Debt (Tables)

6 Months Ended

Jun. 30, 2025

The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands):


	As of June 30, 2025
	2025 Notes		2021 Notes		2020 Notes		2019 Notes		Total
Principal	$	700,000	$	1,000,000	$	650,000	$	649,887	$	2,999,887
Unamortized debt issuance costs	11,244		5,621		2,586		1,465		20,916
Net carrying value	$	688,756	$	994,379	$	647,414	$	648,422	$	2,978,971


	As of December 31, 2024
	2025 Notes		2021 Notes		2020 Notes		2019 Notes		Total
Principal	$	—	$	1,000,000	$	650,000	$	649,887	$	2,299,887

Unamortized debt issuance costs	—		6,571		3,182		2,051		11,804
Net carrying value	$	—	$	993,429	$	646,818	$	647,836	$	2,288,083

Schedule of Maturities of Convertible Notes

The terms of the Notes are summarized below:


Convertible Notes	Maturity Date	Contractual Convertibility Date (1)	Initial Conversion Rate per $1,000 Principal (2)	Initial Conversion Price		Annual Effective Interest Rate
2025 Notes	June 15, 2030	February 15, 2030	11.6570	$	85.79	1.3	%
2021 Notes	June 15, 2028	February 15, 2028	4.0518	246.80		0.4	%
2020 Notes	September 1, 2027	May 1, 2027	5.0007	199.97		0.3	%
2019 Notes	October 1, 2026	June 1, 2026	11.4040	87.69		0.3	%

(1)As of June 30, 2025, none of the conditions permitting the holders of the 2025 Notes, 2021 Notes, 2020 Notes, and 2019 Notes to early convert have been met, based on the daily closing prices of the Company’s stock during the quarter ended June 30, 2025.

(2)The initial conversion rate will be subject to adjustment upon the occurrence of certain specified events, including certain distributions and dividends to all or substantially all of the holders of the Company’s common stock.

Schedule of Capped Call Transactions

The initial terms of the Company’s outstanding Capped Call Transactions are presented below:


Capped Call Transactions	Maturity Date	Initial Cap Price per Share		Cap Price Premium
2021 Capped Call Transactions	June 15, 2028	$	340.42	100	%
2020 Capped Call Transactions	September 1, 2027	327.83		150	%
2019 Capped Call Transactions	October 1, 2026	148.63		150	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details