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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
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 |  | March 31, 2025 |  | December 31, 2024
2030 Senior Notes |  | August 15, 2030 |  | 400,000 |  |  | 400,000 |
Term Loan under Credit Agreement (1) |  | February 14, 2028 |  | 365,000 |  |  | 370,000 |
Revolving Credit Facility under Credit Agreement (2) |  | February 14, 2028 |  | — |  |  | — |
2026 Convertible Notes |  | March 15, 2026 |  | 609,065 |  |  | 609,065 |
2025 Convertible Notes (3) |  | March 1, 2025 |  | — |  |  | 161,326 |
Total principal amount |  |  |  | 1,374,065 |  |  | 1,540,391 |
Less: unamortized debt discount and issuance costs on long-term debt |  |  |  | (10,353) |  |  | (11,258) |
Less: current portion of long-term debt, net (4) |  |  |  | (627,462) |  |  | (181,252) |
Net carrying amount of long-term debt |  |  |  | $ | 736,250 |  |  | $ | 1,347,881 |
(1)The Company has $350.0 million available for drawdown under the Term Loan as of March 31, 2025. (2)The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of March 31, 2025. (3)The Company settled the remaining $161.3 million principal of the 2025 Convertible Notes in cash on the original maturity date in March 2025. (4)As of March 31, 2025, the current portion of long-term debt, net, consists of the $607.5 million net carrying amount of the 2026 Convertible Notes and $20.0 million in 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.
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 March 31, 2025 (in thousands):
|  | 2026 Convertible Notes |  | Term Loan |  | 2030 Senior Notes |  | Total
2025 remaining |  | $ | — |  |  | $ | 15,000 |  |  | $ | — |  |  | $ | 15,000 |
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 |  | $ | 609,065 |  |  | $ | 365,000 |  |  | $ | 400,000 |  |  | $ | 1,374,065 |
Schedule of Debt Terms |
|  | 2026 Convertible Notes
$1,000 principal amount initially convertible into number of the Company’s Class A Common Stock, par value $0.0001 |  | 2.3583 shares
Equivalent initial approximate conversion price per share |  | $ | 424.03 |
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 March 31,
|  |  |  |  | 2025 |  | 2024
Contractual interest expense |  |  |  |  | $ | 14,338 |  |  | $ | 14,958 |
Amortization of debt discount and issuance costs |  |  |  |  | 1,131 |  |  | 1,003 |
Total interest expense related to long-term debt |  |  |  |  | $ | 15,469 |  |  | $ | 15,961 |

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- Definition Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5 + Details
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