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Long-Term Debt, Net (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024						December 31, 2023
Principal amount
2027 Convertible Notes						$	805,000					$	805,000
2028 Convertible Notes						720,000						720,000
Total principal amount						$	1,525,000					$	1,525,000
Unamortized debt discount
2027 Convertible Notes						$	(10,094)					$	(10,950)
2028 Convertible Notes						(14,027)						(14,802)
Total unamortized debt discount						$	(24,121)					$	(25,752)
Carrying amount
2027 Convertible Notes						$	794,906					$	794,050
2028 Convertible Notes						705,973						705,198
Total carrying amount						$	1,500,879					$	1,499,248
Fair value based on trading levels (Level 2):
2027 Convertible Notes						$	714,244					$	695,826
2028 Convertible Notes						702,403						670,522
Total fair value of outstanding notes						$	1,416,647					$	1,366,348
Remaining amortization per period of debt discount (in years):
2027 Convertible Notes						2.9						3.2
2028 Convertible Notes						4.4						4.6

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,
						2024						2023
Coupon interest
2024 Convertible Notes						$	—					$	36
2027 Convertible Notes						503						503
2028 Convertible Notes						1,800						1,800
Total coupon interest						$	2,303					$	2,339
Amortization of debt discount
2024 Convertible Notes						$	—					$	24
2027 Convertible Notes						856						850
2028 Convertible Notes						775						764
Total amortization of debt discount						$	1,631					$	1,638
Interest expense
2024 Convertible Notes						$	—					$	60
2027 Convertible Notes						1,359						1,353
2028 Convertible Notes						2,575						2,564
Total interest expense						$	3,934					$	3,977
Effective interest rates
2027 Convertible Notes						0.7		%				0.7		%
2028 Convertible Notes						1.5		%				1.5		%

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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