v3.24.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The net carrying value of the Company’s outstanding debt as of September 30, 2024 and December 31, 2023, consisted of the following:

(in thousands)September 30, 2024December 31, 2023
2026 Notes$330,707 $330,707 
2031 Notes300,000 — 
Less: unamortized debt discount(12,024)(5,053)
Total convertible notes, net of discount$618,683 $325,654 
The following table summarizes the key terms of each of the Notes:

2026 Notes2031 Notes
Issuance DateNovember 2021August 2024
Maturity DateDecember 1, 2026September 1, 2031
Remaining Principal (in thousands)
$330,707 $300,000 
Stated Interest Rate1.0 %2.125 %
Interest Payment DatesJune 1 & December 1March 1 & September 1
Net Proceeds (1) (in thousands)
$728,082 $291,595 
Initial Conversion Rate13.1277 52.9451 
Initial Conversion Price$76.17 $18.89 
Share Principal Price$1,000 $1,000 

(1) Net proceeds are net of customary offering expenses associated with the issuance of each of the Notes (the “issuance costs”). The Company accounts for these issuance costs as a reduction to the principal amount and amortizes the issuance costs to interest expense from the respective debt issuance date through the Maturity Date, on the Condensed Consolidated Statements of Operations.