Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Instrument [Line Items]

Schedule of Debt

The net carrying value of the Company’s long-term debt (in thousands) consisted of the following, as of:

	March 31, 2023		December 31, 2022
2025 Convertible Notes	$	641,645	$	640,888
2027 Convertible Notes		1,034,283		1,033,277
2028 Secured Notes		489,948		489,547
2025 Secured Term Loan		0		204,688
Other long-term secured debt		10,042		10,160
Total	$	2,175,918	$	2,378,560

Schedule of Net Carrying Amount of Liability and Equity Component of Convertible Senior Notes

The following is a summary of the Company’s convertible debt instruments as of March 31, 2023 (in thousands):

	March 31, 2023
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(8,355	)	$	641,645	$	573,086	Level 2
2027 Convertible Notes		1,050,000		(15,717	)		1,034,283		559,125	Level 2
Total	$	1,700,000	$	(24,072	)	$	1,675,928	$	1,132,211

The following is a summary of the Company’s convertible debt instruments as of December 31, 2022 (in thousands):

	December 31, 2022
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(9,112	)	$	640,888	$	364,000	Level 2
2027 Convertible Notes		1,050,000		(16,723	)		1,033,277		394,800	Level 2
Total	$	1,700,000	$	(25,835	)	$	1,674,165	$	758,800

Schedule of Maturities of Debt Instruments

Maturities

The following table shows the maturities of the Company’s debt instruments as of March 31, 2023 (in thousands). The principal payments related to the 2028 Secured Notes are included in the table below based on the First Springing Maturity Date of September 15, 2025, as if the springing maturity feature discussed above were triggered. As of March 31, 2023, the Company expects to be able to satisfy the requirements in the 2028 Secured Notes Indenture to avoid triggering the springing maturity feature of the 2028 Secured Notes.

Payments due by period ended March 31,	2025 Convertible Notes		2027 Convertible Notes		2028 Secured Notes		Other long-term secured debt		Total
2024	$	0	$	0	$	0	$	518	$	518
2025		0		0		0		547		547
2026		650,000		0		500,000		577		1,150,577
2027		0		1,050,000		0		608		1,050,608
2028		0		0		0		8,477		8,477
Thereafter		0		0		0		0		0
Total	$	650,000	$	1,050,000	$	500,000	$	10,727	$	2,210,727

Secured Notes Due Twenty Twenty Eight

Debt Instrument [Line Items]

Schedule of Debt

The following is a summary of the 2028 Secured Notes as of March 31, 2023 (in thousands):

	March 31, 2023
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(10,052	)	$	489,948	$	441,875	Level 2

The following is a summary of the 2028 Secured Notes as of December 31, 2022 (in thousands):

	December 31, 2022
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(10,453	)	$	489,547	$	369,800	Level 2

Schedule of Interest Expense Related to Notes

For the three months ended March 31, 2023 and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands):

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2028 Secured Notes	$	7,656	$	401	$	8,057	$	7,656	$	376	$	8,032

Term Loan Due Twenty Twenty Five

Debt Instrument [Line Items]

Schedule of Debt

The following is a summary of the 2025 Secured Term Loan as of December 31, 2022 (in thousands):

	December 31, 2022
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Secured Term Loan	$	205,000	$	(312	)	$	204,688	$	205,000	Level 3

Schedule of Interest Expense Related to Notes

For the three months ended March 31, 2023 and 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands):

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2025 Secured Term Loan	$	3,781	$	31	$	3,812	$	176	$	3	$	179

Convertible Debt

Debt Instrument [Line Items]

Schedule of Interest Expense Related to Notes

For the three months ended March 31, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands):

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2025 Convertible Notes	$	1,219	$	757	$	1,976	$	1,219	$	748	$	1,967
2027 Convertible Notes		0		1,006		1,006		0		1,002		1,002
Total	$	1,219	$	1,763	$	2,982	$	1,219	$	1,750	$	2,969