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v3.23.3

Long-Term Debt, Net (Tables) | 9 Months Ended
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Sep. 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).
|  | September 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 |  | (11,805) |  |  | (14,359) |
2028 Convertible Notes |  | (15,574) |  |  | (17,875) |
Total unamortized debt discount |  | $ | (27,379) |  |  | $ | (32,383) |
Carrying amount |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 13,334 |
2027 Convertible Notes |  | 793,195 |  |  | 790,641 |
2028 Convertible Notes |  | 704,426 |  |  | 702,125 |
Total carrying amount |  | $ | 1,497,621 |  |  | $ | 1,506,100 |
Fair value based on trading levels (Level 2): |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 32,176 |
2027 Convertible Notes |  | 681,835 |  |  | 784,770 |
2028 Convertible Notes |  | 674,892 |  |  | 849,823 |
Total fair value of outstanding notes |  | $ | 1,356,727 |  |  | $ | 1,666,769 |
Remaining amortization per period of debt discount (in years): |  |  |  |
2024 Convertible Notes |  | — |  |  | 1.9
2027 Convertible Notes |  | 3.4 |  | 4.2
2028 Convertible Notes |  | 4.9 |  | 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 September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Coupon interest |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 161 |  |  | $ | 36 |  |  | $ | 729 |
2027 Convertible Notes |  | 503 |  |  | 503 |  |  | 1,509 |  |  | 1,509 |
2028 Convertible Notes |  | 1,800 |  |  | 860 |  |  | 5,400 |  |  | 860 |
Total coupon interest |  | $ | 2,303 |  |  | $ | 1,524 |  |  | $ | 6,945 |  |  | $ | 3,098 |
Amortization of debt discount |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 84 |  |  | $ | 24 |  |  | $ | 338 |
2027 Convertible Notes |  | 853 |  |  | 847 |  |  | 2,555 |  |  | 2,537 |
2028 Convertible Notes |  | 770 |  |  | 363 |  |  | 2,301 |  |  | 363 |
Total amortization of debt discount |  | $ | 1,623 |  |  | $ | 1,294 |  |  | $ | 4,880 |  |  | $ | 3,238 |
Interest expense |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 245 |  |  | $ | 60 |  |  | $ | 1,067 |
2027 Convertible Notes |  | 1,356 |  |  | 1,350 |  |  | 4,064 |  |  | 4,046 |
2028 Convertible Notes |  | 2,570 |  |  | 1,223 |  |  | 7,701 |  |  | 1,223 |
Total interest expense |  | $ | 3,926 |  |  | $ | 2,818 |  |  | $ | 11,825 |  |  | $ | 6,336 |
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 | % |  | 1.5 | % |  | 1.5 | % |  | 1.5 | %

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