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Long-term Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Instrument [Line Items] |
Schedule of Debt | The net carrying value of the Company’s outstanding debt (in thousands) consisted of the following, as of:
|  | June 30, 2024 |  |  | December 31, 2023 |
2025 Convertible Notes |  | $ | 144,618 |  |  | $ | 643,931 |
2027 Convertible Notes |  |  | 1,039,327 |  |  |  | 1,037,306 |
2030 Convertible Notes |  |  | 783,220 |  |  |  | 0 |
2031 Convertible Notes |  |  | 593,259 |  |  |  | 0 |
2032 Convertible Notes |  |  | 786,095 |  |  |  | 0 |
2028 Secured Notes |  |  | 492,057 |  |  |  | 491,193 |
Other long-term secured debt |  |  | 9,924 |  |  |  | 10,161 |
Total |  | $ | 3,848,500 |  |  | $ | 2,182,591 |
Reported as: |  |  |  |  |  |
Current portion of long-term debt, net |  |  | 145,119 |  |  |  | 483 |
Long-term debt, net |  |  | 3,703,381 |  |  |  | 2,182,108 |
Total |  | $ | 3,848,500 |  |  | $ | 2,182,591 |
Summary the Key Terms of Each of the Convertible Notes | The following table summarizes the key terms of each of the Convertible Notes (principal at inception, net proceeds, and issuance costs are each reported in thousands):
| 2025 Convertible Notes |  |  | 2027 Convertible Notes |  |  | 2030 Convertible Notes |  |  | 2031 Convertible Notes |  |  | 2032 Convertible Notes |
Issuance Date | December 2020 |  |  | February 2021 |  |  | March 2024 |  |  | March 2024 |  |  | June 2024 |
Maturity Date (1) | December 15, 2025 |  |  | February 15, 2027 |  |  | March 15, 2030 |  |  | March 15, 2031 |  |  | June 15, 2032 |
Principal at Inception | $ | 650,000 |  |  | $ | 1,050,000 |  |  | $ | 800,000 |  |  | $ | 603,750 |  |  | $ | 800,000 |
Stated Interest Rate (2) |  | 0.750 | % |  |  | 0.000 | % |  |  | 0.625 | % |  |  | 0.875 | % |  |  | 2.250 | %
Interest Payment Dates (3) | June 15 & December 15 |  |  | February 15 & August 15 |  |  | March 15 & September 15 |  |  | March 15 & September 15 |  |  | June 15 & December 15 |
Net Proceeds | $ | 634,749 |  |  | $ | 1,025,830 |  |  | $ | 782,000 |  |  | $ | 592,567 |  |  | $ | 786,000 |
Issuance Costs (4) | $ | 15,251 |  |  | $ | 24,170 |  |  | $ | 18,000 |  |  | $ | 11,183 |  |  | $ | 14,000 |
Effective Interest Rate (4) |  | 1.23 | % |  |  | 0.39 | % |  |  | 1.14 | % |  |  | 1.30 | % |  |  | 2.63 | %
Date of Holder Put Option (5) | n/a |  |  | n/a |  |  | September 15, 2028 |  |  | September 15, 2028 |  |  | June 15, 2029 |
Initial Conversion Rate (6) |  | 2.5126 |  |  |  | 0.6981 |  |  |  | 0.6677 |  |  |  | 0.4297 |  |  |  | 0.4894 |
Initial Conversion Price (7) | $ | 397.99 |  |  | $ | 1,432.46 |  |  | $ | 1,497.68 |  |  | $ | 2,327.21 |  |  | $ | 2,043.32 |
Convertible at any time after the following date (8) (9) | June 13, 2024 |  |  | August 15, 2026 |  |  | September 15, 2029 |  |  | September 15, 2030 |  |  | December 15, 2031 |
Not redeemable by the Company prior to the following date (10) | December 20, 2023 |  |  | February 20, 2024 |  |  | March 22, 2027 |  |  | March 22, 2028 |  |  | June 20, 2029 |
Redemption Date (11) | July 15, 2024 |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
(1) “Maturity Date” is the stated maturity date under each applicable indenture governing such notes, unless earlier converted, redeemed, or repurchased in accordance with their terms. (2) Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes. (3) For the Convertible Notes issued in 2024, interest payments begin on (a) September 15, 2024 for each of the 2030 Convertible Notes and the 2031 Convertible Notes, and (b) December 15, 2024 for the 2032 Convertible Notes. (4) “Issuance Costs” reflect the customary offering expenses associated with each of the Convertible Notes. The Company accounts for these issuance costs as a reduction to the principal amount of the respective Convertible Notes and amortizes the issuance costs to interest expense from the respective debt issuance dates through the earlier of the “Maturity Date” or the “Date of Holder Put Option,” if applicable, at the “Effective Interest Rates” stated in the table. (5) “Date of Holder Put Option” represents the respective dates upon which holders of the 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for cash all or any portion of their respective notes at a repurchase price equal to 100% of the principal amount of such notes to be repurchased, plus any accrued and unpaid interest to, but excluding the repurchase date. (6) The “Initial Conversion Rate” is stated in shares of the Company’s class A common stock per $1,000 principal amount. The conversion rates are subject to customary anti-dilution adjustments. In addition, following certain events that may occur prior to the respective maturity dates or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its respective Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances as provided in each indenture governing the respective Convertible Notes. (7) The “Initial Conversion Price” is stated in dollars per share of the Company’s class A common stock. (8) On or after the stated dates until the close of business on the second scheduled trading day immediately preceding the respective maturity dates, holders may convert the Convertible Notes at any time. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s class A common stock, or a combination of cash and shares of class A common stock, at the Company’s election. For the 2025 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2025 Convertible Notes, which resulted in the 2025 Convertible Notes being convertible at any time thereafter until 5:00 p.m., New York City time, on July 11, 2024. See below under “Notice to Redeem 2025 Convertible Notes and Conversions of 2025 Convertible Notes” for further information. (9) Prior to the respective dates, the Convertible Notes are convertible only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarte r ending on March 31, 2021 for the 2025 Convertible Notes, on June 30, 2021 for the 2027 Convertible Notes, on June 30, 2024 for the 2030 Convertible Notes and 2031 Convertible Notes, or on September 30, 2024 for the 2032 Convertible Notes (and only during such calendar quarter), if the last reported sale price of the Company’s class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the respective Convertible Notes on each applicable trading day; (b) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined under each applicable indenture governing the respective Convertible Notes) per $1,000 principal amount of the respective Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s class A common stock and the applicable conversion rate on each such trading day; (c) if the Company calls any or all of the respective Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (d) upon occurrence of specified corporate events as described in each applicable indenture governing the respective Convertible Notes. (10) The Company may redeem for cash all or a portion of the Convertible Notes at its option, on or after the stated dates, if the last reported sale price of the Company’s class A common stock has been at least 130% of the conversion price of the respective Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. See below “Notice to Redeem 2025 Convertible Notes and Conversions of 2025 Convertible Notes” subsection for information regarding the Company’s notice of redemption of the 2025 Convertible Notes. (11) “Redemption Date” is the date on which the Company redeemed all outstanding 2025 Convertible Notes. See discussion further below under “Notice to Redeem 2025 Convertible Notes and Conversions of 2025 Convertible Notes” pertaining to redemption of the 2025 Convertible Notes.
Schedule of Net Carrying Amount of Liability and Equity Component of Convertible Senior Notes | The following is a summary of the Company’s convertible debt instruments as of June 30, 2024 (in thousands):
|  | June 30, 2024
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2025 Convertible Notes |  | $ | 145,634 |  |  | $ | (1,016 | ) |  | $ | 144,618 |  |  | $ | 517,929 |  |  | Level 2
2027 Convertible Notes |  |  | 1,050,000 |  |  |  | (10,673 | ) |  |  | 1,039,327 |  |  |  | 1,228,500 |  |  | Level 2
2030 Convertible Notes |  |  | 800,000 |  |  |  | (16,780 | ) |  |  | 783,220 |  |  |  | 887,706 |  |  | Level 2
2031 Convertible Notes |  |  | 603,750 |  |  |  | (10,491 | ) |  |  | 593,259 |  |  |  | 543,466 |  |  | Level 2
2032 Convertible Notes |  |  | 800,000 |  |  |  | (13,905 | ) |  |  | 786,095 |  |  |  | 754,008 |  |  | Level 2
Total |  | $ | 3,399,384 |  |  | $ | (52,865 | ) |  | $ | 3,346,519 |  |  | $ | 3,931,609 |  |  |
The following is a summary of the Company’s convertible debt instruments as of December 31, 2023 (in thousands):
|  | December 31, 2023
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2025 Convertible Notes |  | $ | 650,000 |  |  | $ | (6,069 | ) |  | $ | 643,931 |  |  | $ | 1,074,713 |  |  | Level 2
2027 Convertible Notes |  |  | 1,050,000 |  |  |  | (12,694 | ) |  |  | 1,037,306 |  |  |  | 913,808 |  |  | Level 2
Total |  | $ | 1,700,000 |  |  | $ | (18,763 | ) |  | $ | 1,681,237 |  |  | $ | 1,988,521 |  |  |
Schedule of Maturities of Debt Instruments | Maturities The following table shows the maturities of the Company’s debt instruments as of June 30, 2024 (in thousands). The principal payments related to the 2028 Secured Notes are included in the table below based on the Springing Maturity Date of November 16, 2026, as if the springing maturity feature discussed above were triggered. As of June 30, 2024, the Company expects to be able to satisfy the requirements in the 2028 Secured Notes Indenture to avoid triggering the springing maturity feature of the 2028 Secured Notes. The principal payments related to the 2030 Convertible Notes and 2031 Convertible Notes, respectively, are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2030 Convertible Notes and 2031 Convertible Notes on September 15, 2028. The principal payments related to the 2032 Convertible Notes are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2032 Convertible Notes on June 15, 2029.
Payments due by period ended June 30, |  | 2025 Convertible Notes |  |  | 2027 Convertible Notes |  |  | 2030 Convertible Notes |  |  | 2031 Convertible Notes |  |  | 2032 Convertible Notes |  |  | 2028 Secured Notes |  |  | Other long-term secured debt |  |  | Total |
2025 |  | $ | 145,634 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 555 |  |  | $ | 146,189 |
2026 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 584 |  |  |  | 584 |
2027 |  |  | 0 |  |  |  | 1,050,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 500,000 |  |  |  | 8,937 |  |  |  | 1,558,937 |
2028 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
2029 |  |  | 0 |  |  |  | 0 |  |  |  | 800,000 |  |  |  | 603,750 |  |  |  | 800,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,203,750 |
Thereafter |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 145,634 |  |  | $ | 1,050,000 |  |  | $ | 800,000 |  |  | $ | 603,750 |  |  | $ | 800,000 |  |  | $ | 500,000 |  |  | $ | 10,076 |  |  | $ | 3,909,460 |
Secured Notes Due Twenty Twenty Eight |
Debt Instrument [Line Items] |
Schedule of Debt | The following is a summary of the 2028 Secured Notes as of June 30, 2024 (in thousands):
|  | June 30, 2024
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2028 Secured Notes |  | $ | 500,000 |  |  | $ | (7,943 | ) |  | $ | 492,057 |  |  | $ | 484,640 |  |  | Level 2
The following is a summary of the 2028 Secured Notes as of December 31, 2023 (in thousands):
|  | December 31, 2023
|  | Outstanding |  |  | Unamortized |  |  | Net Carrying |  |  | Fair Value
|  | Principal Amount |  |  | Issuance Costs |  |  | Value |  |  | Amount |  |  | Leveling
2028 Secured Notes |  | $ | 500,000 |  |  | $ | (8,807 | ) |  | $ | 491,193 |  |  | $ | 485,070 |  |  | Level 2
Schedule of Interest Expense Related to Notes | For the three months ended June 30, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands):
|  | Three Months Ended June 30, 2024 |  |  | Three Months Ended June 30, 2023 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2028 Secured Notes |  | $ | 7,657 |  |  | $ | 435 |  |  | $ | 8,092 |  |  | $ | 7,656 |  |  | $ | 408 |  |  | $ | 8,064 |
For the six months ended June 30, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands):
|  | Six Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2023 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2028 Secured Notes |  | $ | 15,313 |  |  | $ | 864 |  |  | $ | 16,177 |  |  | $ | 15,312 |  |  | $ | 809 |  |  | $ | 16,121 |
Term Loan Due Twenty Twenty Five |
Debt Instrument [Line Items] |
Schedule of Interest Expense Related to Notes | For the six months ended June 30, 2023, interest expense related to the 2025 Secured Term Loan was as follows (in thousands):
|  | Six Months Ended June 30, 2023 |
|  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Secured Term Loan |  | $ | 3,781 |  |  | $ | 31 |  |  | $ | 3,812 |
Convertible Debt |
Debt Instrument [Line Items] |
Schedule of Interest Expense Related to Notes | For the three months ended June 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands):
|  | Three Months Ended June 30, 2024 |  |  | Three Months Ended June 30, 2023 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Convertible Notes |  | $ | 1,129 |  |  | $ | 712 |  |  | $ | 1,841 |  |  | $ | 1,219 |  |  | $ | 760 |  |  | $ | 1,979 |
2027 Convertible Notes |  |  | 0 |  |  |  | 1,011 |  |  |  | 1,011 |  |  |  | 0 |  |  |  | 1,007 |  |  |  | 1,007 |
2030 Convertible Notes |  |  | 1,250 |  |  |  | 972 |  |  |  | 2,222 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
2031 Convertible Notes |  |  | 1,321 |  |  |  | 603 |  |  |  | 1,924 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
2032 Convertible Notes |  |  | 650 |  |  |  | 95 |  |  |  | 745 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 4,350 |  |  | $ | 3,393 |  |  | $ | 7,743 |  |  | $ | 1,219 |  |  | $ | 1,767 |  |  | $ | 2,986 |
For the six months ended June 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands):
|  | Six Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2023 |
|  | Contractual |  |  | Amortization of |  |  |  |  |  | Contractual |  |  | Amortization of |  |  |  |
|  | Interest Expense |  |  | Issuance Costs |  |  | Total |  |  | Interest Expense |  |  | Issuance Costs |  |  | Total |
2025 Convertible Notes |  | $ | 2,348 |  |  | $ | 1,479 |  |  | $ | 3,827 |  |  | $ | 2,438 |  |  | $ | 1,517 |  |  | $ | 3,955 |
2027 Convertible Notes |  |  | 0 |  |  |  | 2,021 |  |  |  | 2,021 |  |  |  | 0 |  |  |  | 2,013 |  |  |  | 2,013 |
2030 Convertible Notes |  |  | 1,569 |  |  |  | 1,220 |  |  |  | 2,789 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
2031 Convertible Notes |  |  | 1,512 |  |  |  | 692 |  |  |  | 2,204 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
2032 Convertible Notes |  |  | 650 |  |  |  | 95 |  |  |  | 745 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 6,079 |  |  | $ | 5,507 |  |  | $ | 11,586 |  |  | $ | 2,438 |  |  | $ | 3,530 |  |  | $ | 5,968 |

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