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Long-Term Debt, Net (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Carrying Values and Fair Values of Convertible Notes

The carrying amount and fair value of our Convertible Notes were as follows (in thousands).

						December 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						(10,950)						(14,359)
2028 Convertible Notes						(14,802)						(17,875)
Total unamortized debt discount						$	(25,752)					$	(32,383)
Carrying amount
2024 Convertible Notes						$	—					$	13,334
2027 Convertible Notes						794,050						790,641
2028 Convertible Notes						705,198						702,125
Total carrying amount						$	1,499,248					$	1,506,100
Fair value based on trading levels (Level 2)
2024 Convertible Notes						$	—					$	32,176
2027 Convertible Notes						695,826						784,770
2028 Convertible Notes						670,522						849,823
Total fair value of outstanding notes						$	1,366,348					$	1,666,769
Remaining amortization per period of debt discount (in years)
2024 Convertible Notes						—						1.9
2027 Convertible Notes						3.2						4.2
2028 Convertible Notes						4.6						5.6

Components of Interest Expense and the Effective Interest Rates

The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands).

						Twelve Months Ended December 31,
						2023						2022						2021
Coupon interest
2024 Convertible Notes						$	36					$	771					$	1,906
2027 Convertible Notes						2,013						2,013						1,677
2028 Convertible Notes						7,200						2,660						—
Total coupon interest						$	9,249					$	5,444					$	3,583
Amortization of debt discount
2024 Convertible Notes						$	24					$	357					$	838
2027 Convertible Notes						3,409						3,386						2,804
2028 Convertible Notes						3,073						1,124						—
Total amortization of debt discount						$	6,506					$	4,867					$	3,642
Interest expense
2024 Convertible Notes						$	60					$	1,128					$	2,744
2027 Convertible Notes						5,422						5,399						4,481
2028 Convertible Notes						10,273						3,784						—
Total interest expense						$	15,755					$	10,311					$	7,225
Effective interest rates
2024 Convertible Notes						—						1.8		%				1.8		%
2027 Convertible Notes						0.7		%				0.7		%				0.7		%
2028 Convertible Notes						1.5		%				1.5		%				n/a

Future Maturities Interest Payments of Long-term Debt

Future maturities and interest payments of long-term debt as of December 31, 2023, are as follows (in thousands):

2024						$	9,213
2025						9,213
2026						9,213
2027						812,535
2028						724,480
Thereafter						—
Total minimum payments						1,564,654
Less amount representing coupon interest						(39,654)
Gross balance of long-term debt						1,525,000
Less unamortized debt discount						(25,752)
Carrying value of long-term debt						1,499,248
Less current portion of long-term debt						—
Long-term debt, less current portion and unamortized debt discount						$	1,499,248

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