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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
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 (in thousands):
Debt InstrumentMaturity DateDecember 31, 2024December 31, 2023
2030 Senior Notes
August 15, 2030$400,000 $400,000 
Term Loan under Credit Agreement (1)
February 14, 2028370,000 390,000 
Revolving Credit Facility under Credit Agreement (2)
February 14, 2028— — 
2026 Convertible NotesMarch 15, 2026609,065 609,065 
2025 Convertible NotesMarch 1, 2025161,326 161,326 
Total principal amount1,540,391 1,560,391 
Less: unamortized debt discount and issuance costs on long-term debt(11,258)(14,909)
Less: current portion of long-term debt, net (3)
(181,252)(20,000)
Net carrying amount of long-term debt$1,347,881 $1,525,482 
(1)The Company has $350.0 million available for drawdown under the Term Loan as of December 31, 2024.
(2)The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of December 31, 2024.
(3)The current portion of long-term debt, net as of December 31, 2024 relates to $161.3 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 of 1.25% of the $400.0 million principal amount drawn, 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, 2024 (in thousands):
2025 Convertible Notes2026 Convertible NotesTerm Loan2030 Senior NotesTotal
2025$161,326 $— $20,000 $— $181,326 
2026— 609,065 20,000 — 629,065 
2027— — 20,000 — 20,000 
2028— — 310,000 — 310,000 
2029 onwards— — — 400,000 400,000 
Total principal amount$161,326 $609,065 $370,000 $400,000 $1,540,391 
Summary of Debt Terms
2025 Convertible Notes2026 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 
Summary of Key Terms and Costs Incurred
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 date2/13/2025
Settlement expiration date3/13/2025
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,
202420232022
Contractual interest expense$59,138 $29,285 $— 
Amortization of debt discount and issuance costs4,272 4,566 4,468 
Total interest expense related to long-term debt$63,410 $33,851 $4,468 
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, 2024 (in thousands):
Term Loan (1)
2030 Senior NotesTotal
2025$23,160 $34,000 $57,160 
202621,882 34,000 55,882 
202720,605 34,000 54,605 
20282,421 34,000 36,421 
2029 onwards— 68,000 68,000 
Total contractual interest amount$68,068 $204,000 $272,068 
(1)Includes 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, 2024 (in thousands):
Purchase Obligations
2025$63,758 
202640,544 
202729,577 
202828,274 
20294,135 
Total$166,288