Debt (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024
	2021 Notes		2020 Notes		2019 Notes		Total
Principal	$	1,000,000	$	650,000	$	649,887	$	2,299,887
Unamortized debt issuance costs	7,046		3,481		2,344		12,871
Net carrying value	$	992,954	$	646,519	$	647,543	$	2,287,016


	As of December 31, 2023
	2021 Notes		2020 Notes		2019 Notes		Total
Principal	$	1,000,000	$	650,000	$	649,887	$	2,299,887

Unamortized debt issuance costs	8,471		4,376		3,223		16,070
Net carrying value	$	991,529	$	645,624	$	646,664	$	2,283,817

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 Notes	Maturity Date	Contractual Convertibility Date (1)	Initial Conversion Rate per $1,000 Principal	Initial Conversion Price		Annual Effective Interest Rate
2021 Notes	June 15, 2028	February 15, 2028	4.0518	$	246.80	0.4	%
2020 Notes	September 1, 2027	May 1, 2027	5.0007	199.97		0.3	%
2019 Notes	October 1, 2026	June 1, 2026	11.4040	87.69		0.3	%

(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, 2024, 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 2024.

Schedule of Capped Call Transactions

The initial terms of the Company’s outstanding Capped Call Transactions are presented below:


Capped Call Transactions	Maturity Date	Initial Cap Price per Share		Cap Price Premium
2021 Capped Call Transactions	June 15, 2028	$	340.42	100	%
2020 Capped Call Transactions	September 1, 2027	327.83		150	%
2019 Capped Call Transactions	October 1, 2026	148.63		150	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details