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Convertible Senior Notes (Tables) | 12 Months Ended
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Dec. 31, 2024
Convertible Notes Payable [Abstract] |
Schedule of Conversions of Stock | The terms of the Notes allow for conversion into common stock, cash, or a combination of cash and common stock, at our option. On or after December 22, 2025, we may redeem for cash all or any portion of the notes in accordance with the optional redemption terms of the convertible debt agreement.
| December 31, 2024
| Maturity Date |  | Initial Conversion Price per Share |  | Initial Conversion Rate per $1,000 Par Value |  | Initial Number of Shares
2027 Notes | December 15, 2027 |  | $228.73 |  | 4.3720 shares |  | 3,016,680
Schedule of Net Carrying Amount of Convertible Senior Notes | The following table summarizes the carrying value of the Notes (in thousands):
| December 31, 2024 |  | December 31, 2023
Principal | $ | 690,000 |  | $ | 690,000
Unamortized debt issuance costs | (9,711) |  |  | (12,887) |
Convertible notes carrying amount, net | $ | 680,289 |  | $ | 677,113
We consider the fair value of the Notes to be a Level 2 measurement. The estimated fair value of the Notes at December 31, 2024 and December 31, 2023 is based on the closing trading price per $1,000 of the Notes as of the last day of trading for each period as follows (in millions):
| December 31, 2024 |  | December 31, 2023
2027 Notes | $ | 1,798.5 |  | $ | 873.3
Schedule of Interest Expense of Convertible Senior Notes | Interest expense related to the Notes was as follows (in thousands):
| December 31, 2024 |  | December 31, 2023
Contractual interest expense | $ | 3,451 |  | $ | 3,450
Amortization of debt issuance costs | 3,176 |  | 3,126
Total interest expense | $ | 6,627 |  | $ | 6,576
Schedule of Convertible Note Hedge Transaction | To reduce the impact of potential economic dilution upon conversion of the Notes, we entered into a convertible note hedge transaction (the “Note Hedge” or “2027 Note Hedge”) with certain investment banks, with respect to our common stock, concurrently with the issuance of the 2027 Notes.
| Purchase Price |  | Shares Purchased
2027 Note Hedge | $ | 194,994 |  | 3,016,680
Schedule of Warrants Details of Convertible Senior Notes | Note Warrants
| Proceeds |  | Shares |  | Strike Price |  | First Expiration
2027 Warrants | $ | 124,269 |  | 3,016,680 |  | $ | 338.86 |  | March 15, 2028

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- Definition Tabular disclosure of information related to converting stock into another financial instrument(s) in a noncash (or part noncash) transaction. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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