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Long-Term Debt, Net (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Carrying Values and Fair Values of Convertible Notes | The carrying amount and fair value of our Convertible Notes were as follows (in thousands).
|  | December 31, 2024 |  | December 31, 2023
Principal amount |  |  |  |
2027 Convertible Notes |  | $ | 805,000 |  |  | $ | 805,000 |
2028 Convertible Notes |  | 720,000 |  |  | 720,000 |
Total principal amount |  | $ | 1,525,000 |  |  | $ | 1,525,000 |
Unamortized debt discount |  |  |  |
2027 Convertible Notes |  | $ | (7,518) |  |  | $ | (10,950) |
2028 Convertible Notes |  | (11,684) |  |  | (14,802) |
Total unamortized debt discount |  | $ | (19,202) |  |  | $ | (25,752) |
Carrying amount |  |  |  |
2027 Convertible Notes |  | $ | 797,482 |  |  | $ | 794,050 |
2028 Convertible Notes |  | 708,316 |  |  | 705,198 |
Total carrying amount |  | $ | 1,505,798 |  |  | $ | 1,499,248 |
Fair value based on trading levels (Level 2) |  |  |  |
2027 Convertible Notes |  | $ | 769,218 |  |  | $ | 695,826 |
2028 Convertible Notes |  | 779,882 |  |  | 670,522 |
Total fair value of outstanding notes |  | $ | 1,549,100 |  |  | $ | 1,366,348 |
Remaining amortization per period of debt discount (in years) |  |  |  |
2027 Convertible Notes |  | 2.2 |  | 3.2
2028 Convertible Notes |  | 3.6 |  | 4.6
Schedule of Interest Income and Interest Expense Disclosure | The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands).
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Coupon interest |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 36 |  |  | $ | 771 |
2027 Convertible Notes |  | 2,013 |  |  | 2,013 |  |  | 2,013 |
2028 Convertible Notes |  | 7,200 |  |  | 7,200 |  |  | 2,660 |
Total coupon interest |  | $ | 9,213 |  |  | $ | 9,249 |  |  | $ | 5,444 |
Amortization of debt discount |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 24 |  |  | $ | 357 |
2027 Convertible Notes |  | 3,432 |  |  | 3,409 |  |  | 3,386 |
2028 Convertible Notes |  | 3,118 |  |  | 3,073 |  |  | 1,124 |
Total amortization of debt discount |  | $ | 6,550 |  |  | $ | 6,506 |  |  | $ | 4,867 |
Interest expense |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  |  | $ | 60 |  |  | $ | 1,128 |
2027 Convertible Notes |  | 5,445 |  |  | 5,422 |  |  | 5,399 |
2028 Convertible Notes |  | 10,318 |  |  | 10,273 |  |  | 3,784 |
Total interest expense |  | $ | 15,763 |  |  | $ | 15,755 |  |  | $ | 10,311 |
Effective interest rates |  |  |  |  |  |
2024 Convertible Notes |  | — | % |  | — | % |  | 1.8 | %
2027 Convertible Notes |  | 0.7 | % |  | 0.7 | % |  | 0.7 | %
2028 Convertible Notes |  | 1.5 | % |  | 1.5 | % |  | 1.5 | %
Schedule of Future Maturities Interest Payments of Long-term Debt | Future maturities and interest payments of long-term debt as of December 31, 2024, are as follows (in thousands):
2025 |  | $ | 9,213 |
2026 |  | 9,213 |
2027 |  | 812,535 |
2028 |  | 724,480 |
2029 |  | — |
Thereafter |  | — |
Total minimum payments |  | 1,555,441 |
Less amount representing coupon interest |  | (30,441) |
Gross balance of long-term debt |  | 1,525,000 |
Less unamortized debt discount |  | (19,202) |
Carrying value of long-term debt |  | 1,505,798 |
Less current portion of long-term debt |  | — |
Long-term debt, less current portion and unamortized debt discount |  | $ | 1,505,798 |

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