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v3.25.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instrument Components | The following table sets forth the net carrying amounts of the 2027 Notes and the 2031 Notes as of March 31, 2025, and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
|  | (unaudited) |  |
|  | (in thousands)
2027 Notes |  |  |  |
Outstanding principal amount |  | $ | 490,660 |  |  | $ | 1,150,000 |
Less: unamortized debt issuance costs |  | (2,904) |  |  | (7,453) |
Net carrying amount |  | $ | 487,756 |  |  | $ | 1,142,547 |
2031 Notes |  |  |  |
Outstanding principal amount |  | $ | 600,000 |  |  | $ | — |
Add: unamortized debt premium |  | 40,752 |  |  | — |
Less: unamortized debt issuance costs |  | (12,169) |  |  | — |
Net carrying amount |  | $ | 628,583 |  |  | $ | — |
Total net carrying amount |  | $ | 1,116,339 |  |  | $ | 1,142,547 |
Schedule of Interest Expense | The following table sets forth interest expenses recognized and effective interest rates represented related to the 2027 Notes and the 2031 Notes:
|  |  |  |  |  | Three Months Ended March 31, |  |
|  |  |  |  |  | 2025 |  | 2024 |  |  |  |
|  |  |  |  |  | (unaudited)
|  |  |  |  |  | (in thousands)
Coupon interest expense |  |  |  |  |  | $ | 917 |  |  | $ | — |  |  |  |  |
Amortization of debt premium |  |  |  |  |  | (828) |  |  | — |  |  |  |  |
Amortization of debt issuance costs |  |  |  |  |  | 702 |  |  | 645 |  |  |  |  |
Total interest expense recognized |  |  |  |  |  | $ | 791 |  |  | $ | 645 |  |  |  |  |
Effective interest rate: |  |  |  |  |  |  |  |  |  |  |  |
2027 Notes |  |  |  |  |  | 0.2% |  | 0.2% |  |  |  |
2031 Notes |  |  |  |  |  | 0.4% |  | * |  |  |  |
*Not applicable

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