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Long-Term Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule 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 (in thousands):
Debt Instrument |  | Maturity Date |  | June 30, 2024 |  | December 31, 2023
2025 Convertible Notes |  | March 1, 2025 |  | $ | 161,326 |  |  | $ | 161,326 |
2026 Convertible Notes |  | March 15, 2026 |  | 609,065 |  |  | 609,065 |
Term Loan under Credit Agreement (1) |  | February 14, 2028 |  | 380,000 |  |  | 390,000 |
Revolving Credit Facility under Credit Agreement (2) |  | February 14, 2028 |  | — |  |  | — |
2030 Senior Notes |  | August 15, 2030 |  | 400,000 |  |  | 400,000 |
Total principal amount |  |  |  | 1,550,391 |  |  | 1,560,391 |
Less: unamortized debt discount and issuance costs on long-term debt |  |  |  | (13,104) |  |  | (14,909) |
Less: current portion of long-term debt, net (3) |  |  |  | (181,033) |  |  | (20,000) |
Net carrying amount of long-term debt |  |  |  | $ | 1,356,254 |  |  | $ | 1,525,482 |
(1)The Company has $75.0 million available for drawdown under the Term Loan as of June 30, 2024. (2)The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of June 30, 2024. (3)The current portion of long-term debt, net as of June 30, 2024 relates to $161.0 million net carrying amount from the 2025 Convertible Notes, and $20.0 million of expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments equal to 1.25% of the original $400.0 million aggregate principal amount with balance due at maturity.
Schedule 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 June 30, 2024 (in thousands):
| 2025 Convertible Notes |  | 2026 Convertible Notes |  | Term Loan |  | 2030 Senior Notes |  | Total
2024 remaining | $ | — |  |  | $ | — |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |
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 |  |  | $ | 380,000 |  |  | $ | 400,000 |  |  | $ | 1,550,391 |
Schedule of Debt Terms |
|  | 2025 Convertible Notes |  | 2026 Convertible 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 |
Schedule of Key Terms and Costs Incurred | The following table below sets forth key terms and costs incurred for the outstanding Capped Calls:
|  |  |  | 2026 Convertible Notes
Initial approximate strike price per share, subject to certain adjustments |  |  |  | $ | 424.03 |
Initial cap price per share, subject to certain adjustments |  |  |  | $ | 556.10 |
Net cost incurred (in millions) |  |  |  | $ | 41.8 |
Class A Common Stock covered, subject to anti-dilution adjustments (in millions) |  |  |  | 1.5
Settlement commencement date |  |  |  | 2/13/2025
Settlement expiration date |  |  |  | 3/13/2025
Schedule of Interest Expense on Long-Term Debt | The following table sets forth the interest expense recognized related to long-term debt (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense | $ | 14,718 |  |  | $ | 3,286 |  |  | $ | 29,676 |  |  | $ | 3,286 |
Amortization of debt discount and issuance costs | 1,011 |  |  | 1,279 |  |  | 2,014 |  |  | 2,398 |
Total interest expense related to long-term debt | $ | 15,729 |  |  | $ | 4,565 |  |  | $ | 31,690 |  |  | $ | 5,684 |

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