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Convertible Senior Notes (Tables)

9 Months Ended

Sep. 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 September 30, 2022 were as follows (in thousands):

						2025 Notes						2026 Notes
Principal						$	1,000,000					$	650,000
Unamortized issuance cost						(6,555)						(6,152)
Net carrying amount (1)						$	993,445					$	643,848

(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 September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Amortization of debt discount (1)			$	—					$	15,122					$	—					$	45,645
Amortization of debt issuance cost (1)			1,118						776						3,350						2,335
Total interest expense related to the Notes (1)			$	1,118					$	15,898					$	3,350					$	47,980

(1)The decrease in total interest expense during the three and nine months ended September 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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