CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of debt, net of discounts and deferred financing costs

Convertible note obligations included in the consolidated balance sheet consisted of the following as of December 31, 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	$	(13,511)	$	607,198	$	581,648	2
2030 Convertible Notes - 2.000%	572,993		(3,642)		569,351		592,756		2
2028 Convertible Notes - 0.375%	589,380		(4,952)		584,428		512,761		2
2027 Convertible Notes - 0.375%	563,822		(3,732)		560,090		523,932		2
2025 Convertible Notes - 1.000% (2)	249,172		(19)		249,153		246,705		2

Convertible note obligations included in the 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”) matured on January 15, 2025 and were included in convertible notes, net, current portion on the consolidated balance sheet as of December 31, 2024. The 2025 Notes were included in convertible notes, net, less current portion as of December 31, 2023. As discussed in Note 21, the 2025 Notes were settled in cash upon maturity in January 2025.

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	$	6,780
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:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Debt issuance costs amortization	$	5,296	$	5,350	$	5,727
Debt discount amortization	933		106		147
Gain on settlement of convertible notes	(10,254)		(10,324)		—
Coupon interest expense	26,339		18,072		10,266
Total interest expense on convertible notes	$	22,314	$	13,204	$	16,140

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


	Year Ended December 31,
	2024		2023		2022
2031 Convertible Notes	2.06	%	—	%	—	%
2030 Convertible Notes	2.09	%	2.09	%	—	%
2028 Convertible Notes	0.63	%	0.63	%	0.64	%
2027 Convertible Notes	0.67	%	0.67	%	0.68	%
2025 Convertible Notes	1.16	%	1.17	%	1.18	%