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Long-Term Debt, Net (Tables)

3 Months Ended

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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