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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Net Carrying Amount of the Outstanding Long-Term Debt | The following table sets forth the net carrying amount of the Company’s long-term debt as of December 31, 2023 and 2022 (in thousands):
Debt Instrument |  | Maturity Date |  | December 31, 2023 |  | December 31, 2022
2025 Convertible Notes (1) |  | March 1, 2025 |  | $ | 161,326 |  |  | $ | 1,000,000 |
2026 Convertible Notes (2) |  | March 15, 2026 |  | 609,065 |  |  | 650,000 |
Term Loan under Credit Agreement |  | February 14, 2028 |  | 390,000 |  |  | — |
Revolving Credit Facility under Credit Agreement (3) |  | February 14, 2028 |  | — |  |  | — |
2030 Senior Notes |  | August 15, 2030 |  | 400,000 |  |  | — |
Total principal amount |  |  |  | 1,560,391 |  |  | 1,650,000 |
Less: unamortized debt discount and issuance costs |  |  |  | (14,909) |  |  | (11,589) |
Less: current portion of long-term debt (4) |  |  |  | (20,000) |  |  | — |
Net carrying amount of long-term debt |  |  |  | $ | 1,525,482 |  |  | $ | 1,638,411 |
(1)The Company repurchased $838.7 million principal amount of the 2025 Convertible Notes during the twelve months ended December 31, 2023 using $396.7 million of net proceeds from the Term Loan, $356.7 million of net proceeds from the 2030 Senior Notes, and $29.1 million of other available cash, resulting in a $48.0 million gain on early debt extinguishment, net of related unamortized debt issuance costs. (2)The Company repurchased $40.9 million principal amount of the 2026 Convertible Notes during the twelve months ended December 31, 2023 using $35.2 million of proceeds from the 2030 Senior Notes, resulting in a $5.4 million gain on early debt extinguishment, net of related unamortized debt issuance costs. (3)Of the $225.0 million available for borrowing, the Company has not drawn down any amount under the Revolving Credit Facility. (4)The current portion of long-term debt is related to the Term Loan, which requires quarterly principal payments equal to 1.25% of the original $400.0 million aggregate principal amount with balance due at maturity.
Summary of Future Minimum Principal Payments of the Term Facility | The following table sets forth the future minimum principal payments for long-term debt as of December 31, 2023 (in thousands):
| 2025 Convertible Notes |  | 2026 Convertible Notes |  | Term Loan |  | 2030 Senior Notes |  | Total
2024 | $ | — |  |  | $ | — |  |  | $ | 20,000 |  |  | $ | — |  |  | $ | 20,000 |
2025 | 161,326 |  |  | — |  |  | 20,000 |  |  | — |  |  | 181,326 |
2026 | — |  |  | 609,065 |  |  | 20,000 |  |  | — |  |  | 629,065 |
2027 | — |  |  | — |  |  | 20,000 |  |  | — |  |  | 20,000 |
2028 onwards | — |  |  | — |  |  | 310,000 |  |  | 400,000 |  |  | 710,000 |
Total principal amount | $ | 161,326 |  |  | $ | 609,065 |  |  | $ | 390,000 |  |  | $ | 400,000 |  |  | $ | 1,560,391 |
Summary of Debt Terms |
|  | 2025 Notes |  | 2026 Notes
$1,000 principal amount initially convertible into number of the Company’s Class A Common Stock par value $0.0001 |  | 2.7745 shares |  | 2.3583 shares
Equivalent initial approximate conversion price per share |  | $ | 360.43 |  |  | $ | 424.03 |
Summary of Key Terms and Costs Incurred | The following table below sets forth key terms and costs incurred for the Capped Calls related to each of the Convertible Notes:
|  | 2025 Convertible Notes |  | 2026 Convertible Notes
Initial approximate strike price per share, subject to certain adjustments |  | $ | 360.43 |  |  | $ | 424.03 |
Initial cap price per share, subject to certain adjustments |  | $ | 480.56 |  |  | $ | 556.10 |
Net cost incurred (in millions) |  | $ | 60.9 |  |  | $ | 41.8 |
Class A Common Stock covered, subject to anti-dilution adjustments (in millions) |  | 2.8 |  | 1.5
Settlement commencement date |  | 1/31/2024 |  | 2/13/2025
Settlement expiration date |  | 2/28/2024 |  | 3/13/2025
Summary of Interest Expense on Long-Term Debt | The following table sets forth the interest expense recognized related to long-term debt (in thousands):
|  | Twelve Months Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Contractual interest expense, net of interest rate swap |  | $ | 29,285 |  |  | $ | — |  |  | $ | — |
Amortization of debt discount and issuance costs |  | 4,566 |  |  | 4,468 |  |  | 64,063 |
Total interest expense related to long-term debt |  | $ | 33,851 |  |  | $ | 4,468 |  |  | $ | 64,063 |
Schedule Of Future Minimum Contractual Interest For Long-term Debt | The following table sets forth the future minimum contractual interest for long-term debt as of December 31, 2023 (in thousands):
|  |  |  |  | Term Loan (1) |  | 2030 Senior Notes |  | Total
2024 |  |  |  |  | $ | 31,735 |  |  | $ | 33,906 |  |  | $ | 65,641 |
2025 |  |  |  |  | 30,076 |  |  | 34,000 |  |  | 64,076 |
2026 |  |  |  |  | 28,416 |  |  | 34,000 |  |  | 62,416 |
2027 |  |  |  |  | 26,757 |  |  | 34,000 |  |  | 60,757 |
2028 onwards |  |  |  |  | 3,129 |  |  | 102,000 |  |  | 105,129 |
Total contractual interest amount |  |  |  |  | $ | 120,113 |  |  | $ | 237,906 |  |  | $ | 358,019 |
(1)Excludes the impact of interest rate swap. Refer to Note 7 - Derivative Instruments in this Annual Report on Form 10-K for additional information. The following table sets forth our non-cancellable open purchase obligations for each of the next five years and thereafter as of December 31, 2023 (in thousands):
| Purchase Obligations
2024 | $ | 95,405 |
2025 | 46,572 |
2026 | 31,918 |
2027 | 27,918 |
2028 | 28,275 |
2029 onwards | 4,135 |
Total | $ | 234,223 |

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