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v3.25.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Summary of Long-term Debt Instruments | Further details of the Notes are as follows:
Issuance |  | Maturity Date |  | Interest Rate |  | First Interest Payment Date |  | Effective Interest Rate |  | Semi-Annual Interest Payment Dates |  | Initial Conversion Rate per $1,000 Principal |  | Initial Conversion Price |  | Number of Shares (in millions)
2025 Notes |  | May 1, 2025 |  | 2.25% |  | November 1, 2020 |  | 2.88% |  | May 1 and November 1 |  | 16.3875 |  | $ | 61.02 |  |  | 0.8
2027 Notes |  | March 15, 2027 |  | 0.25% |  | September 15, 2021 |  | 0.67% |  | March 15 and September 15 |  | 9.6734 |  | $ | 103.38 |  |  | 5.8
2029 Notes |  | March 15, 2029 |  | 1.25% |  | March 15, 2024 |  | 1.69% |  | March 15 and September 15 |  | 15.4213 |  | $ | 64.85 |  |  | 4.6
Summary of Liability and Equity Components of Convertible Debt | The net carrying amount of the Notes as of June 30, 2025 and December 31, 2024 was as follows (in thousands):
|  | 2025 Notes |  | 2027 Notes |  | 2029 Notes
|  | Principal |  | Unamortized debt issuance costs |  | Total |  | Principal |  | Unamortized debt issuance costs |  | Total |  | Principal |  | Unamortized debt issuance costs |  | Total
Balance at December 31, 2024 |  | $ | 45,992 |  |  | $ | (97) |  |  | $ | 45,895 |  |  | $ | 600,000 |  |  | $ | (5,564) |  |  | $ | 594,436 |  |  | $ | 300,000 |  |  | $ | (6,080) |  |  | $ | 293,920 |
Amortization of debt issuance costs |  | — |  |  | 97 |  |  | 97 |  |  | — |  |  | 1,241 |  |  | 1,241 |  |  | — |  |  | 680 |  |  | 680 |
Principal payment upon maturity |  | (45,992) |  |  | — |  |  | (45,992) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at June 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 600,000 |  |  | $ | (4,323) |  |  | $ | 595,677 |  |  | $ | 300,000 |  |  | $ | (5,400) |  |  | $ | 294,600 |
Interest expense related to the Notes was as follows (in thousands):
| Three Months Ended June 30,
| 2025 |  | 2024 |  |
| 2025 Notes |  | 2027 Notes |  | 2029 Notes |  | Total |  | 2025 Notes |  | 2027 Notes |  | 2029 Notes | Total |  |  |  |  |  |  |
Contractual interest expense | $ | 86 |  |  | $ | 375 |  |  | $ | 938 |  |  | $ | 1,399 |  |  | $ | 259 |  |  | $ | 375 |  |  | $ | 937 |  | $ | 1,571 |  |  |  |  |  |  |  |
Amortization of debt issuance costs | 24 |  |  | 627 |  |  | 348 |  |  | 999 |  |  | 73 |  |  | 624 |  |  | 311 |  | 1,008 |  |  |  |  |  |  |  |
Total interest expense | $ | 110 |  |  | $ | 1,002 |  |  | $ | 1,286 |  |  | $ | 2,398 |  |  | $ | 332 |  |  | $ | 999 |  |  | $ | 1,248 |  | $ | 2,579 |  |  |  |  |  |  |  |
| Six Months Ended June 30,
| 2025 |  | 2024 |  |
| 2025 Notes |  | 2027 Notes |  | 2029 Notes |  | Total |  | 2025 Notes |  | 2027 Notes |  | 2029 Notes | Total |  |  |  |  |  |  |
Contractual interest expense | $ | 345 |  |  | $ | 750 |  |  | $ | 1,875 |  |  | $ | 2,970 |  |  | $ | 518 |  |  | $ | 750 |  |  | $ | 1,874 |  | $ | 3,142 |  |  |  |  |  |  |  |
Amortization of debt issuance costs | 97 |  |  | 1,241 |  |  | 680 |  |  | 2,018 |  |  | 149 |  |  | 1,247 |  |  | 622 |  | 2,018 |  |  |  |  |  |  |  |
Total interest expense | $ | 442 |  |  | $ | 1,991 |  |  | $ | 2,555 |  |  | $ | 4,988 |  |  | $ | 667 |  |  | $ | 1,997 |  |  | $ | 2,496 |  | $ | 5,160 |  |  |  |  |  |  |  |
Summary of Other Key Terms and Premiums Paid for the Capped Calls Related to Each Series of Notes | The following table sets forth other key terms and premiums paid for the Capped Calls related to each series of Notes:
|  | Capped Calls Entered into in Connection with the Issuance of the 2025 Notes |  | Capped Calls Entered into in Connection with the Issuance of the 2027 Notes |  | Capped Calls Entered into in Connection with the Issuance of the 2029 Notes
Initial strike price, subject to certain adjustments |  | $ | 61.02 |  |  | $ | 103.38 |  |  | $ | 64.85 |
Cap price, subject to certain adjustments |  | $ | 93.88 |  |  | $ | 159.04 |  |  | $ | 97.88 |
Total premium paid (in thousands) |  | $ | 27,255 |  |  | $ | 76,020 |  |  | $ | 36,570 |
Expiration dates |  | March 4, 2025 - April 29, 2025 |  | January 1, 2027 - March 11, 2027 |  | February 13, 2029 - March 13, 2029

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