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Convertible Senior Notes (Tables) | 9 Months Ended
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Sep. 30, 2024
Convertible Notes Payable [Abstract] |
Schedule of net carrying amount of convertible senior notes | The following table summarizes the carrying value of the Notes (in thousands):
| September 30, 2024 |  | December 31, 2023
Principal | $ | 690,000 |  |  | $ | 690,000 |
Unamortized debt issuance costs | (10,517) |  |  | (12,887) |
Convertible notes carrying amount, net | $ | 679,483 |  |  | $ | 677,113 |
The estimated fair value of the Notes at September 30, 2024 and December 31, 2023 is based on the closing trading price per $1,000 of the Notes as of the last day of trading for each period as follows (in millions):
| September 30, 2024 |  | December 31, 2023
2027 Notes | $ | 1,239.8 |  |  | $ | 873.3 |
Schedule of interest expense of convertible senior notes | Interest expense related to the Notes was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense | $ | 862 |  |  | $ | 863 |  |  | $ | 2,588 |  |  | $ | 2,588 |
Amortization of debt issuance costs | 803 |  |  | 797 |  |  | 2,368 |  |  | 2,328 |
Total interest expense | $ | 1,665 |  |  | $ | 1,660 |  |  | $ | 4,956 |  |  | $ | 4,916 |
Schedule of convertible note hedge transaction | To reduce the impact of potential economic dilution upon conversion of the Notes, we entered into a convertible note hedge transaction (the “Note Hedge” or “2027 Note Hedge”) with certain investment banks, with respect to our common stock, concurrently with the issuance of the 2027 Notes.
| Purchase Price |  | Shares Purchased
2027 Note Hedge | $ | 194,994 |  |  | 3,016,680
Schedule of warrants details of convertible senior notes |
| Proceeds |  | Shares |  | Strike Price |  | First Expiration
2027 Warrants | $ | 124,269 |  |  | 3,016,680 |  | $ | 338.86 |  |  | March 15, 2028

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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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