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CONVERTIBLE NOTES (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025:
|  |  |  |  |  |  |  | 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 |  |  | $ | (11,905) |  |  | $ | 608,804 |  |  | $ | 576,552 |  |  | 2
2030 Convertible Notes - 2.000% |  | 572,993 |  |  | (3,115) |  |  | 569,878 |  |  | 589,386 |  |  | 2
2028 Convertible Notes - 0.375% |  | 589,380 |  |  | (3,783) |  |  | 585,597 |  |  | 545,530 |  |  | 2
2027 Convertible Notes - 0.375% |  | 563,822 |  |  | (2,464) |  |  | 561,358 |  |  | 541,201 |  |  | 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 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
______________ (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, net 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:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Debt issuance costs amortization |  | $ | 1,154 |  |  | $ | 1,334 |  |  | $ | 3,455 |  |  | $ | 3,965 |
Debt discount amortization |  | 386 |  |  | 322 |  |  | 1,134 |  |  | 611 |
Gain on settlement of convertible notes |  | — |  |  | — |  |  | — |  |  | (10,254) |
Coupon interest expense |  | 6,662 |  |  | 7,285 |  |  | 20,075 |  |  | 19,054 |
Total interest expense on convertible notes |  | $ | 8,202 |  |  | $ | 8,941 |  |  | $ | 24,664 |  |  | $ | 13,376 |
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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
2031 Convertible Notes |  | 2.10 | % |  | 2.10 | % |  | 2.10 | % |  | 2.06 | %
2030 Convertible Notes |  | 2.12 | % |  | 2.12 | % |  | 2.12 | % |  | 2.09 | %
2028 Convertible Notes |  | 0.64 | % |  | 0.64 | % |  | 0.64 | % |  | 0.63 | %
2027 Convertible Notes |  | 0.68 | % |  | 0.68 | % |  | 0.67 | % |  | 0.67 | %
2025 Convertible Notes |  | n/a |  | 1.18 | % |  | 1.05 | % |  | 1.17 | %

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