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Long-Term Debt, Net (Tables)

9 Months Ended

Sep. 30, 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).

						September 30, 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						$	(4,928)					$	(7,518)
2028 Convertible Notes						(9,315)						(11,684)
Total unamortized debt discount						$	(14,243)					$	(19,202)
Carrying amount
2027 Convertible Notes						$	800,072					$	797,482
2028 Convertible Notes						710,685						708,316
Total carrying amount						$	1,510,757					$	1,505,798
Fair value based on trading levels (Level 2)
2027 Convertible Notes						$	930,685					$	769,218
2028 Convertible Notes						1,028,858						779,882
Total fair value of outstanding notes						$	1,959,543					$	1,549,100
Remaining amortization per period of debt discount (in years)
2027 Convertible Notes						1.4						2.2
2028 Convertible Notes						2.9						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												Nine Months Ended
						September 30,												September 30,
						2025						2024						2025						2024
Coupon interest
2027 Convertible Notes						$	503					$	503					$	1,509					$	1,509
2028 Convertible Notes						1,800						1,800						5,400						5,400
Total coupon interest						$	2,303					$	2,303					$	6,909					$	6,909
Amortization of debt discount
2027 Convertible Notes						$	865					$	859					$	2,590					$	2,572
2028 Convertible Notes						792						781						2,369						2,334
Total amortization of debt discount						$	1,657					$	1,640					$	4,959					$	4,906
Interest expense
2027 Convertible Notes						$	1,368					$	1,362					$	4,099					$	4,081
2028 Convertible Notes						2,592						2,581						7,769						7,734
Total interest expense						$	3,960					$	3,943					$	11,868					$	11,815
Effective interest rates
2027 Convertible Notes						0.7		%				0.7		%				0.7		%				0.7		%
2028 Convertible Notes						1.5		%				1.5		%				1.5		%				1.5		%

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