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Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Outstanding
The following table presents certain terms of the 2027 Notes that were outstanding as of December 31, 2025:

2027 Notes
Principal Amount Outstanding as of December 31, 2025 (in thousands)$1,000,000
Interest Rate Per Year1.25 %
Fair Value as of December 31, 2025 (in thousands) (1)$950,000
Fair Value as of December 31, 2024 (in thousands) (1)$875,000
Maturity DateJune 1, 2027
Optional Redemption DateJune 5, 2024
Conversion DateDecember 1, 2026
Conversion Rate Per $1,000 Principal Amount as of December 31, 2025
4.1258
Remaining Contractual Life as of December 31, 20251.4 years
(1)The Company estimates the fair value of its 2027 Notes utilizing market quotations for debt that have quoted prices in active markets. Since the 2027 Notes do not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities. The 2027 Notes would be classified as Level 2 within the fair value hierarchy, as defined in Note 2. “Summary of Significant Accounting Policies.”
Schedule of Net Carrying Values of Debt
The net carrying values of the indicated notes consisted of the following (in thousands):

As of
December 31,December 31,
2025 Notes 20252024
Principal$— $725 
Less: Debt discount (1)— (2)
Net carrying amount— 723 
Livongo Notes
Principal— 550,000 
Less: Debt discount (1)— — 
Net carrying amount— 550,000 
2027 Notes
Principal1,000,000 1,000,000 
Less: Debt discount (1)(5,075)(8,582)
Net carrying amount994,925 991,418 
Total net carrying amount$994,925 $1,542,141 
Convertible senior notes, net—current$— $550,723 
Convertible senior notes, net—non-current994,925 991,418 
Total net carrying amount$994,925 $1,542,141 
(1)Included in the accompanying Consolidated Balance Sheets within Convertible senior notes, net—current and Convertible senior notes, net—non-current and amortized to interest expense over the expected life of the notes using the effective interest rate method.
Schedule of Total Interest Expense Recognized Related to Debt
The following table sets forth total interest expense recognized related to the indicated notes (in thousands):

Year Ended
December 31,
2025 Notes202520242023
Contractual interest expense$3$10$10
Amortization of debt discount133
Total$4$13$13
Effective interest rate 1.8 %1.8 %1.8 %

Year Ended
December 31,
Livongo Notes202520242023
Contractual interest expense$2,005$4,813$4,813
Amortization of debt discount———
Total$2,005$4,813$4,813
Effective interest rate 0.9 %0.9 %0.9 %

Year Ended
December 31,
2027 Notes202520242023
Contractual interest expense$12,465$12,500$12,500
Amortization of debt discount3,5073,4513,396
Total$15,972$15,951$15,896
Effective interest rate 1.6 %1.6 %1.6 %