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Long-Term Debt, Net (Tables)

3 Months Ended

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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