006 |  |  | $ | 7,881 |  |  | $ | 4,875 |  |  | $ | 2,970 |  |  | $ | 7,845 |
2027 Convertible Notes |  |  | 0 |  |  |  | 4,014 |  |  |  | 4,014 |  |  |  | 0 |  |  |  | 3,433 |  |  |  | 3,433 |
Total |  | $ | 4,875 |  |  | $ | 7,020 |  |  | $ | 11,895 |  |  | $ | 4,875 |  |  | $ | 6,403 |  |  | $ | 11,278 |
For the year ended December 31, 2020, interest expense related to the 2025 Convertible Notes was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2020 |
Contractual interest expense |  | $ | 271 |
Amortization of debt discount |  |  | 1,452 |
Amortization of issuance costs allocated to debt |  |  | 91 |
Total interest expense |  | $ | 1,814 |
Schedule of Maturities of Debt Instruments | Maturities The following table shows the maturities of the Company’s debt instruments as of December 31, 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. As of December 31, 2022, the Company expects to be able to satisfy the requirements in the 2028 Secured Notes Indenture to avoid triggering the springing maturity feature of the 2028 Secured Notes.
Payments due by period ended December 31, |  | 2025 Convertible Notes |  |  | 2027 Convertible Notes |  |  | 2028 Secured Notes |  |  | 2025 Secured Term Loan |  |  | Other long-term secured debt |  |  | Total |
2023 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 513 |  |  | $ | 513 |
2024 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 539 |  |  |  | 539 |
2025 |  |  | 650,000 |  |  |  | 0 |  |  |  | 500,000 |  |  |  | 205,000 |  |  |  | 569 |  |  |  | 1,355,569 |
2026 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 600 |  |  |  | 600 |
2027 |  |  | 0 |  |  |  | 1,050,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,633 |  |  |  | 1,058,633 |
Thereafter |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 650,000 |  |  | $ | 1,050,000 |  |  | $ | 500,000 |  |  | $ | 205,000 |  |  | $ | 10,854 |  |  | $ | 2,415,854 |
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 December 31, 2022 (in thousands):
|  | December 31, 2022
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2028 Secured Notes |  | $ | 500,000 |  |  | $ | (10,453 | ) |  | $ | 489,547 |  |  | $ | 369,800 |  |  | Level 2
The following is a summary of the 2028 Secured Notes as of December 31, 2021 (in thousands):
|  | December 31, 2021
|  | 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 years ended December 31, 2022 and 2021, interest expense related to the 2028 Secured Notes was as follows (in thousands):
|  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2028 Secured Notes |  | $ | 30,625 |  |  | $ | 1,541 |  |  | $ | 32,166 |  |  | $ | 16,674 |  |  | $ | 798 |  |  | $ | 17,472 |
Term Loan Due Twenty Twenty Five |
Debt Instrument [Line Items] |
Schedule of Net Carrying Amount of Liability and Equity Component of Convertible Senior Notes | The following is a summary of the 2025 Secured Term Loan as of December 31, 2022 (in thousands):
|  | December 31, 2022
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2025 Secured Term Loan |  | $ | 205,000 |  |  | $ | (312 | ) |  | $ | 204,688 |  |  | $ | 205,000 |  |  | Level 3
Schedule of Interest Expense Related to Notes | For the year ended December 31, 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands):
|  | Year Ended December 31, 2022 |
|  | Contractual |  |  | Amortization of |  |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Secured Term Loan |  | $ | 9,006 |  |  | $ | 103 |  |  | $ | 9,109 |

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