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Long-Term Debt, Net (Tables)

9 Months Ended

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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