| Schedule of debt, net of discounts and deferred financing costs |
Convertible note obligations included in the consolidated balance sheet consisted of the following as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value (1) | | (In thousands) | | Principal Amount | | Unamortized Debt Discount and Issuance Costs | | Net Carrying Amount | | Amount | | Leveling | 2031 Convertible Notes - 1.750% | | $ | 620,709 | | | $ | (13,511) | | | $ | 607,198 | | | $ | 581,648 | | | 2 | 2030 Convertible Notes - 2.000% | | 572,993 | | | (3,642) | | | 569,351 | | | 592,756 | | | 2 | 2028 Convertible Notes - 0.375% | | 589,380 | | | (4,952) | | | 584,428 | | | 512,761 | | | 2 | 2027 Convertible Notes - 0.375% | | 563,822 | | | (3,732) | | | 560,090 | | | 523,932 | | | 2 | 2025 Convertible Notes - 1.000% (2) | | 249,172 | | | (19) | | | 249,153 | | | 246,705 | | | 2 |
Convertible note obligations included in the consolidated balance sheet consisted of the following as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value (1) | | (In thousands) | | Principal Amount | | Unamortized Debt Discount and Issuance Costs | | Net Carrying Amount | | Amount | | Leveling | 2030 Convertible Notes - 2.000% | | $ | 572,993 | | | $ | (4,349) | | | $ | 568,644 | | | $ | 684,475 | | | 2 | 2028 Convertible Notes - 0.375% | | 949,042 | | | (10,499) | | | 938,543 | | | 887,354 | | | 2 | 2027 Convertible Notes - 0.375% | | 563,822 | | | (5,429) | | | 558,393 | | | 549,839 | | | 2 | 2025 Convertible Notes - 1.000% | | 249,172 | | | (476) | | | 248,696 | | | 293,300 | | | 2 |
____________________________(1) The fair values are based on observable market prices for this debt, which is traded in less active markets and therefore is classified as a Level 2 fair value measurement. (2) The Company’s convertible notes due in 2025 (the “2025 Notes”) matured on January 15, 2025 and were included in convertible notes, net, current portion on the consolidated balance sheet as of December 31, 2024. The 2025 Notes were included in convertible notes, net, less current portion as of December 31, 2023. As discussed in Note 21, the 2025 Notes were settled in cash upon maturity in January 2025.
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| Schedule of Allocation of Transaction Costs Related to Convertible Debt |
Issuance costs are amortized to interest expense over the term of the Notes. The following table summarizes the original issuance costs at the time of issuance for each set of Notes: | | | | | | | | | | (In thousands) | | | | 2031 Convertible Notes | | $ | 6,780 | | 2030 Convertible Notes | | 4,938 | | 2028 Convertible Notes | | 24,453 | | 2027 Convertible Notes | | 14,285 | | 2025 Convertible Notes | | 17,646 | |
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| Schedule of Interest Expense |
Interest expense on the Notes includes the following: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (In thousands) | | 2024 | | 2023 | | 2022 | | Debt issuance costs amortization | | $ | 5,296 | | | $ | 5,350 | | | $ | 5,727 | | | Debt discount amortization | | 933 | | | 106 | | | 147 | | | Gain on settlement of convertible notes | | (10,254) | | | (10,324) | | | — | | | Coupon interest expense | | 26,339 | | | 18,072 | | | 10,266 | | | Total interest expense on convertible notes | | $ | 22,314 | | | $ | 13,204 | | | $ | 16,140 | |
The following table summarizes the effective interest rates of the Notes: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | | 2031 Convertible Notes | | 2.06 | % | | — | % | | — | % | | 2030 Convertible Notes | | 2.09 | % | | 2.09 | % | | — | % | | 2028 Convertible Notes | | 0.63 | % | | 0.63 | % | | 0.64 | % | | 2027 Convertible Notes | | 0.67 | % | | 0.67 | % | | 0.68 | % | | 2025 Convertible Notes | | 1.16 | % | | 1.17 | % | | 1.18 | % |
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