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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Fair Value of the Long-Term Debt

At September 30, 2024, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):

						Carrying Value						Fair Value Measurements Using
												Level 1						Level 2						Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Equity investments						$	15,877					$	—					$	—					$	15,877
Convertible notes receivable						$	12,157					$	—					$	—					$	12,157
Financial Liabilities:
Acquisition-related contingent consideration						$	19,157					$	—					$	—					$	19,157
Financial Liabilities Measured at Amortized Cost:
Term loan A facility due March 2028						$	107,024					$	—					$	107,584					$	—
2.125% convertible senior notes due 2029 (1)						$	278,867					$	—					$	217,603					$	—
0.750% convertible senior notes due 2025 (2)						$	201,466					$	—					$	193,514					$	—

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $15.05 per share on September 30, 2024, compared to a conversion price of $39.56 per share. At September 30, 2024, as the conversion price was above the stock price, the requirements for conversion have not been met.

(2) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $15.05 per share on September 30, 2024, compared to a conversion price of $71.78 per share. At September 30, 2024, as the conversion price was above the stock price, the requirements for conversion have not been met. The maximum conversion on the principal that could have been due on the 2025 Notes is 2.8 million shares of the Company’s common stock, which assumes no increase in the conversion rate for certain corporate events.

Schedule of Investments without Readily Determinable Fair Value

The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):

						Equity Investments						Convertible Notes Receivable						Total
Balance at December 31, 2022						$	15,877					$	5,315					$	21,192
Purchases						—						6,758						6,758
Foreign currency adjustments						—						61						61
Balance at December 31, 2023						15,877						12,134						28,011
Foreign currency adjustments						—						23						23
Balance at September 30, 2024						$	15,877					$	12,157					$	28,034

Schedule of Key Assumptions used in the Valuation of Contingent Consideration

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:

Assumption						Ranges Utilized as of September 30, 2024
Discount rates						7.3% to 8.6%
Probability of payment for remaining regulatory milestone						0%

Schedule of Change in Contingent Consideration Recorded at Fair Value using Level 3 Measurements

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):

						Contingent Consideration Fair Value
Balance at December 31, 2022						$	28,122
Fair value adjustments and accretion						(3,424)
Balance at December 31, 2023						24,698
Fair value adjustments and accretion						(5,541)
Balance at September 30, 2024						$	19,157

Schedule of Short-Term and Noncurrent Available-for-Sale Investments

The following summarizes the Company’s short-term and noncurrent available-for-sale investments at September 30, 2024 and December 31, 2023 (in thousands):

September 30, 2024 Investments						Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value (Level 2)
Current:
Asset-backed securities						$	37,525					$	78					$	—											$	37,603
Commercial paper						126,516						273						(15)												126,774
Corporate bonds						32,351						72						(5)												32,418
U.S. federal agency bonds						5,990						13						—												6,003
Yankee bond						5,018						29						—												5,047
Total						$	207,400					$	465					$	(20)											$	207,845

December 31, 2023 Investments						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value (Level 1)						Fair Value (Level 2)
Current:
Asset-backed securities						$	9,539					$	1					$	—					$	—					$	9,540
Commercial paper						77,941						103						—						—						78,044
U.S. federal agency bonds						22,849						—						(29)						—						22,820
U.S. government bonds						14,899						—						(20)						14,879						—
Subtotal						125,228						104						(49)						14,879						110,404
Noncurrent:
Asset-backed securities						2,403						7						—						—						2,410
Subtotal						2,403						7						—						—						2,410
Total						$	127,631					$	111					$	(49)					$	14,879					$	112,814

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