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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands):
| As of December 31, 2023
| 2021 Notes |  | 2020 Notes |  | 2019 Notes |  | 2018 Notes |  | Total
Principal | $ | 1,000,000 |  |  | $ | 650,000 |  |  | $ | 649,887 |  |  | $ | — |  |  | $ | 2,299,887 |
Unamortized debt issuance costs | 8,471 |  |  | 4,376 |  |  | 3,223 |  |  | — |  |  | 16,070 |
Net carrying value | $ | 991,529 |  |  | $ | 645,624 |  |  | $ | 646,664 |  |  | $ | — |  |  | $ | 2,283,817 |
| As of December 31, 2022
| 2021 Notes |  | 2020 Notes |  | 2019 Notes |  | 2018 Notes |  | Total
Principal | $ | 1,000,000 |  |  | $ | 650,000 |  |  | $ | 649,932 |  |  | $ | 44 |  |  | $ | 2,299,976 |
Unamortized debt issuance costs | 10,371 |  |  | 5,569 |  |  | 4,396 |  |  | — |  |  | 20,336 |
Net carrying value | $ | 989,629 |  |  | $ | 644,431 |  |  | $ | 645,536 |  |  | $ | 44 |  |  | $ | 2,279,640 |
Schedule of Maturities of Convertible Notes | The terms of the Notes are summarized below:
Convertible Notes |  | Maturity Date |  | Contractual Convertibility Date (1) |  |  |  | Initial Conversion Rate per $1,000 Principal (2) |  | Initial Conversion Price |  | Annual Effective Interest Rate
2021 Notes |  | June 15, 2028 |  | February 15, 2028 |  |  |  | 4.0518 |  |  | $ | 246.80 |  |  | 0.4 | %
2020 Notes |  | September 1, 2027 |  | May 1, 2027 |  |  |  | 5.0007 |  |  | 199.97 |  |  | 0.3 | %
2019 Notes |  | October 1, 2026 |  | June 1, 2026 |  |  |  | 11.4040 |  |  | 87.69 |  |  | 0.3 | %
2018 Notes |  | March 1, 2023 |  | November 1, 2022 |  |  |  | 27.5691 |  |  | 36.27 |  |  | — | %
(1)Based on the daily closing prices of the Company’s stock during the quarter ended December 31, 2023, holders of the 2021 Notes, 2020 Notes, and 2019 Notes are not eligible to convert their 2021 Notes, 2020 Notes, and remaining 2019 Notes, respectively, during the first quarter of 2024. (2)The initial conversion rate will be subject to adjustment upon the occurrence of certain specified events, including certain distributions and dividends to all or substantially all of the holders of the Company’s common stock.
Schedule of Interest Expense | Interest expense, which consists of coupon interest and amortization of debt issuance costs, related to each of the Notes for the periods presented below was as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
2021 Notes |  | $ | 4,400 |  |  | $ | 4,400 |  |  | $ | 2,411 |
2020 Notes |  | 2,006 |  |  | 2,006 |  |  | 2,006 |
2019 Notes |  | 1,985 |  |  | 1,985 |  |  | 1,985 |
2018 Notes |  | — |  |  | — |  |  | 44 |
Total interest expense |  | $ | 8,391 |  |  | $ | 8,391 |  |  | $ | 6,446 |
Schedule of Capped Call Transactions | The initial terms of the Company’s Capped Call Transactions are presented below:
Capped Call Transactions |  | Maturity Date |  | Initial Cap Price per Share |  | Cap Price Premium
2021 Capped Call Transactions |  | June 15, 2028 |  | $ | 340.42 |  |  | 100 | %
2020 Capped Call Transactions |  | September 1, 2027 |  | 327.83 |  | 150 | %
2019 Capped Call Transactions |  | October 1, 2026 |  | 148.63 |  | 150 | %

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