Long-term Debt (Tables)

12 Months Ended

Dec. 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:

	December 31,
	2022		2021
2025 Convertible Notes	$	640,888	$	637,882
2027 Convertible Notes		1,033,277		1,029,263
2028 Secured Notes		489,547		488,006
2025 Secured Term Loan		204,688		0
Other long-term secured debt		10,160		0
Total	$	2,378,560	$	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 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

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

	December 31, 2021
	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

As of December 31, 2020, the net carrying amount of the liablity component of the 2025 Convertible Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheet as follows (in thousands):

	December 31,
	2020
Principal	$	650,000
Unamortized debt discount		(152,075	)
Unamortized issuance costs		(11,559	)
Net carrying amount of debt	$	486,366

As of December 31, 2020, the net carrying amount of the equity component of the 2025 Convertible Notes was classified as permanent equity and included in “additional paid in capital” in the Company’s Consolidated Balance Sheet as follows (in thousands):

	December 31,
	2020
Debt discount for conversion option	$	153,527
Issuance costs allocated to equity		(3,602	)
Deferred tax liability, net of deferred tax asset, related to debt discount and issuance costs		(42,115	)
Net carrying amount of equity	$	107,810

Schedule of Interest Expense Related to Notes

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2025 Convertible Notes	$	4,875	$	3,006	$	7,881	$	4,875	$	2,970	$	7,845
2027 Convertible Notes		0		4,014		4,014		0		3,433		3,433
Total	$	4,875	$	7,020	$	11,895	$	4,875	$	6,403	$	11,278

For the year ended December 31, 2020, interest expense related to the 2025 Convertible Notes was as follows (in thousands):

	Year Ended December 31,
	2020
Contractual interest expense	$	271
Amortization of debt discount		1,452
Amortization of issuance costs allocated to debt		91
Total interest expense	$	1,814

Schedule of Maturities of Debt Instruments

Maturities

The following table shows the maturities of the Company’s debt instruments as of December 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. As of December 31, 2022, 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 December 31,	2025 Convertible Notes		2027 Convertible Notes		2028 Secured Notes		2025 Secured Term Loan		Other long-term secured debt		Total
2023	$	0	$	0	$	0	$	0	$	513	$	513
2024		0		0		0		0		539		539
2025		650,000		0		500,000		205,000		569		1,355,569
2026		0		0		0		0		600		600
2027		0		1,050,000		0		0		8,633		1,058,633
Thereafter		0		0		0		0		0		0
Total	$	650,000	$	1,050,000	$	500,000	$	205,000	$	10,854	$	2,415,854

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 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

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

	December 31, 2021
	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 years ended December 31, 2022 and 2021, interest expense related to the 2028 Secured Notes was as follows (in thousands):

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Contractual		Amortization of				Contractual		Amortization of
	Interest Expense		Issuance Costs		Total		Interest Expense		Issuance Costs		Total
2028 Secured Notes	$	30,625	$	1,541	$	32,166	$	16,674	$	798	$	17,472

Term Loan Due Twenty Twenty Five

Debt Instrument [Line Items]

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

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 year ended December 31, 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands):

	Year Ended December 31, 2022
	Contractual		Amortization of
	Interest Expense		Issuance Costs		Total
2025 Secured Term Loan	$	9,006	$	103	$	9,109