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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The net carrying value of the Company’s outstanding debt as of December 31, 2024 and December 31, 2023, consisted of the following:
(in thousands) |  |  |  |  |  | December 31, 2024 |  | December 31, 2023
December 2026 Notes |  |  |  |  |  | $ | 67,492 |  |  | $ | 330,707 |
September 2031 Notes |  |  |  |  |  | 300,000 |  |  | — |
March 2030 Notes |  |  |  |  |  | 1,000,000 |  |  | — |
June 2031 Notes |  |  |  |  |  | 925,000 |  |  | — |
Line of credit |  |  |  |  |  | 200,000 |  |  | — |
Total debt |  |  |  |  |  | 2,492,492 |  |  | 330,707 |
Less: unamortized original issue discount and debt issuance costs |  |  |  |  |  | (45,914) |  |  | (5,053) |
Total long-term portion |  |  |  |  |  | $ | 2,446,578 |  |  | $ | 325,654 |
The following table summarizes the key terms of each of the Convertible Notes:
|  | December 2026 |  | September 2031 |  | March 2030 |  | June 2031
Issuance Date |  | November 2021 |  | August 2024 |  | November 2024 |  | December 2024
Maturity Date |  | December 1, 2026 |  | September 1, 2031 |  | March 1, 2030 |  | June 1, 2031
Remaining Principal (in thousands) |  | $ | 67,492 |  |  | $ | 300,000 |  |  | $ | 1,000,000 |  |  | $ | 925,000 |
Stated Interest Rate |  | 1.0 | % |  | 2.125 | % |  | — | % |  | — | %
Interest Payment Dates |  | June 1 & December 1 |  | March 1 & September 1 |  | March 1 & September 1 |  | June 1 & December 1
Net Proceeds (1) (in thousands) |  | $ | 728,082 |  |  | $ | 291,595 |  |  | $ | 979,176 |  |  | $ | 907,908 |
Effective Interest Rate |  | 1.0 | % |  | 2.6 | % |  | 0.4 | % |  | 0.3 | %
Initial Conversion Rate |  | 13.1277 |  |  | 52.9451 |  |  | 38.5902 |  |  | 28.9159 |
Initial Conversion Price |  | $ | 76.17 |  |  | $ | 18.89 |  |  | $ | 25.91 |  |  | $ | 34.58 |
Share Principal Price |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | 1,000 |
(1) Net proceeds are net of customary offering expenses associated with the issuance of each of the Convertible Notes (the “issuance costs”) at the time of issuance. The Company accounts for these issuance costs as a reduction to the principal amount and amortizes the issuance costs to interest expense from the respective debt issuance date through the Maturity Date, on the Consolidated Statements of Operations.
Schedule of Repayments Due on the Notes and the Line of Credit | The following table summarizes the Company’s repayments due on the Convertible Notes and the Line of credit:
(in thousands) |  |
Year |  | Remaining Payments
2025 |  | $ | — |
2026 |  | 267,492 |
2027 |  | — |
2028 |  | — |
2029 |  | — |
Thereafter |  | 2,225,000 |
Total |  | $ | 2,492,492 |

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