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DEBT (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

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- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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