XML 45 R34.htm IDEA: XBRL DOCUMENT

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Cumulative Effect of Changes Made to Consolidated Balance Sheet

The cumulative effect of the changes made to the Company’s consolidated January 1, 2022 balance sheet for the adoption of ASU 2020-06 was as follows (in thousands):


	Balance at			Adjustments Due			Balance at
	December 31, 2021			to ASU 2020-06			January 1, 2022
BALANCE SHEET
Liabilities and Stockholders’ Equity
Convertible senior notes, current	$	8		$	—		$	8
Convertible senior notes, non-current		665,695			142,836			808,531
Deferred tax liabilities		16,082			(4,858	)		11,224
Additional paid-in capital		853,664			(185,141	)		668,523
Accumulated deficit		(388,112	)		47,162			(340,950	)

Summary of Debt Obligations

The following table summarizes the Company’s debt obligations as of June 30, 2022 (in thousands):


	Remainder of 2022		2023-2024		2025-2026		Total
Debt obligations	$	8	$	450,000	$	375,000	$	825,008

0% Convertible Senior Notes Due 2026

Schedule of Components of Convertible Senior Notes

The 2026 Notes consist of the following (in thousands):


	As of			As of
	June 30, 2022			December 31, 2021
Liability component:
Principal	$	375,000		$	375,000
Less: debt discount, net of amortization		(7,823	)		(97,261	)
Net carrying amount	$	367,177		$	277,739
Equity component (1)		—			99,000

Summary of Total Interest Expense Recognized Related To Convertible Senior Notes

The following table sets forth total interest expense recognized related to the 2026 Notes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization of debt discount and transaction costs	$	529	$	4,798	$	1,051	$	5,854

Summary of Fair Value and Carrying Value of Convertible Senior Notes

The fair value of the 2026 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2026 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (prior to the adoption of ASU 2020-06, carrying value excluded the equity component of the Company’s 2026 Notes classified in equity) were as follows (in thousands):


	As of June 30, 2022				As of December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
2026 Notes	$	302,820	$	367,177	$	318,311	$	277,739

0.125% Convertible Senior Notes Due 2024

Schedule of Components of Convertible Senior Notes

The 2024 Notes consist of the following (in thousands):


	As of			As of
	June 30, 2022			December 31, 2021
Liability component:
Principal	$	450,000		$	450,000
Less: debt discount, net of amortization		(6,321	)		(62,044	)
Net carrying amount	$	443,679		$	387,956
Equity component (1)		—			86,133

(1)

Summary of Total Interest Expense Recognized Related To Convertible Senior Notes

The following table sets forth total interest expense recognized related to the 2024 Notes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
0.125% coupon	$	141	$	140	$	282	$	281
Amortization of debt discount and transaction costs		637		4,702		1,273		9,341
	$	778	$	4,842	$	1,555	$	9,622

Summary of Fair Value and Carrying Value of Convertible Senior Notes

The fair value of the 2024 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2024 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (prior to the adoption of ASU 2020-06, carrying value excluded the equity component of the Company’s 2024 Notes classified in equity) were as follows (in thousands):


	As of June 30, 2022				As of December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
2024 Notes	$	393,566	$	443,679	$	440,564	$	387,956

1.50% Convertible Senior Notes Due 2022

Schedule of Components of Convertible Senior Notes

The 2022 Notes consist of the following (in thousands):


	As of		As of
	June 30, 2022		December 31, 2021
Liability component:
Principal	$	8	$	8
Less: debt discount, net of amortization		—		—
Net carrying amount	$	8	$	8
Equity component (1)		—		(39,358	)

(1)

Upon adoption of ASU 2020-06, the Company no longer separately presents the embedded conversion feature in equity. As of December 31, 2021, the equity component was recorded in the consolidated balance sheet within additional paid-in capital, net of $0.8 million transaction costs in equity. Additional paid-in capital as of December 31, 2021 also included $2.7 million and $36.7 million, respectively, market premium representing the excess of the total consideration delivered over the fair value of the liability recognized related to the $58.6 million and $23.0 million, respectively, principal balance extinguishment of the 2022 Notes in March 2021 and December 2019.

Summary of Total Interest Expense Recognized Related To Convertible Senior Notes

The following table sets forth total interest expense recognized related to the 2022 Notes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
1.50% coupon	$	—	$	2	$	—	$	108
Amortization of debt discount and transaction costs		—		8		—		626
	$	—	$	10	$	—	$	734

Summary of Fair Value and Carrying Value of Convertible Senior Notes

The fair value of the 2022 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2022 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (prior to the adoption of ASU 2020-06, carrying value excluded the equity component of the Company’s convertible notes classified in equity) were as follows (in thousands):


	As of June 30, 2022				As of December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
2022 Notes	$	9	$	8	$	16	$	8