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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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