Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2023

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, noncurrent		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 at December 31, 2023 (in thousands):

	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 December 31,
	2023			2022
Liability component:
Principal	$	300,276		$	375,000
Less: debt discount, net of amortization		(3,715	)		(6,763	)
Net carrying amount	$	296,561		$	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):

	Year Ended December 31,
	2023		2022		2021
Amortization of debt discount and transaction costs	$	1,998	$	2,112	$	15,715

Effective interest rates were 0.6% during both years ended December 31, 2023 and 2022, respectively, and 7.3% during December 31, 2021.

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 December 31,
	2023				2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
2026 Notes	$	260,114	$	296,561	$	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 December 31,
	2023			2022
Liability component:
Principal	$	63,459		$	133,558
Less: debt discount, net of amortization		(349	)		(1,497	)
Net carrying amount	$	63,110		$	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):

	Year Ended December 31,
	2023		2022		2021
0.125% coupon	$	142	$	539	$	562
Amortization of debt discount and transaction costs		642		2,449		18,924
	$	784	$	2,988	$	19,486

Effective interest rates were 0.7% during both years ended December 31, 2023 and 2022, respectively, and 5.2% during December 31, 2021.

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 December 31,
	2023				2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
2024 Notes	$	58,670	$	63,110	$	118,199	$	132,061

1.50% Convertible Senior Notes Due 2022

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):

	Year Ended December 31, 2021
1.50% coupon	$	110
Amortization of debt discount and transaction costs		632
	$	742

Effective interest rates were 2.2% and 6.9% during the years ended December 31, 2022 and 2021, respectively