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v3.25.1

Notes Payable, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Notes payable, net, consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
2030 Senior Notes | $ | 1,000,000 |  |  | $ | — |
2033 Senior Notes | 750,000 |  |  | — |
2027 Notes | 282,547 |  |  | 690,000 |
Total principal | 2,032,547 |  |  | 690,000 |
Unamortized debt issuance costs | (25,835) |  |  | (9,711) |
Total carrying amount of notes payable, net | 2,006,712 |  |  | 680,289 |
Less: current portion (1) | (278,915) |  |  | (680,289) |
Long-term notes payable, net | $ | 1,727,797 |  |  | $ | — |
(1)Pursuant to the terms of the 2027 Notes, as of March 31, 2025 and December 31, 2024, the last reported sale price per share of our common stock exceeded 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter. Therefore, the 2027 Notes, net of unamortized debt issuance costs were classified as current liabilities within the consolidated balance sheet as of March 31, 2025 and December 31, 2024. Interest expense related to the Senior Notes was as follows (in thousands):
| Three Months Ended
| March 31, 2025
Contractual interest expense | $ | 6,007 |
Amortization of debt issuance costs | 171 |
Total interest expense | $ | 6,178 |
Schedule of Debt Instrument Redemption | On or after March 15, 2027, we may redeem the 2030 Notes at our option, in whole or in part at any time, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any:
Year | Percentage
2027 | 103.063 | %
2028 | 101.531 | %
2029 and thereafter | 100.000 | %
On or after March 15, 2028, we may redeem the 2033 Notes at our option, in whole or in part at any time, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any:
Year | Percentage
2028 | 103.125 | %
2029 | 101.563 | %
2030 and thereafter | 100.000 | %
Schedule of Conversions of Stock |
| Maturity Date |  | Initial Conversion Price per Share |  | Initial Conversion Rate per $1,000 Par Value |  | Initial Number of Shares (Prior to Repurchase)
2027 Notes | December 15, 2027 |  | $228.73 |  | 4.3720 shares |  | 3,016,680
Schedule of Interest Expense of Convertible Senior Notes | Interest expense related to the 2027 Notes was as follows (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Contractual interest expense | $ | 780 |  |  | $ | 863 |
Amortization of debt issuance costs | 747 |  |  | 782 |
Total interest expense | $ | 1,527 |  |  | $ | 1,645 |
Schedule of Net Carrying Amount of Convertible Senior Notes | The estimated fair value at March 31, 2025 and December 31, 2024 is based on the closing trading price of the respective notes payable as of the last day of trading for each period (in millions):
| March 31, 2025 |  | December 31, 2024
2027 Notes | $ | 663.3 |  |  | $ | 1,798.5 |
2030 Notes | 1,011.5 |  |  | — |
2033 Notes | 759.4 |  |  | — |
Schedule of Convertible Note Hedge Transaction | To reduce the impact of potential economic dilution upon conversion of the 2027 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 (in thousands) |  | Shares Purchased
2027 Note Hedge | $ | 194,994 |  |  | 3,016,680
Schedule of Warrants Details of Convertible Senior Notes |
| Proceeds (in thousands) |  | Shares |  | Strike Price |  | First Expiration
2027 Warrants | $ | 124,269 |  |  | 3,016,680 |  | $ | 338.86 |  |  | March 15, 2028
Schedule of Maturities of Long-Term Debt | Maturities of principal amounts of notes payable are as follows for each respective year (in thousands). These maturities do not reflect the impact of any put or conversion provisions associated with certain debt instruments:
Remainder of 2025 | $ | — |
2026 | — |
2027 (1) | 282,547 |
2028 | — |
2029 | — |
2030 | 1,000,000 |
After 2030 | 750,000 |
Total principal | $ | 2,032,547 |
(1)The Notes are contractually due in fiscal year 2027. However, as of December 31, 2024 and March 31, 2025, the Notes were convertible at the option of the holders into cash up to the principal amount, with conversion into common stock, cash, or a combination of cash and common stock, at our option, for any amount in excess of the principal. Therefore, the Notes were classified as current liabilities within our consolidated balance sheet as of December 31, 2024 and March 31, 2025.

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