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CONVERTIBLE NOTES (Tables)

9 Months Ended

Sep. 30, 2024

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 September 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	$	(14,090)	$	606,619	$	623,558	2
2030 Convertible Notes - 2.000%	572,993		(3,820)		569,173		652,244		2
2028 Convertible Notes - 0.375%	589,380		(5,346)		584,034		546,650		2
2027 Convertible Notes - 0.375%	563,822		(4,158)		559,664		547,668		2
2025 Convertible Notes - 1.000% (2)	249,172		(134)		249,038		254,155		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

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(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 September 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

Issuance costs are amortized to interest expense over the term of the Notes. 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 September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Debt issuance costs amortization	$	1,334	$	1,329	$	3,965	$	4,021
Debt discount amortization	322		25		611		81
Gain on settlements of convertible notes	—		—		(10,254)		(10,324)
Coupon interest expense	7,285		4,906		19,054		13,166
Total interest expense (income) on convertible notes	$	8,941	$	6,260	$	13,376	$	6,944

Schedule of effective interest rates related to convertible debt

The following table summarizes the effective interest rates of the Notes:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
2031 Convertible Notes	2.10	%	—	%	2.06	%	—	%
2030 Convertible Notes	2.12	%	2.12	%	2.09	%	2.09	%
2028 Convertible Notes	0.64	%	0.64	%	0.63	%	0.63	%
2027 Convertible Notes	0.68	%	0.68	%	0.67	%	0.67	%
2025 Convertible Notes	1.18	%	1.18	%	1.17	%	1.17	%