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Convertible Senior Notes (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt Terms |
|  | 2025 Notes |  | 2026 Notes
$1,000 principal amount initially convertible into number of the Company’s Class A Common Stock, par value $0.0001 |  | 2.7745 shares |  | 2.3583 shares
Equivalent initial approximate conversion price per share |  | $ | 360.43 |  |  | $ | 424.03 |
Summary of Net Carrying Amount of Liability Component and Equity Component of Notes | The net carrying amount of the liability component of the Notes as of June 30, 2022 were as follows (in thousands):
|  | 2025 Notes |  | 2026 Notes
Principal |  | $ | 1,000,000 |  |  | $ | 650,000 |
Unamortized issuance cost |  | (7,230) |  |  | (6,595) |
Net carrying amount (1) |  | $ | 992,770 |  |  | $ | 643,405 |
(1)The net carrying amount was increased on January 1, 2022 as a result of the adoption of ASU No. 2020-06. Refer to Note 1, Description of Business and Summary of Significant Accounting Policies, in this Quarterly Report on Form 10-Q for further information.
Schedule of Interest Expense Recognized Related to Notes | The following table sets forth the total interest expense recognized related to the Notes (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Amortization of debt discount (1) | $ | — |  |  | $ | 15,112 |  |  | $ | — |  |  | $ | 30,523 |
Amortization of debt issuance cost (1) | 1,116 |  |  | 770 |  |  | 2,232 |  |  | 1,559 |
Total interest expense related to the Notes (1) | $ | 1,116 |  |  | $ | 15,882 |  |  | $ | 2,232 |  |  | $ | 32,082 |
(1)The decrease in total interest expense during the three and six months ended June 30, 2022 was due to the derecognition of the unamortized debt discount, partially offset by the increase in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU No. 2020-06, as of January 1, 2022, as described in Note 1, Description of Business and Summary of Significant Accounting Policies.
Schedule of Key Terms and Costs Incurred | The following table below sets forth key terms and costs incurred for the Capped Calls related to each of the Notes:
| 2023 Notes |  | 2025 Notes |  | 2026 Notes
Initial approximate strike price per share, subject to certain adjustments | $ | 81.45 |  |  | $ | 360.43 |  |  | $ | 424.03 |
Initial cap price per share, subject to certain adjustments | $ | 119.04 |  |  | $ | 480.56 |  |  | $ | 556.10 |
Net cost incurred (in millions) | $ | 49.9 |  |  | $ | 60.9 |  |  | $ | 41.8 |
Class A Common Stock covered, subject to anti-dilution adjustments (in millions) | 5.6 |  | 2.8 |  | 1.5
Settlement commencement date | 1/13/2023 |  | 1/31/2024 |  | 2/13/2025
Settlement expiration date | 3/13/2023 |  | 2/28/2024 |  | 3/13/2025

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- Definition Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=126999549&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126999549&loc=d3e4332-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126999549&loc=d3e4304-108586 + Details
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