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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Instrument [Line Items] |
Schedule of Loans Balances | The outstanding Notes’ balances consisted of the following:
| September 30, 2021 |  |  | December 31, 2020 |
| 2029 Notes |  |  | 2027 Notes |  |  | 2027 Notes |
| (in thousands) |  |  | (in thousands) |
Liability component |  |  |  |  |  |  |  |
Principal | $ | 747,500 |  |  | $ | 550,000 |  |  | $ | 550,000 |
Unamortized debt discount |  | (14,841 | ) |  |  | (9,964 | ) |  |  | (158,404 | )
Unamortized debt issuance costs |  | — |  |  |  | (519 | ) |  |  | (8,160 | )
Net carrying amount | $ | 732,659 |  |  | $ | 539,517 |  |  | $ | 383,436 |
Equity component, net of issuance costs |  |  |  |  |  |  | $ | 169,173 |
Schedule of Total Interest Expense Recognized Related to 2027 Notes | The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the current period:
|  | Three Months Ended September 30, 2021 |  |  | Nine Months Ended September 30, 2021 |
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |  |  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |  |  |  |  |  | (in thousands) |  |  |  |
Contractual interest expense |  | $ | 4,205 |  |  | $ | 3,438 |  |  | $ | 7,643 |  |  | $ | 11,353 |  |  | $ | 10,313 |  |  | $ | 21,666 |
Amortization of debt discount |  |  | 457 |  |  |  | 391 |  |  |  | 848 |  |  |  | 1,222 |  |  |  | 1,166 |  |  |  | 2,388 |
Amortization of debt issuance costs |  |  | — |  |  |  | 23 |  |  |  | 23 |  |  |  | — |  |  |  | 70 |  |  |  | 70 |
Total interest and amortization expense |  | $ | 4,662 |  |  | $ | 3,852 |  |  | $ | 8,514 |  |  | $ | 12,575 |  |  | $ | 11,549 |  |  | $ | 24,124 |
Effective interest rate |  |  | 2.6 | % |  |  | 2.8 | % |  |  |  |  |  | 2.6 | % |  |  | 2.8 | % |  |  |
The following table sets forth the total interest expense recognized and effective interest rates related to the 2027 Notes for the comparative period:
|  | Three Months Ended |  |  | March 9, 2020 Through |  |
|  | September 30, 2020 |  |  | September 30, 2020 |  |
|  | (in thousands) |  |
Contractual interest expense |  | $ | 3,361 |  |  | $ | 7,715 |  |
Amortization of debt discount |  |  | 4,612 |  |  |  | 10,186 |  |
Amortization of debt issuance costs |  |  | 239 |  |  |  | 528 |  |
Total interest and amortization expense |  | $ | 8,212 |  |  | $ | 18,429 |  |
Effective interest rate |  |  | 8.8 |  | % |  | 8.8 |  | %
Schedule of Future Minimum Payments | Future minimum payments under the Notes as of September 30, 2021 are as follows:
|  | 2029 Notes |  |  | 2027 Notes |
|  | (in thousands) |
Remainder of 2021 |  | $ | — |  |  | $ | — |
Year ending December 31: |  |  |  |  |  |
2022 |  |  | 16,819 |  |  |  | 13,750 |
2023 |  |  | 16,819 |  |  |  | 13,750 |
2024 |  |  | 16,819 |  |  |  | 13,750 |
2025 |  |  | 16,819 |  |  |  | 13,750 |
Thereafter |  |  | 806,366 |  |  |  | 570,625 |
Total future payments |  |  | 873,642 |  |  |  | 625,625 |
Less amounts representing interest |  |  | (126,142 | ) |  |  | (75,625 | )
Total principal amount |  | $ | 747,500 |  |  | $ | 550,000 |

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