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v3.23.1

Long-term Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
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:
|  | March 31, 2023 |  |  | December 31, 2022 |
2025 Convertible Notes |  | $ | 641,645 |  |  | $ | 640,888 |
2027 Convertible Notes |  |  | 1,034,283 |  |  |  | 1,033,277 |
2028 Secured Notes |  |  | 489,948 |  |  |  | 489,547 |
2025 Secured Term Loan |  |  | 0 |  |  |  | 204,688 |
Other long-term secured debt |  |  | 10,042 |  |  |  | 10,160 |
Total |  | $ | 2,175,918 |  |  | $ | 2,378,560 |
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 March 31, 2023 (in thousands):
|  | March 31, 2023
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2025 Convertible Notes |  | $ | 650,000 |  |  | $ | (8,355 | ) |  | $ | 641,645 |  |  | $ | 573,086 |  |  | Level 2
2027 Convertible Notes |  |  | 1,050,000 |  |  |  | (15,717 | ) |  |  | 1,034,283 |  |  |  | 559,125 |  |  | Level 2
Total |  | $ | 1,700,000 |  |  | $ | (24,072 | ) |  | $ | 1,675,928 |  |  | $ | 1,132,211 |  |  |
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 |  |  |
Schedule of Maturities of Debt Instruments | Maturities The following table shows the maturities of the Company’s debt instruments as of March 31, 2023 (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 March 31, 2023, 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 March 31, |  | 2025 Convertible Notes |  |  | 2027 Convertible Notes |  |  | 2028 Secured Notes |  |  | Other long-term secured debt |  |  | Total |
2024 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 518 |  |  | $ | 518 |
2025 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 547 |  |  |  | 547 |
2026 |  |  | 650,000 |  |  |  | 0 |  |  |  | 500,000 |  |  |  | 577 |  |  |  | 1,150,577 |
2027 |  |  | 0 |  |  |  | 1,050,000 |  |  |  | 0 |  |  |  | 608 |  |  |  | 1,050,608 |
2028 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,477 |  |  |  | 8,477 |
Thereafter |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 650,000 |  |  | $ | 1,050,000 |  |  | $ | 500,000 |  |  | $ | 10,727 |  |  | $ | 2,210,727 |
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 March 31, 2023 (in thousands):
|  | March 31, 2023
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2028 Secured Notes |  | $ | 500,000 |  |  | $ | (10,052 | ) |  | $ | 489,948 |  |  | $ | 441,875 |  |  | Level 2
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
Schedule of Interest Expense Related to Notes | For the three months ended March 31, 2023 and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands):
|  | Three Months Ended March 31, 2023 |  |  | Three Months Ended March 31, 2022 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2028 Secured Notes |  | $ | 7,656 |  |  | $ | 401 |  |  | $ | 8,057 |  |  | $ | 7,656 |  |  | $ | 376 |  |  | $ | 8,032 |
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 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 three months ended March 31, 2023 and 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands):
|  | Three Months Ended March 31, 2023 |  |  | Three Months Ended March 31, 2022 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Secured Term Loan |  | $ | 3,781 |  |  | $ | 31 |  |  | $ | 3,812 |  |  | $ | 176 |  |  | $ | 3 |  |  | $ | 179 |
Convertible Debt |
Debt Instrument [Line Items] |
Schedule of Interest Expense Related to Notes | For the three months ended March 31, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands):
|  | Three Months Ended March 31, 2023 |  |  | Three Months Ended March 31, 2022 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Convertible Notes |  | $ | 1,219 |  |  | $ | 757 |  |  | $ | 1,976 |  |  | $ | 1,219 |  |  | $ | 748 |  |  | $ | 1,967 |
2027 Convertible Notes |  |  | 0 |  |  |  | 1,006 |  |  |  | 1,006 |  |  |  | 0 |  |  |  | 1,002 |  |  |  | 1,002 |
Total |  | $ | 1,219 |  |  | $ | 1,763 |  |  | $ | 2,982 |  |  | $ | 1,219 |  |  | $ | 1,750 |  |  | $ | 2,969 |

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