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Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2021

The following table summarizes the Company’s debt obligations at September 30, 2021 (in thousands):

		Remainder of 2021				2022-2023				2024-2025				Thereafter				Total
Debt obligations		$	—			$	303			$	450,000			$	375,000			$	825,303

0% Convertible Senior Notes Due 2026

Schedule of Components of Convertible Senior Notes

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

	As of
	September 30, 2021
Liability component:
Principal	$	375,000
Less: debt discount, net of amortization		(102,236	)
Net carrying amount	$	272,764
Equity component ⁽¹⁾		99,000

⁽¹⁾	Recorded in the consolidated balance sheet within additional paid-in capital, net of $3.0 million transaction costs in equity and net of $3.4 million for taxes.

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, 2021

Nine Months Ended

September 30, 2021

Amortization of debt discount and transaction costs

4,886

10,740

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 (carrying value excludes the equity component of the Company’s 2026 Notes classified in equity) was as follows (in thousands):

	As of September 30, 2021
	Fair Value		Carrying Value
2026 Notes	$	421,493	$	272,764

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, 2021			December 31, 2020
Liability component:
Principal	$	450,000		$	450,000
Less: debt discount, net of amortization		(66,867	)		(80,968	)
Net carrying amount	$	383,133		$	369,032
Equity component ⁽¹⁾		86,133			86,133

⁽¹⁾	Recorded in the consolidated balance sheet within additional paid-in capital, net of $2.6 million transaction costs in equity and net of $0.9 million for taxes.

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,
	2021		2020		2021		2020
0.125% coupon	$	141	$	141	$	422	$	422
Amortization of debt discount and transaction costs		4,759		4,521		14,100		13,393
	$	4,900	$	4,662	$	14,522	$	13,815

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 (carrying value excludes the equity component of the Company’s 2024 Notes classified in equity) were as follows (in thousands):

	As of September 30, 2021				As of December 31, 2020
	Fair Value		Carrying Value		Fair Value		Carrying Value
2024 Notes	$	670,050	$	383,133	$	663,615	$	369,032

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
	September 30, 2021			December 31, 2020
Liability component:
Principal	$	303		$	79,795
Less: debt discount, net of amortization		(17	)		(7,313	)
Net carrying amount	$	286		$	72,482
Equity component ⁽¹⁾		(39,301	)		(21,318	)

⁽¹⁾

Recorded in the consolidated balance sheet within additional paid-in capital, net of $0.8 million transaction costs in equity. Additional paid-in capital also includes $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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
1.50% coupon	$	2	$	342	$	110	$	1,032
Amortization of debt discount and transaction costs		4		1,057		630		3,134
	$	6	$	1,399	$	740	$	4,166

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 (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows (in thousands):

	As of September 30, 2021				As of December 31, 2020
	Fair Value		Carrying Value		Fair Value		Carrying Value
2022 Notes	$	1,356	$	286	$	265,488	$	72,482