Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2024

Convertible Senior Notes

Schedule of net carrying amount of convertible senior notes

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

	March 31, 2024		December 31, 2023
Principal	$	690,000	$	690,000
Unamortized debt issuance costs		(12,105)		(12,887)
Convertible notes carrying amount, net	$	677,895	$	677,113

The estimated fair value of the Notes at March 31, 2024 and December 31, 2023 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):

	March 31, 2024		December 31, 2023
2027 Notes	$	1,006.0	$	873.3

Schedule of interest expense of convertible senior notes

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

		Three Months Ended March 31,
	2024		2023
Contractual interest expense	$	863	$	863
Amortization of debt issuance costs		782		756
Total interest expense	$	1,645	$	1,619

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