v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Long-term Debt Instruments Further details of the Notes are as follows:
IssuanceMaturity DateInterest RateFirst Interest Payment DateEffective Interest RateSemi-Annual Interest Payment DatesInitial Conversion Rate per $1,000 PrincipalInitial Conversion PriceNumber of Shares (in millions)
2025 NotesMay 1, 20252.25%November 1, 20202.88%May 1 and November 116.3875$61.02 0.8
2027 NotesMarch 15, 20270.25%September 15, 20210.67%March 15 and September 159.6734$103.38 5.8
2029 NotesMarch 15, 20291.25%March 15, 20241.69%March 15 and September 1515.4213$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 Notes2027 Notes2029 Notes
PrincipalUnamortized debt issuance costsTotalPrincipalUnamortized debt issuance costsTotalPrincipalUnamortized debt issuance costsTotal
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,
20252024
2025 Notes2027 Notes2029 NotesTotal2025 Notes2027 Notes2029 NotesTotal
Contractual interest expense$86 $375 $938 $1,399 $259 $375 $937 $1,571 
Amortization of debt issuance costs24 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,
20252024
2025 Notes2027 Notes2029 NotesTotal2025 Notes2027 Notes2029 NotesTotal
Contractual interest expense$345 $750 $1,875 $2,970 $518 $750 $1,874 $3,142 
Amortization of debt issuance costs97 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 NotesCapped Calls Entered into in Connection with the Issuance of the 2027 NotesCapped 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 datesMarch 4, 2025 - April 29, 2025January 1, 2027 - March 11, 2027February 13, 2029 - March 13, 2029