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CONVERTIBLE NOTES (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025:
Fair Value (1)
(In thousands)Principal AmountUnamortized Debt Discount and Issuance CostsNet Carrying AmountAmountLeveling
2031 Convertible Notes - 1.750%
$620,709 $(12,982)$607,727 $533,400 2
2030 Convertible Notes - 2.000%
572,993 (3,469)569,524 538,092 2
2028 Convertible Notes - 0.375%
589,380 (4,567)584,813 516,444 2
2027 Convertible Notes - 0.375%
563,822 (3,312)560,510 520,182 2
Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2024:
Fair Value (1)
(In thousands)Principal AmountUnamortized Debt Discount and Issuance CostsNet Carrying AmountAmountLeveling
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
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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”) matured on January 15, 2025 and were included in convertible notes, net, current portion on the condensed consolidated balance sheet as of December 31, 2024. As discussed in further detail below, 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 Notes4,938 
2028 Convertible Notes24,453 
2027 Convertible Notes14,285 
2025 Convertible Notes17,646 
Schedule of interest expense
Interest expense on the Notes includes the following:
Three Months Ended March 31,
(In thousands)20252024
Debt issuance costs amortization$1,159 $1,315 
Debt discount amortization367 25 
Coupon interest expense6,752 4,906 
Total interest expense on convertible notes
$8,278 $6,246 
Schedule of effective interest rates related to convertible debt
The following table summarizes the effective interest rates of the Notes:
Three Months Ended March 31,
20252024
2031 Convertible Notes
2.09 %— %
2030 Convertible Notes2.12 %2.12 %
2028 Convertible Notes0.64 %0.64 %
2027 Convertible Notes0.67 %0.67 %
2025 Convertible Notes1.05 %1.18 %