Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Instrument [Line Items]

Schedule of Debt

As of September 30, 2021, the net carrying value of the Company’s long-term debt consisted of the following (in thousands):

	September 30, 2021
2025 Convertible Notes	$	637,136
2027 Convertible Notes		1,028,262
2028 Secured Notes		487,636
Total	$	2,153,034

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

As of September 30, 2021, the net carrying value of the Convertible Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheet. The following is a summary of the Company’s convertible debt instruments as of September 30, 2021 (in thousands):

	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(12,864	)	$	637,136	$	1,058,915	Level 2
2027 Convertible Notes		1,050,000		(21,738	)		1,028,262		771,782	Level 2
Total	$	1,700,000	$	(34,602	)	$	1,665,398	$	1,830,697

Schedule of Interest Expense Related to Notes

For the three and nine months ended September 30, 2021, interest expense related to the Convertible Notes was as follows (in thousands):

	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2025 Convertible Notes	$	1,218	$	744	$	1,962	$	3,656	$	2,224	$	5,880
2027 Convertible Notes		0		1,000		1,000		0		2,432		2,432
Total	$	1,218	$	1,744	$	2,962	$	3,656	$	4,656	$	8,312

For the three and nine months ended September 30, 2021, interest expense related to the 2028 Secured Notes was as follows (in thousands):

	Three months ended September 30, 2021						Nine months ended September 30, 2021
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2028 Secured Notes	$	7,656	$	363	$	8,019	$	9,017	$	428	$	9,445

Schedule of Future Contractual Payments of Notes

Contractual Obligations

The following table shows the future contractual payments related to the Company’s debt instruments (semi-annual interest payments and principal upon maturity), based on the expected due dates of the various installments as of September 30, 2021 (in thousands). The contractual principal payments related to the 2028 Secured Notes are included in the table below based on their stated maturity date of June 15, 2028 and the Company’s expectation that the springing maturity feature of the 2028 Secured Notes will not be triggered.

Payments due by period ended September 30,	2025 Convertible Notes		2027 Convertible Notes		2028 Secured Notes		Total
2022	$	4,875	$	0	$	30,710	$	35,585
2023		4,875		0		30,625		35,500
2024		4,875		0		30,625		35,500
2025		4,875		0		30,625		35,500
2026		652,451		0		30,625		683,076
Thereafter		0		1,050,000		561,250		1,611,250
Total	$	671,951	$	1,050,000	$	714,460	$	2,436,411

Secured Notes Due Twenty Twenty Eight

Debt Instrument [Line Items]

Schedule of Debt

The following is a summary of the Company’s 2028 Secured Notes as of September 30, 2021 (in thousands):

	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(12,364	)	$	487,636	$	505,700	Level 2