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v3.25.1

Long-Term Debt, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amount and fair value of our Convertible Notes were as follows (in thousands).
|  | March 31, 2025 |  | December 31, 2024
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 |  | $ | (6,656) |  |  | $ | (7,518) |
2028 Convertible Notes |  | (10,897) |  |  | (11,684) |
Total unamortized debt discount |  | $ | (17,553) |  |  | $ | (19,202) |
Carrying amount |  |  |  |
2027 Convertible Notes |  | $ | 798,344 |  |  | $ | 797,482 |
2028 Convertible Notes |  | 709,103 |  |  | 708,316 |
Total carrying amount |  | $ | 1,507,447 |  |  | $ | 1,505,798 |
Fair value based on trading levels (Level 2) |  |  |  |
2027 Convertible Notes |  | $ | 854,958 |  |  | $ | 769,218 |
2028 Convertible Notes |  | 924,761 |  |  | 779,882 |
Total fair value of outstanding notes |  | $ | 1,779,719 |  |  | $ | 1,549,100 |
Remaining amortization per period of debt discount (in years) |  |  |  |
2027 Convertible Notes |  | 1.9 |  | 2.2
2028 Convertible Notes |  | 3.4 |  | 3.6
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).
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Coupon interest |  |  |  |  |  |  |  |
2027 Convertible Notes |  | $ | 503 |  | $ | 503 |  |  |  |
2028 Convertible Notes |  | 1,800 |  | 1,800 |  |  |  |
Total coupon interest |  | $ | 2,303 |  | $ | 2,303 |  |  |  |
Amortization of debt discount |  |  |  |  |  |  |  |
2027 Convertible Notes |  | $ | 862 |  | $ | 856 |  |  |  |
2028 Convertible Notes |  | 787 |  | 775 |  |  |  |
Total amortization of debt discount |  | $ | 1,649 |  | $ | 1,631 |  |  |  |
Interest expense |  |  |  |  |  |  |  |
2027 Convertible Notes |  | $ | 1,365 |  | $ | 1,359 |  |  |  |
2028 Convertible Notes |  | 2,587 |  | 2,575 |  |  |  |
Total interest expense |  | $ | 3,952 |  | $ | 3,934 |  |  |  |
Effective interest rates |  |  |  |  |  |  |  |
2027 Convertible Notes |  | 0.7 | % |  | 0.7 | % |  |  |  |
2028 Convertible Notes |  | 1.5 | % |  | 1.5 | % |  |  |  |

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