Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2023

Convertible Senior Notes

Schedule of net carrying amount of convertible senior notes

The following table summarizes the carrying value of the Notes (in thousands):

	December 31, 2023		December 31, 2022
Principal	$	690,000	$	690,000
Unamortized debt issuance costs		(12,887)		(16,033)
Convertible notes carrying amount, net	$	677,113	$	673,967

We consider the fair value of the Notes to be a Level 2 measurement. The estimated fair value of the Notes at December 31, 2023 and December 31, 2022 is based on the closing trading price per $1,000 of the Notes as of the last day of trading for each period as follows (in millions):

	December 31, 2023		December 31, 2022
2027 Notes	$	873.3	$	687.3

Schedule of interest expense of convertible senior notes

Interest expense related to the Notes was as follows (in thousands):

	December 31, 2023		December 31, 2022
Contractual interest expense	$	3,450	$	211
Amortization of debt issuance costs		3,126		198
Total interest expense	$	6,576	$	409

Schedule of convertible note hedge transaction

	Purchase Price		Shares Purchased
2027 Note Hedge	$	194,994		3,016,680

Schedule of warrants details of convertible senior notes

	Proceeds		Shares		Strike Price		First Expiration
2027 Warrants	$	124,269		3,016,680	$	338.86		March 15, 2028