Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
2025 Convertible Notes	$	644,698	$	643,931
2027 Convertible Notes		1,038,316		1,037,306
2030 Convertible Notes		782,248		0
2031 Convertible Notes		592,368		0
2028 Secured Notes		491,622		491,193
Other long-term secured debt		9,549		9,678
Total	$	3,558,801	$	2,182,108

Summary of Periods that Each of the Convertible Notes Were Convertible at the Option of Holders

The following summarizes which periods, if any, that each of the Convertible Notes were convertible at the option of the holders during the three months ended March 31, 2024 and 2023:

	Three Months Ended
	March 31,
	2024	2023
2025 Convertible Notes	Convertible	Not convertible at any time
2027 Convertible Notes	Not convertible at any time	Not convertible at any time
2030 Convertible Notes	Not convertible at any time	n/a
2031 Convertible Notes	Not convertible at any time	n/a

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, 2024 (in thousands):

	March 31, 2024
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(5,302	)	$	644,698	$	2,847,274	Level 2
2027 Convertible Notes		1,050,000		(11,684	)		1,038,316		1,437,616	Level 2
2030 Convertible Notes		800,000		(17,752	)		782,248		1,064,727	Level 2
2031 Convertible Notes		603,750		(11,382	)		592,368		638,466	Level 2
Total	$	3,103,750	$	(46,120	)	$	3,057,630	$	5,988,083

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

	December 31, 2023
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(6,069	)	$	643,931	$	1,074,713	Level 2
2027 Convertible Notes		1,050,000		(12,694	)		1,037,306		913,808	Level 2
Total	$	1,700,000	$	(18,763	)	$	1,681,237	$	1,988,521

Schedule of Maturities of Debt Instruments

Maturities

The following table shows the maturities of the Company’s debt instruments as of March 31, 2024 (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, 2024, 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. The principal payments related to the 2030 Convertible Notes and 2031 Convertible Notes, respectively, are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2030 Convertible Notes and 2031 Convertible Notes on September 15, 2028.

Payments due by period ended March 31,	2025 Convertible Notes		2027 Convertible Notes		2030 Convertible Notes		2031 Convertible Notes		2028 Secured Notes		Other long-term secured debt		Total
2025	$	0	$	0	$	0	$	0	$	0	$	547	$	547
2026		650,000		0		0		0		500,000		577		1,150,577
2027		0		1,050,000		0		0		0		608		1,050,608
2028		0		0		0		0		0		8,477		8,477
2029		0		0		800,000		603,750		0		0		1,403,750
Thereafter		0		0		0		0		0		0		0
Total	$	650,000	$	1,050,000	$	800,000	$	603,750	$	500,000	$	10,209	$	3,613,959

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, 2024 (in thousands):

	March 31, 2024
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(8,378	)	$	491,622	$	483,125	Level 2

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

	December 31, 2023
	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(8,807	)	$	491,193	$	485,070	Level 2

Schedule of Interest Expense Related to Notes

For the three months ended March 31, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands):

	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2028 Secured Notes	$	7,656	$	429	$	8,085	$	7,656	$	401	$	8,057

Term Loan Due Twenty Twenty Five

Debt Instrument [Line Items]

Schedule of Interest Expense Related to Notes

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

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

Convertible Debt

Debt Instrument [Line Items]

Schedule of Interest Expense Related to Notes

For the three months ended March 31, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands):

	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2025 Convertible Notes	$	1,219	$	767	$	1,986	$	1,219	$	757	$	1,976
2027 Convertible Notes		0		1,010		1,010		0		1,006		1,006
2030 Convertible Notes		319		248		567		0		0		0
2031 Convertible Notes		191		89		280		0		0		0
Total	$	1,729	$	2,114	$	3,843	$	1,219	$	1,763	$	2,982