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Convertible Senior Notes (Tables)
 9 Months Ended
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, 2024December 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, 2024December 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,
2024202320242023
Contractual interest expense$862 $863 $2,588 $2,588 
Amortization of debt issuance costs803 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 PriceShares Purchased
2027 Note Hedge$194,994 3,016,680
Schedule of warrants details of convertible senior notes
ProceedsSharesStrike PriceFirst Expiration
2027 Warrants$124,269 3,016,680$338.86 March 15, 2028