v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The net carrying amount of the Company’s debt consisted of the following:
Outstanding as of
March 31, 2026December 31, 2025
2030 Convertible Notes $625,000 $625,000 
2026 Convertible Notes312,322 312,322 
Term Loan Facility— 380,000 
Total obligations937,322 1,317,322 
Unamortized debt issuance costs(17,600)(21,560)
Carrying value of debt 919,722 1,295,762 
Less: Debt, current (311,256)(325,109)
Debt, long-term$608,466 $970,653 
Schedule of Convertible Debt
The following table presents details of the 2030 Convertible Notes:
Initial Conversion Rate per $1,000 PrincipalInitial Conversion Price
(In whole $)		Initial Number of Shares
 (In thousands)
2030 Convertible Notes25.5317$39.17 15,957
Holders may convert the 2030 Convertible Notes at their option only in the following circumstances:
(1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2025, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
(2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) if the trading price per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;
(3) if the Company calls the 2030 Convertible Notes for redemption; and
(4) upon the occurrence of certain corporate events or distributions of the Company’s common stock, as described in the indenture governing the 2030 Convertible Notes.
Interest expense related to the Company’s convertible notes and credit facilities consisted of the following:
Three Months Ended
March 31,
20262025
Contractual interest expense$5,688 $126 
Amortization of debt issuance costs1,527 2,003