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v3.23.2

Long-Term Debt, Net (Tables) | 6 Months Ended
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Jun. 30, 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).
|  | June 30, 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 |  | (12,658) |  |  | (14,359) |
2028 Convertible Notes |  | (16,344) |  |  | (17,875) |
Total unamortized debt discount |  | $ | (29,002) |  |  | $ | (32,383) |
Carrying amount |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 13,334 |
2027 Convertible Notes |  | 792,342 |  |  | 790,641 |
2028 Convertible Notes |  | 703,656 |  |  | 702,125 |
Total carrying amount |  | $ | 1,495,998 |  |  | $ | 1,506,100 |
Fair value based on trading levels (Level 2): |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 32,176 |
2027 Convertible Notes |  | 670,976 |  |  | 784,770 |
2028 Convertible Notes |  | 660,708 |  |  | 849,823 |
Total fair value of outstanding notes |  | $ | 1,331,684 |  |  | $ | 1,666,769 |
Remaining amortization per period of debt discount (in years): |  |  |  |
2024 Convertible Notes |  | — |  |  | 1.9
2027 Convertible Notes |  | 3.7 |  | 4.2
2028 Convertible Notes |  | 5.1 |  | 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 June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Coupon interest |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 284 |  |  | $ | 36 |  |  | $ | 568 |
2027 Convertible Notes |  | 503 |  |  | 503 |  |  | 1,006 |  |  | 1,006 |
2028 Convertible Notes |  | 1,800 |  |  | — |  |  | 3,600 |  |  | — |
Total coupon interest |  | $ | 2,303 |  |  | $ | 787 |  |  | $ | 4,642 |  |  | $ | 1,574 |
Amortization of debt discount |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 127 |  |  | $ | 24 |  |  | $ | 254 |
2027 Convertible Notes |  | 852 |  |  | 846 |  |  | 1,702 |  |  | 1,690 |
2028 Convertible Notes |  | 767 |  |  | — |  |  | 1,531 |  |  | — |
Total amortization of debt discount |  | $ | 1,619 |  |  | $ | 973 |  |  | $ | 3,257 |  |  | $ | 1,944 |
Interest expense |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 411 |  |  | $ | 60 |  |  | $ | 822 |
2027 Convertible Notes |  | 1,355 |  |  | 1,349 |  |  | 2,708 |  |  | 2,696 |
2028 Convertible Notes |  | 2,567 |  |  | — |  |  | 5,131 |  |  | — |
Total interest expense |  | $ | 3,922 |  |  | $ | 1,760 |  |  | $ | 7,899 |  |  | $ | 3,518 |
Effective interest rates |  |  |  |  |  |  |  |
2024 Convertible Notes |  | — |  |  | 1.8 | % |  | — |  |  | 1.8 | %
2027 Convertible Notes |  | 0.7 | % |  | 0.7 | % |  | 0.7 | % |  | 0.7 | %
2028 Convertible Notes |  | 1.5 | % |  | N/A |  | 1.5 | % |  | N/A

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