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Long-Term Debt, Net (Tables)

9 Months Ended

Sep. 30, 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).

						September 30, 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						$	(8,378)					$	(10,950)
2028 Convertible Notes						(12,468)						(14,802)
Total unamortized debt discount						$	(20,846)					$	(25,752)
Carrying amount
2027 Convertible Notes						$	796,622					$	794,050
2028 Convertible Notes						707,532						705,198
Total carrying amount						$	1,504,154					$	1,499,248
Fair value based on trading levels (Level 2)
2027 Convertible Notes						$	807,721					$	695,826
2028 Convertible Notes						853,754						670,522
Total fair value of outstanding notes						$	1,661,475					$	1,366,348
Remaining amortization per period of debt discount (in years)
2027 Convertible Notes						2.4						3.2
2028 Convertible Notes						3.9						4.6

Schedule of 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,
						2024						2023						2024						2023
Coupon interest
2024 Convertible Notes						$	—					$	—					$	—					$	36
2027 Convertible Notes						503						503						1,509						1,509
2028 Convertible Notes						1,800						1,800						5,400						5,400
Total coupon interest						$	2,303					$	2,303					$	6,909					$	6,945
Amortization of debt discount
2024 Convertible Notes						$	—					$	—					$	—					$	24
2027 Convertible Notes						859						853						2,572						2,555
2028 Convertible Notes						781						770						2,334						2,301
Total amortization of debt discount						$	1,640					$	1,623					$	4,906					$	4,880
Interest expense
2024 Convertible Notes						$	—					$	—					$	—					$	60
2027 Convertible Notes						1,362						1,356						4,081						4,064
2028 Convertible Notes						2,581						2,570						7,734						7,701
Total interest expense						$	3,943					$	3,926					$	11,815					$	11,825
Effective interest rates
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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