Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2023		December 31, 2022
Principal	$	690,000	$	690,000
Unamortized debt issuance costs		(13,685)		(16,033)
Convertible notes carrying amount, net	$	676,315	$	673,967

The estimated fair value of the Notes at September 30, 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):

	September 30, 2023		December 31, 2022
2027 Notes	$	738.4	$	687.3

Schedule of interest expense of convertible senior notes

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

	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Contractual interest expense	$	863	$	2,588
Amortization of debt issuance costs		797		2,328
Total interest expense	$	1,660	$	4,916

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