Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Debt Obligations

The following table summarizes the Company’s debt obligations as of September 30, 2023 (in thousands):

	Remainder of 2023		2024		2025		2026		Total
Debt obligations	$	—	$	63,459	$	—	$	300,276	$	363,735

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
	September 30, 2023			December 31, 2022
Liability component:
Principal	$	300,276		$	375,000
Less: debt discount, net of amortization		(4,142	)		(6,763	)
Net carrying amount	$	296,134		$	368,237

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization of debt discount and transaction costs	$	513	$	530	$	1,570	$	1,581

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 were as follows (in thousands):

	As of September 30, 2023				As of December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
2026 Notes	$	255,610	$	296,134	$	320,520	$	368,237

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
	September 30, 2023			December 31, 2022
Liability component:
Principal	$	63,459		$	133,558
Less: debt discount, net of amortization		(440	)		(1,497	)
Net carrying amount	$	63,019		$	132,061

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
0.125% coupon	$	39	$	140	$	122	$	422
Amortization of debt discount and transaction costs		171		638		552		1,911
	$	210	$	778	$	674	$	2,333

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 were as follows (in thousands):

	As of September 30, 2023				As of December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
2024 Notes	$	57,113	$	63,019	$	118,199	$	132,061