DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt

Proceeds from the Notes and Capped Call Transactions:

(in thousands)	Amount
Principal	$	600,000
Less: issuance costs	(14,527)
Less: Capped Call Transactions	(51,900)
	$	533,573

Contractual obligation, fiscal year maturity schedule

Net carrying amount of the liability component:

(in thousands)	September 30, 2020
Principal	$	600,000
Unamortized debt discount	(75,061)
Unamortized issuance costs	(11,145)
	$	513,794

Net carrying amount of the equity component, included in additional paid-in capital:

(in thousands)	September 30, 2020
Conversion options (1)	$	61,604

(1) Net of issuance costs and taxes.

Interest expense related to the Notes:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Contractual interest expense (0.75% coupon)	$	1,125	$	—	$	2,700	$	—
Amortization of debt discount (1)	3,807		—		9,060		—
Amortization of issuance costs (1)	565		—		1,345		—
	$	5,497	$	—	$	13,105	$	—

(1) Amortized based upon an effective interest rate of 4.31%.

Future payments of principal and contractual interest:

	September 30, 2020
(in thousands)	Principal		Interest		Total
2020	$	—	$	—	$	—
2021	—		4,500		4,500
2022	—		4,500		4,500
2023	—		4,500		4,500
2024	—		4,500		4,500
2025	600,000		1,488		601,488
	$	600,000	$	19,488	$	619,488

Schedule of derivative instruments

Change in value of Capped Call Transactions:

(in thousands)	Nine Months Ended September 30, 2020
Value at issuance	$	51,900
Fair value adjustment	19,816
Balance as of September 30,	$	71,716