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CONVERTIBLE NOTES (Tables) | 6 Months Ended
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Jun. 30, 2024
CONVERTIBLE NOTES [Abstract] |
Schedule of convertible note obligations included in the condensed consolidated balance sheets | Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of June 30, 2024:
|  |  |  |  |  |  |  | Fair Value (1)
(In thousands) |  | Principal Amount |  | Unamortized Debt Discount and Issuance Costs |  | Net Carrying Amount |  | Amount |  | Leveling
2031 Convertible Notes - 1.750% |  | $ | 620,709 |  |  | $ | (14,633) |  |  | $ | 606,076 |  |  | $ | 510,335 |  |  | 2
2030 Convertible Notes - 2.000% |  | 572,993 |  |  | (3,998) |  |  | 568,995 |  |  | 513,373 |  |  | 2
2028 Convertible Notes - 0.375% |  | 589,380 |  |  | (5,741) |  |  | 583,639 |  |  | 482,702 |  |  | 2
2027 Convertible Notes - 0.375% |  | 563,822 |  |  | (4,584) |  |  | 559,238 |  |  | 494,872 |  |  | 2
2025 Convertible Notes - 1.000% (2) |  | 249,172 |  |  | (249) |  |  | 248,923 |  |  | 242,943 |  |  | 2
Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2023:
|  |  |  |  |  |  |  | Fair Value (1)
(In thousands) |  | Principal Amount |  | Unamortized Debt Discount and Issuance Costs |  | Net Carrying Amount |  | Amount |  | Leveling
2030 Convertible Notes - 2.000% |  | $ | 572,993 |  |  | $ | (4,349) |  |  | $ | 568,644 |  |  | $ | 684,475 |  |  | 2
2028 Convertible Notes - 0.375% |  | 949,042 |  |  | (10,499) |  |  | 938,543 |  |  | 887,354 |  |  | 2
2027 Convertible Notes - 0.375% |  | 563,822 |  |  | (5,429) |  |  | 558,393 |  |  | 549,839 |  |  | 2
2025 Convertible Notes - 1.000% |  | 249,172 |  |  | (476) |  |  | 248,696 |  |  | 293,300 |  |  | 2
______________ (1)The fair values are based on observable market prices for this debt, which is traded in less active markets and therefore is classified as a Level 2 fair value measurement. (2)The Company’s convertible notes due in 2025 (the “2025 Notes”) mature on January 15, 2025 and are included in convertible notes, net, current portion on the condensed consolidated balance sheet as of June 30, 2024. The 2025 Notes were included in convertible notes, net, less current portion as of December 31, 2023.
Schedule of allocation of transaction costs related to convertible debt | The following table summarizes the original issuance costs at the time of issuance for each set of Notes:
(In thousands) |  |
2031 Convertible Notes |  | $ | 6,820 |
2030 Convertible Notes |  | 4,938 |
2028 Convertible Notes |  | 24,453 |
2027 Convertible Notes |  | 14,285 |
2025 Convertible Notes |  | 17,646 |
Schedule of interest expense | Interest expense on the Notes includes the following:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Debt issuance costs amortization |  | $ | 1,316 |  |  | $ | 1,315 |  |  | $ | 2,631 |  |  | $ | 2,692 |
Debt discount amortization |  | 264 |  |  | 25 |  |  | 289 |  |  | 56 |
Gain on settlements of convertible notes |  | (10,254) |  |  | — |  |  | (10,254) |  |  | (10,324) |
Coupon interest expense |  | 6,863 |  |  | 4,906 |  |  | 11,770 |  |  | 8,260 |
Total interest expense (income) on convertible notes |  | $ | (1,811) |  |  | $ | 6,246 |  |  | $ | 4,436 |  |  | $ | 684 |
Schedule of effective interest rates related to convertible debt | The following table summarizes the effective interest rates of the Notes:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
2031 Convertible Notes |  | 2.06 | % |  | — | % |  | 2.06 | % |  | — | %
2030 Convertible Notes |  | 2.12 | % |  | 2.12 | % |  | 2.10 | % |  | 2.10 | %
2028 Convertible Notes |  | 0.64 | % |  | 0.64 | % |  | 0.63 | % |  | 0.63 | %
2027 Convertible Notes |  | 0.67 | % |  | 0.67 | % |  | 0.67 | % |  | 0.67 | %
2025 Convertible Notes |  | 1.18 | % |  | 1.18 | % |  | 1.17 | % |  | 1.18 | %

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