v3.22.2.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands):
As of September 30, 2022
2021 Notes2020 Notes2019 Notes2018 NotesTotal
Principal$1,000,000 $650,000 $649,932 $55 $2,299,987 
Unamortized debt issuance costs10,846 5,867 4,689 — 21,402 
Net carrying value$989,154 $644,133 $645,243 $55 $2,278,585 
As of December 31, 2021
2021 Notes2020 Notes2019 Notes2018 NotesTotal
Principal$1,000,000 $650,000 $649,958 $62 $2,300,020 
Unamortized debt issuance costs12,271 6,763 5,568 — 24,602 
Net carrying value$987,729 $643,237 $644,390 $62 $2,275,418 
Schedule of Maturities of Convertible Notes
The Notes will mature at their maturity date unless earlier converted or repurchased. The terms of the Notes are summarized below:
Convertible NotesMaturity DateContractual Convertibility Date (1)Initial Conversion Rate per $1,000 PrincipalInitial Conversion PriceAnnual Effective Interest Rate
2021 Notes
June 15, 2028February 15, 20284.0518 $246.80 0.4 %
2020 Notes
September 1, 2027May 1, 20275.0007 199.97 0.3 %
2019 Notes
October 1, 2026June 1, 202611.4040 87.69 0.3 %
2018 Notes
March 1, 2023November 1, 202227.5691 36.27 — %
(1)During any calendar quarter preceding the respective convertibility date of each series of Notes, in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may, in the immediate quarter following, convert all or a portion of their Notes. Based on the daily closing prices of the Company’s stock during the quarter ended September 30, 2022, holders of the remaining 2018 Notes are eligible to convert their 2018 Notes, and holders of the 2021 Notes, 2020 Notes, and 2019 Notes are not eligible to convert their 2021 Notes, 2020 Notes, and remaining 2019 Notes, respectively, during the fourth quarter of 2022.
Schedule of Interest Expense
Interest expense, which consists of coupon interest and amortization of debt issuance costs, related to each of the Notes for the periods presented below was as follows (in thousands):
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2022202120222021
2021 Notes$1,100 $1,100 $3,300 $1,318 
2020 Notes502 502 1,505 1,505 
2019 Notes497 497 1,489 1,489 
2018 Notes— — — 44 
Total interest expense$2,099 $2,099 $6,294 $4,356 
Schedule of Capped Call Transactions
The initial terms of the Company’s Capped Call Transactions are presented below:
Capped Call TransactionsMaturity DateInitial Cap Price per ShareCap Price Premium
2021 Capped Call TransactionsJune 13, 2028$340.42 100 %
2020 Capped Call TransactionsSeptember 1, 2027327.83150 %
2019 Capped Call TransactionsOctober 1, 2026148.63150 %
2018 Capped Call TransactionsMarch 1, 202352.76100 %