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v3.23.1

Long-Term Debt, Net (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Net Carrying Amounts of our Convertible Notes The carrying amount and fair value of our Convertible Notes were as follows (in thousands).
|  | March 31, 2023 |  | December 31, 2022
Principal amount |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 13,483 |
2027 Convertible Notes |  | 805,000 |  |  | 805,000 |
2028 Convertible Notes |  | 720,000 |  |  | 720,000 |
Total Principal Amount |  | $ | 1,525,000 |  |  | $ | 1,538,483 |
Unamortized debt discount |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | (149) |
2027 Convertible Notes |  | (13,509) |  |  | (14,359) |
2028 Convertible Notes |  | (17,111) |  |  | (17,875) |
Total unamortized debt discount |  | $ | (30,620) |  |  | $ | (32,383) |
Carrying amount |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 13,334 |
2027 Convertible Notes |  | 791,491 |  |  | 790,641 |
2028 Convertible Notes |  | 702,889 |  |  | 702,125 |
Total carrying amount |  | $ | 1,494,380 |  |  | $ | 1,506,100 |
Fair value based on trading levels (Level 2): |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 32,176 |
2027 Convertible Notes |  | 682,938 |  |  | 784,770 |
2028 Convertible Notes |  | 680,587 |  |  | 849,823 |
Total fair value of outstanding notes |  | $ | 1,363,525 |  |  | $ | 1,666,769 |
Remaining amortization per period of debt discount (in years): |  |  |  |
2024 Convertible Notes |  | — |  |  | 1.9
2027 Convertible Notes |  | 3.9 |  | 4.2
2028 Convertible Notes |  | 5.4 |  | 5.6
Interest Income and Interest Expense Disclosure | The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands).
|  | Three Months Ended March 31, |  |
|  | 2023 |  | 2022 |  |  |  |
Coupon interest |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | 36 |  |  | $ | 284 |  |  |  |  |
2027 Convertible Notes |  | 503 |  |  | 503 |  |  |  |  |
2028 Convertible Notes |  | 1,800 |  |  | — |  |  |  |  |
Total coupon interest |  | $ | 2,339 |  |  | $ | 787 |  |  |  |  |
Amortization of debt discount |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | 24 |  |  | $ | 127 |  |  |  |  |
2027 Convertible Notes |  | 850 |  |  | 844 |  |  |  |  |
2028 Convertible Notes |  | 764 |  |  | — |  |  |  |  |
Total amortization of debt discount |  | $ | 1,638 |  |  | $ | 971 |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | 60 |  |  | $ | 411 |  |  |  |  |
2027 Convertible Notes |  | 1,353 |  |  | 1,347 |  |  |  |  |
2028 Convertible Notes |  | 2,564 |  |  | — |  |  |  |  |
Total interest expense |  | $ | 3,977 |  |  | $ | 1,758 |  |  |  |  |
Effective interest rates |  |  |  |  |  |  |  |
2024 Convertible Notes |  | — |  |  | 1.8 | % |  |  |  |
2027 Convertible Notes |  | 0.7 | % |  | 0.7 | % |  |  |  |
2028 Convertible Notes |  | 1.5 | % |  | N/A |  |  |  |

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