Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
2025 Convertible Notes	$	638,630	$	637,882
2027 Convertible Notes		1,030,265		1,029,263
2028 Secured Notes		488,382		488,006
2025 Secured Term Loan		204,588		0
Total	$	2,361,865	$	2,155,151

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, 2022 (in thousands):

	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(11,370	)	$	638,630	$	908,622	Level 2
2027 Convertible Notes		1,050,000		(19,735	)		1,030,265		757,575	Level 2
Total	$	1,700,000	$	(31,105	)	$	1,668,895	$	1,666,197

The following is a summary of the Company’s convertible debt instruments as of December 31, 2021 (in thousands):

	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2025 Convertible Notes	$	650,000	$	(12,118	)	$	637,882	$	1,056,679	Level 2
2027 Convertible Notes		1,050,000		(20,737	)		1,029,263		774,375	Level 2
Total	$	1,700,000	$	(32,855	)	$	1,667,145	$	1,831,054

Schedule of Interest Expense Related to Notes

For the three months ended March 31, 2022 and 2021, interest expense related to the Convertible Notes was as follows (in thousands):

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2025 Convertible Notes	$	1,219	$	748	$	1,967	$	1,219	$	739	$	1,958
2027 Convertible Notes		0		1,002		1,002		0		433		433
Total	$	1,219	$	1,750	$	2,969	$	1,219	$	1,172	$	2,391

Schedule of Maturities of Debt Instruments

Maturities

The following table shows the maturities of the Company’s debt instruments as of March 31, 2022 (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. The Company’s expectation is that the springing maturity feature of the 2028 Secured Notes will not be triggered.

Payments due by period ended March 31,	2025 Convertible Notes		2027 Convertible Notes		2028 Secured Notes		2025 Secured Term Loan		Total
2023	$	0	$	0	$	0	$	0	$	0
2024		0		0		0		0		0
2025		0		0		0		205,000		205,000
2026		650,000		0		500,000		0		1,150,000
2027		0		1,050,000		0		0		1,050,000
Thereafter		0		0		0		0		0
Total	$	650,000	$	1,050,000	$	500,000	$	205,000	$	2,405,000

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, 2022 (in thousands):

	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(11,618	)	$	488,382	$	487,150	Level 2

The following is a summary of the 2028 Secured Notes as of December 31, 2021 (in thousands):

	Outstanding		Unamortized			Net Carrying		Fair Value
	Principal Amount		Issuance Costs			Value		Amount		Leveling
2028 Secured Notes	$	500,000	$	(11,994	)	$	488,006	$	502,530	Level 2

Schedule of Interest Expense Related to Notes

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

	Three Months Ended March 31, 2022
	Contractual		Amortization of
	Interest Expense		Issuance Costs		Total
2028 Secured Notes	$	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 March 31, 2022 (in thousands):

	Outstanding		Unamortized			Net Carrying
	Principal Amount		Issuance Costs			Value
2025 Secured Term Loan	$	205,000	$	(412	)	$	204,588

Schedule of Interest Expense Related to Notes

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

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