At-the-Market Equity Offerings

12 Months Ended

Dec. 31, 2023

At Market Equity Offerings [Abstract]

At-the-Market Equity Offerings

(13) At-the-Market Equity Offerings

During 2023, 2022, and 2021, the Company entered into sales agreements with agents pursuant to which the Company could issue and sell shares of its class A common stock through at-the-market equity offering programs. Pursuant to these agreements, the Company agreed to pay the sales agents commissions for their services in acting as agents with respect to the sale of shares through the at-the-market equity offering programs and also agreed to provide the sales agents with reimbursement for certain incurred expenses and customary indemnification and contribution rights. The following table summarizes the terms and provisions of each sales agreement, and sales activity pursuant to each at-the-market equity offering program that was active during 2023, 2022, or 2021. The maximum aggregate offering price and net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands.

	November 2023 Sales Agreement			August 2023 Sales Agreement			May 2023 Sales Agreement			2022 Sales Agreement			2021 Sales Agreement
Agreement effective date	November 30, 2023			August 1, 2023			May 1, 2023			September 9, 2022			June 14, 2021
Sales agents	Cowen and Company, LLC, Canaccord Genuity LLC, and BTIG, LLC ("November 2023 Sales Agents")			Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC ("August 2023 Sales Agents")			Cowen and Company, LLC and Canaccord Genuity LLC ("May 2023 Sales Agents")			Cowen and Company, LLC and BTIG, LLC ("2022 Sales Agents")			Jefferies, LLC ("2021 Sales Agents")
Maximum aggregate offering price	$	750,000		$	750,000		$	625,000		$	500,000		$	1,000,000
Maximum commissions payable to sales agents on gross proceeds from the sale of shares		2.0	%		2.0	%		2.0	%		2.0	%		2.0	%
Date terminated	n/a			November 29, 2023			August 1, 2023			May 1, 2023			December 28, 2021
Shares sold under such sales agreement during the year ended:
December 31, 2023		1,076,915			1,592,950			1,079,170			1,348,855		n/a
December 31, 2022	n/a			n/a			n/a				218,575		n/a
December 31, 2021	n/a			n/a			n/a			n/a				1,413,767
Net proceeds received from shares sold under such sales agreement during the year ended:
December 31, 2023	$	609,873		$	737,760		$	333,494		$	338,962		n/a
December 31, 2022	n/a			n/a			n/a			$	46,219		n/a
December 31, 2021	n/a			n/a			n/a			n/a			$	990,463
As of December 31, 2023:
Cumulative shares sold under such sales agreement		1,076,915			1,592,950			1,079,170			1,567,430			1,413,767
Cumulative net proceeds received from shares sold under such sales agreement	$	609,873		$	737,760		$	333,494		$	385,181		$	990,463
Maximum aggregate offering price remaining under such sales agreement	$	137,765		n/a			n/a			n/a			n/a

The sales commissions and expenses related to each of the above at-the-market equity offering programs are considered direct and incremental costs and are charged against “Additional paid-in capital” on the Consolidated Balance Sheet in the period in which the corresponding shares are issued and sold.