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Long-Term Debt (Tables)
 12 Months Ended
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 InstrumentMaturity DateDecember 31, 2023December 31, 2022
2025 Convertible Notes (1)
March 1, 2025$161,326 $1,000,000 
2026 Convertible Notes (2)
March 15, 2026609,065 650,000 
Term Loan under Credit AgreementFebruary 14, 2028390,000 — 
Revolving Credit Facility under Credit Agreement (3)
February 14, 2028— — 
2030 Senior Notes
August 15, 2030400,000 — 
Total principal amount1,560,391 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 $400.0 million aggregate principal amount with balance due at maturity.
Summary of Future Minimum Principal Payments of the Term Facility
The following table sets forth the future minimum principal payments for long-term debt as of December 31, 2023 (in thousands):
2025 Convertible Notes2026 Convertible NotesTerm Loan2030 Senior NotesTotal
2024$— $— $20,000 $— $20,000 
2025161,326 — 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 Notes2026 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 Notes2026 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)2.81.5
Settlement commencement date1/31/20242/13/2025
Settlement expiration date2/28/20243/13/2025
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,
202320222021
Contractual interest expense, net of interest rate swap$29,285 $— $— 
Amortization of debt discount and issuance costs4,566 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 NotesTotal
2024$31,735 $33,906 $65,641 
202530,076 34,000 64,076 
202628,416 34,000 62,416 
202726,757 34,000 60,757 
2028 onwards3,129 102,000 105,129 
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 
202546,572 
202631,918 
202727,918 
202828,275 
2029 onwards4,135 
Total$234,223